Clemens Jüttner Gesundheitsprofilierung von Lebensmittel-Markenartikeln
GABLER RESEARCH Marktorientiertes Management H...
205 downloads
771 Views
4MB 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
Clemens Jüttner Gesundheitsprofilierung von Lebensmittel-Markenartikeln
GABLER RESEARCH Marktorientiertes Management Herausgegeben von Professor Dr. Michael Lingenfelder
In dieser Schriftenreihe werden Entwicklung und Anwendung wissenschaftlich fundierter Methoden und Modelle des marktorientierten Managements thematisiert. Sie dient als Forum für praxisrelevante Fragestellungen aus Handel, Dienstleistung und Industrie, die mit Hilfe theoretischer und empirischer Erkenntnisse beantwortet werden.
Clemens Jüttner
Gesundheitsprofilierung von Lebensmittel-Markenartikeln Messung, Determinanten und Implikationen Mit einem Geleitwort von Prof. Dr. Michael Lingenfelder
RESEARCH
Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.
Dissertation Philipps-Universität Marburg, 2009
1. Auflage 2009 Alle Rechte vorbehalten © Gabler | GWV Fachverlage GmbH, Wiesbaden 2009 Lektorat: Claudia Jeske | Sabine Schöller Gabler ist Teil der Fachverlagsgruppe Springer Science+Business Media. www.gabler.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften. Umschlaggestaltung: KünkelLopka Medienentwicklung, Heidelberg Gedruckt auf säurefreiem und chlorfrei gebleichtem Papier Printed in Germany ISBN 978-3-8349-1662-4
9
*HOHLWZRUW 'LH(WDEOLHUXQJHLQHU0DUNHQVWUDWHJLHLVWIUHLQH9LHO]DKOYRQ8QWHUQHKPHQHLQZLFKWL JHU(UIROJVIDNWRU]XU(UUHLFKXQJGHUJHVWHFNWHQ8QWHUQHKPHQV]LHOH,QVRIHUQLVWHVYHU VWlQGOLFK GDVV VLFK GLH 0DUNHWLQJIRUVFKXQJ LQ GHU 9HUJDQJHQKHLW LQWHQVLY PLW GLHVHU 7KHPDWLNDXVHLQDQGHUJHVHW]WKDW6FKZLHULJLVWDEHUPLWXQWHUGLH(UIROJVDEVFKlW]XQJGLH VHV PDUNHQVWUDWHJLVFKHQ 9RUJHKHQV ZHQQ LQQRYDWLYH 0DUNHQSURILOLHUXQJVGLPHQVLRQHQ UHOHYDQWZHUGHQ 6R EHVFKlIWLJHQ VLFK +HUVWHOOHU XQG +DQGHOVXQWHUQHKPHQ DXV GHU /HEHQVPLWWHOEUDQFKH LPPHUKlXILJHUGDPLW ZLHGXUFKHLQH 0DUNHQSURILOLHUXQJLP+LQEOLFNDXIGHQ*HVXQG KHLWVEHLWUDJ LKUHV $QJHERWV 0DUNWDQWHLO XQG *HZLQQ JHVWHLJHUW ZHUGHQ N|QQHQ (V LVW MHGRFKELVODQJQXUXQ]XUHLFKHQGXQWHUVXFKWZRUGHQLQZLHZHLWHLQH*HVXQGKHLWVSURILOLH UXQJ IU HLQH HUIROJUHLFKH 0DUNHQELOGXQJ JHQXW]W ZHUGHQ NDQQ 'LH 8UVDFKH KLHUIU LVW QLFKW]XOHW]WDXFKGDULQ]XVHKHQGDVVELVODQJ NHLQH$QVlW]H ]XU0HVVXQJGHU *HVXQG KHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ YRUOLHJHQ $XV GLHVHU 3UREOHPVWHOOXQJ OHLWHW +HUU -WWQHUGLHQDFKIROJHQGHQGUHL=LHOVHW]XQJHQVHLQHU'LVVHUWDWLRQDE (QWZLFNOXQJHLQHV0HVVLQVWUXPHQWDULXPVIUGLHYRQ.RQVXPHQWHQZDKUJHQRP PHQH*HVXQGKHLWVSURILOLHUXQJYRQ3URGXNWHQ $QDO\VH GHU :LNXQJHQ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXI =LHO JU|HQGHU0DUNHQSROLWLN $QDO\VH GHU 0|JOLFKNHLWHQ GHU %HHLQIOXVVXQJ GHU ZDKUJHQRPPHQHQ *H VXQGKHLWVSURILOLHUXQJGXUFKPDUNHQSROLWLVFKH,QVWUXPHQWDOYDULDEOHQ 'HQ 8QWHUVXFKXQJVNRQWH[W GHU YRUOLHJHQGHQ $UEHLW ELOGHQ DXVJHZlKOWH /HEHQVPLWWHO 0DUNHQDUWLNHOHLQH%HIUDJXQJDXI%DVLVHLQHV&RQYHQLHQFH6DPSOHVXQGHLQHXPIDQJUHL FKHGHXWVFKODQGZHLWH9HUEUDXFKHUEHIUDJXQJ 0LW +LOIH YHUVFKLHGHQHU 7KHRULHQ HPSLULVFKHU %HIXQGH LQ GHU )RUVFKXQJ XQG (UIDK UXQJVZLVVHQ ZLUG HLQ 0RGHOO HQWZLFNHOW ZHOFKHV GLH ZDKUJHQRPPHQH *H VXQGKHLWVSURILOLHUXQJ HLQHV $UWLNHOV PLW P|JOLFKHQ (UIROJVZLUNXQJHQ GHU ZDKU JHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGP|JOLFKHQ(LQIOXVVIDNWRUHQLPPDUNHQSROLWL VFKHQ ,QVWUXPHQWDOEHUHLFK YHU]DKQW 0LWWHOV GLHVHV 8QWHUVXFKXQJVPRGHOOV ZLUG IU GLH KHUDQJH]RJHQHQ $UWLNHO JHNOlUW RE HLQH YHUVWlUNWH *HVXQGKHLWVSURILOLHUXQJ HLQH ]LHOIK UHQGH6WUDWHJLHVHLQNDQQ
9,
'DVHPSLULVFKH9RUJHKHQYRQ+HUUQ-WWQHUJOLHGHUWVLFKLQ]ZHL6WXIHQ,QHLQHUHUVWHQ 6WXGLHQVWXIHZLUG]XQlFKVWHLQH0HVVYRUVFKULIWIUGLHZDKUJHQRPPHQH*HVXQGKHLWVSUR ILOLHUXQJ YRQ /HEHQVPLWWHO0DUNHQDUWLNHOQ HQWZLFNHOW ,Q HLQHU ]ZHLWHQ 6WXGLHQVWXIH HU IROJWGDQQGHU$XIEDXGHVXPIDQJUHLFKHUHQ8QWHUVXFKXQJVPRGHOOVPLW(LQIOXVVIDNWRUHQ XQG(UIROJVJU|HQ 'D VLFK GDV 8QWHUVXFKXQJVPRGHOO LQ GHU 5HDOLWlW EHZlKUHQ VROO IODQNLHUW +HUU -WWQHU VHLQH 8QWHUVXFKXQJHQ PLW HLQHP )HOGH[SHULPHQW LQ GHP HU GLH +|KH GHU ZDKUJHQRP PHQHQ *HVXQGKHLWVSURILOLHUXQJ GHU YLHU XQWHUVXFKWHQ $UWLNHO LQ ]ZHL :DUHQJUXSSHQ PLVVW(ULGHQWLIL]LHUWP|JOLFKH6W|UIDNWRUHQXQGEHUFNVLFKWLJWGLHVHEHLGHU$XVZHUWXQJ HQWVSUHFKHQG )ROJHQGHHPSLULVFKH%HIXQGHVFKHLQHQEHVRQGHUVKHUYRUKHEHQVZHUW (LQH VWlUNHUH *HVXQGKHLWVSURILOLHUXQJ IKUW EHU K|KHUHQ 0DUNHQZHUW ]X HLQHU K|KHUHQ.DXIDEVLFKWXQGZHQQDXFKLQJHULQJHUHP$XVPD ]XHLQHULQVJHVDPW K|KHUHQ=DKOXQJVEHUHLWVFKDIWGHU.RQVXPHQWHQ hEHUEHLGHXQWHUVXFKWHQ:DUHQJUXSSHQKLQZHJLVWGDV)RUVFKXQJVPRGHOO]XEH VWlWLJHQ $OOHUGLQJV GHXWHQ GLH 'LYHUJHQ]HQ EHL GHQ 3IDGNRHIIL]LHQWHQ LQGHQ YHUVFKLHGHQHQ DUWL NHOEH]RJHQHQ 0RGHOOHQ DQ GDVV GLH JHQHUHOOH %HXUWHLOXQJ HLQHU :DUHQJUXSSH XQGRGHU GDV1LYHDXGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJGLH:LUNXQJGHUXQWHUVXFKWHQ 'HWHUPLQDQWHQ ZLH 3UHLVQLYHDX 'LVWULEXWLRQVLQWHQVLWl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|QQHQ 8QLY3URI'U0LFKDHO/LQJHQIHOGHU
9,,
9RUZRUW )UGLHZLVVHQVFKDIWOLFKH)RUVFKXQJVLQG.UHDWLYLWlW1HXJLHUGDV6XFKHQXQGGDV)UDJHQ VRZLHHLQHJHK|ULJH3RUWLRQ=LHOVWUHELJNHLWHEHQVRREMHNWEH]RJHQH=ZHLIHOQLFKWXQEH GLQJW6HOEVW]ZHLIHO ZLFKWLJ*OHLFKHVJLOWIUGLH%HUHLWVFKDIW)HKOHU]XHUNHQQHQGDUDXV ]XOHUQHQ JJI QHXH)UDJHQ]XIRUPXOLHUHQXQGGDQQ $QWZRUWHQ]XILQGHQXP GDV (U JHEQLV GLHVHV 3UR]HVVHV GDQQ HLQHU |IIHQWOLFKHQ .ULWLN ]XJlQJOLFK ]X PDFKHQ 'LHV ]X HUNHQQHQLVWGHUIUPLFKJU|WHSHUV|QOLFKH*HZLQQGHUYRUOLHJHQGHQ$UEHLW6RLVWLQ HUVWHU/LQLH8QLY3URI'U0LFKDHO/LQJHQIHOGHUIUGLHIRUVFKHULVFKHQ)UHLUlXPH]XGDQNHQ GLH HU PLU VWHWV HLQUlXPWH XQG GLH GLHVH (UNHQQWQLVVH HUVW HUP|JOLFKWHQ (V VHL LKP DQ GLHVHU6WHOOHDXFKIUGLH*HOHJHQKHLWIUGLH6LQQJHEXQJXQGIUGDV9HUWUDXHQLP(U VWHOOXQJVSUR]HVVGHUQXQYRUOLHJHQGHQ6WXGLHKHU]OLFKJHGDQNW 'DUEHUKLQDXVELQLFKHLQHUJDQ]HQ5HLKHYRQ3HUVRQHQDXVPHLQHPSHUV|QOLFKHQ8P IHOG]XJURHP'DQNYHUSIOLFKWHWGHQQZLHVRKl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|FKWH LFK DXFK GHU 'U &DUO &OHPP XQG 'U &DUO +DDV 6WLI WXQJ GHU 6&$ +\JLHQH 3DSHU *PE+ 0DQQKHLP 'XUFK HLQH ILQDQ]LHOOH )|UGHUXQJ GHU HUVWHQ6WXGLHQVWXIHKDWVLHGLHVH$UEHLWHUVWHUP|JOLFKW 0HLQ'DQNJHEKUWIHUQHUDXFK'LSO.IIU.DWULQ:ROIVFKPLGW'LSO.IIU6YHWODQD&LQFXUDN XQG 'LSO.IIU .DWKDULQD :HLVH XQG GHQ 7HLOQHKPHUQ GHU )RUWJHVFKULWWHQHQEXQJ LP 6RPPHUVHPHVWHUKLHUEHVRQGHUV'LSO.IP6WHIDQ%URFKPDQQZHOFKHGLHYHUVFKLH GHQHQ 3KDVHQ GHU 'DWHQHUKHEXQJ PLW JURHQ SHUV|QOLFKHP (LQVDW] XQWHUVWW]W KDEHQ 2KQH LKU (QJDJHPHQW ZlUH GLH YRUOLHJHQGH XPIDQJUHLFKH 8QWHUVXFKXQJ QLFKW P|JOLFK JHZHVHQ(VVHLDQGLHVHU6WHOOHDXFK'LSO.IP$KPHW$OWXQJHGDQNWGHUPLUPLWEHPHU NHQVZHUWHU$NULELHLQGHU7DEHOOHQSUIXQJXQWHUGLH$UPHJULII²VlPWOLFKHYHUEOLHEHQHQ )HKOHUJHKHQVHOEVWYHUVWlQGOLFK]XPHLQHQ/DVWHQ%OHLEWPLUPLWHLQHPDEVFKOLHHQGHQ 'DQNDQGLHYLHOHQXQJHQDQQWHQ8QWHUVWW]HU]XVFKOLHHQ &OHPHQV-WWQHU
,;
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l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hEHUEOLFNEHUGHQ3UR]HVVGHU6NDOHQHQWZLFNOXQJ
; 'LHLQKDOWOLFKH)HVWOHJXQJGHU'RPlQHGHV.RQVWUXNWV 'LH*HQHULHUXQJHLQHVYRUOlXILJHQ,WHPSRROV 'LHH[SORUDWLYHTXDOLWDWLYH'DWHQHUKHEXQJ 'HU$XIEDXGHVYRUOlXILJHQ0HVVLQVWUXPHQWV 'LHH[SORUDWLYHTXDQWLWDWLYH'DWHQHUKHEXQJ
'LH$XVZDKOGHU:DUHQJUXSSHQXQGGHU$UWLNHO
'LH$XVZDKOGHU$XVNXQIWVSHUVRQHQ
'HU$EODXIGHUVFKULIWOLFKHQ%HIUDJXQJ
'LH9RUJHKHQVZHLVHLP5DKPHQGHU$XVZHUWXQJGHUHUKREHQHQ'DWHQ
'LHH[SORUDWLYHIDNWRUHQDQDO\WLVFKH$XVZHUWXQJ
'LH5HOLDELOLWlWVSUIXQJDXI)DNWRUHEHQH
'LH9DOLGLWlWVSUIXQJ
'LHWKHRUHWLVFKH(LQRUGQXQJGHU6WUXNWXUGHVHQWZLFNHOWHQ.RQVWUXNWV ' 'LHWKHRULHJHOHLWHWH0RGHOOHQWZLFNOXQJ]XU$QDO\VHGHU'HWHUPLQDQWHQXQG (UIROJVZLUNXQJHQHLQHU*HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQ (LQYHUKDOWHQVZLVVHQVFKDIWOLFKEDVLHUWHV)RUVFKXQJVPRGHOO]XUJHVXQG KHLWVSURILOLHUHQGHQ0DUNHQSROLWLN 'LH1RWZHQGLJNHLWXQGGLH*HIDKUHQHLQHVWKHRUHWLVFKHQ3OXUDOLVPXV 'LH+HUOHLWXQJHLQHVNRQ]HSWLRQHOOHQ%H]XJVUDKPHQVIUGDV8QWHUVX FKXQJVPRGHOO 'LH(LJQXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDOV9HUKDO WHQVSUlGLNWRU 'LH6SH]LILWlWGHU(LQVWHOOXQJV9HUKDOWHQV%H]LHKXQJ 'HUZDKUJHQRPPHQH0DUNHQZHUWDOV0HGLDWRUGHU(LQVWHOOXQJV 9HUKDOWHQVEH]LHKXQJXQGYRU|NRQRPLVFKH=LHOJU|HGHV0DUNHQ PDQDJHPHQWV 'LH2SHUDWLRQDOLVLHUXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHVXQGGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLP8QWHUVXFKXQJVPRGHOO 'LHHPSLULVFKH(UIDVVXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV
;, 'LHHPSLULVFKH(UIDVVXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWV SURILOLHUXQJ 'LH6SH]LILNDWLRQYRQ|NRQRPLVFKHQ=LHOJU|HQHLQHUJHVXQGKHLWVSUR ILOLHUWHQ0DUNHQIKUXQJ 'LH.DXILQWHQWLRQGHU.RQVXPHQWHQ
'LH%HGHXWXQJXQG'HILQLWLRQGHU.DXILQWHQWLRQ
'LH.DXILQWHQWLRQDOV|NRQRPLVFKH(UIROJVZLUNXQJGHVZDKUJH QRPPHQHQ0DUNHQZHUWHV
'LHHPSLULVFKH(UIDVVXQJGHU.DXILQWHQWLRQ
'LH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ
'LH%HGHXWXQJXQGGLH'HILQLWLRQGHULQGLYLGXHOOHQ3UHLVEH UHLWVFKDIWGHU.RQVXPHQWHQ
'LHLQGLYLGXHOOH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQDOV|NRQR PLVFKH(UIROJVZLUNXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV
'LHHPSLULVFKH(UIDVVXQJGHU3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ
'LH+HUOHLWXQJYRQ)RUVFKXQJVK\SRWKHVHQ]X(LQIOXVVJU|HQGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLPPDUNHQSROLWLVFKHQ,QVWUXPHQWDO EHUHLFK 'HUZDKUJHQRPPHQH:HUEHGUXFN
'LH%HGHXWXQJXQGGLHNRQ]HSWLRQHOOHQ*UXQGODJHQGHV :HUEHGUXFNVLQ%H]XJDXIGLH0DUNHQSROLWLNYRQ/HEHQVPLWWHOQ
'HU=XVDPPHQKDQJ]ZLVFKHQZDKUJHQRPPHQHP:HUEHGUXFN XQG(LQVWHOOXQJ
'LHHPSLULVFKH(UIDVVXQJGHVZDKUJHQRPPHQHQ:HUEHGUXFNV
'LHZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH
'LH%HGHXWXQJXQGGLHNRQ]HSWLRQHOOHQ*UXQGODJHQGHU'LVWUL EXWLRQVGLFKWHLQ%H]XJDXIGLH0DUNHQSROLWLNYRQ/HEHQVPLWWHOQ
'HUWKHRUHWLVFKH=XVDPPHQKDQJ]ZLVFKHQ'LVWULEXWLRQVGLFKWH XQG(LQVWHOOXQJ
'LHHPSLULVFKH(UIDVVXQJGHUZDKUJHQRPPHQHQ'LVWULEXWLRQV GLFKWH
'DVZDKUJHQRPPHQH3UHLVQLYHDX
;,,
'LH%HGHXWXQJXQGGLHNRQ]HSWLRQHOOHQ*UXQGODJHQGHVZDKUJH QRPPHQHQ3UHLVQLYHDXV
'HU(LQIOXVVGHVZDKUJHQRPPHQHQ3UHLVQLYHDXVDXIGLHZDKUJH QRPPHQH*HVXQGKHLWVSURILOLHUXQJ
'LHHPSLULVFKH(UIDVVXQJGHVZDKUJHQRPPHQHQ3UHLVQLYHDXV
( 'LH(QWZLFNOXQJHLQHV)HOGH[SHULPHQWV]XU0HVVXQJGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJXQGGHU$XVZLUNXQJHQDXIDXVJHZlKOWHPDUNHQSROL WLVFKH=LHOJU|HQ 'LH(OHPHQWHGHV$XIEDXVH[SHULPHQWHOOHU'HVLJQV 'LH)HVWOHJXQJE]ZGLH,GHQWLILNDWLRQGHU([SHULPHQWDOYDULDEOHQXQG P|JOLFKHUNRQIXQGLHUHQGHU9DULDEOHQ 'LH)HVWOHJXQJGHUXQDEKlQJLJHQXQGDEKlQJLJHQ9DULDEOHQ 0|JOLFKHNRQIXQGLHUHQGH9DULDEOHQXQGHQWVSUHFKHQGH5HDNWLRQHQ 'LH(QWZLFNOXQJYRQ+\SRWKHVHQEHUGDVDUWLNHOVSH]LILVFKH1LYHDXGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ 'LH(QWZLFNOXQJYRQ+\SRWKHVHQEHUGDV1LYHDXDXVJHZlKOWHUPDUNHQ SROLWLVFKHU=LHOJU|HQLQ$EKlQJLJNHLWYRP1LYHDXGHUDUWLNHOVSH]LILVFKHQ ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ 'DVH[SHULPHQWHOOH'HVLJQGHU8QWHUVXFKXQJLPhEHUEOLFN ) 'LH.RQ]HSWLRQHLQHUH[SHULPHQWHOOHQXQGNDXVDODQDO\WLVFKHQ8QWHUVXFKXQJ ]XU$QDO\VHGHV=XVDPPHQKDQJV]ZLVFKHQ*HVXQGKHLWVSURILOLHUXQJXQG=LHO JU|HQGHV0DUNHQPDQDJHPHQWV 'LH9RUJHKHQVZHLVHLP5DKPHQGHUHPSLULVFKHQ8QWHUVXFKXQJ 'LH=LHOHXQGGHU$EODXIGHUHPSLULVFKHQ8QWHUVXFKXQJ 'LH0HWKRGLNGHUHPSLULVFKHQ'DWHQHUKHEXQJ 'LH9RUJHKHQVZHLVHEHLGHU$XVZHUWXQJGHUHUKREHQHQ'DWHQ
'LH2SHUDWLRQDOLVLHUXQJGHUODWHQWHQ.RQVWUXNWH
'LH*WHEHXUWHLOXQJGHU6WUXNWXUPRGHOOH
'LH(UJHEQLVVHGHV)HOGH[SHULPHQWV]XU0HVVXQJGHV1LYHDXVGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGPDUNHQSROLWLVFKHU=LHOJU|HQ
;,,, 'LHNDXVDODQDO\WLVFKH8QWHUVXFKXQJYRQ(LQIOXVVIDNWRUHQXQG(UIROJVZLU NXQJHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLQGHU:DUHQ JUXSSHÅ0RONHUHLSURGXNWH´ 'LH2SHUDWLRQDOLVLHUXQJGHUWKHRUHWLVFKHQ.RQVWUXNWH
'LHODWHQWH[RJHQHQ.RQVWUXNWH
'DVZDKUJHQRPPHQH3UHLVQLYHDX
'LHZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH
'HUZDKUJHQRPPHQH:HUEHGUXFN
'LHODWHQWHQGRJHQHQ.RQVWUXNWH
'LHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
'HUZDKUJHQRPPHQH0DUNHQZHUW
'LH.DXILQWHQWLRQ
'LH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ
'LHhEHUSUIXQJGHU.RQYHUJHQ]XQG'LVNULPLQDQ]YDOLGLWlWGHU *HVDPWPHVVPRGHOOH 'LH(YDOXDWLRQYHUVFKLHGHQHU9DULDQWHQGHU)RUVFKXQJVPRGHOOH
'LHNRQILUPDWRULVFKHhEHUSUIXQJGHU)RUVFKXQJVPRGHOOH
'LHH[SORUDWRULVFKH0RGLILNDWLRQGHU7HLOIRUVFKXQJVPRGHOOH
'LH*WHXQGGLH:LUNXQJVEH]LHKXQJHQGHUEHVWDQJHSDVVWHQ7HLO IRUVFKXQJVPRGHOOH
'LH=XVDPPHQIDVVXQJGHU(UJHEQLVVHIUGLH:DUHQJUXSSHÅ0RONH UHLSURGXNWH´ 'LH(LQIOXVVIDNWRUHQXQG(UIROJVZLUNXQJHQGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJLQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJV JHWUlQNH´ 'LH2SHUDWLRQDOLVLHUXQJGHUWKHRUHWLVFKHQ.RQVWUXNWH
'LHODWHQWH[RJHQHQ.RQVWUXNWH
'DVZDKUJHQRPPHQH3UHLVQLYHDX
'LHZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH
'HUZDKUJHQRPPHQH:HUEHGUXFN
;,9
'LHODWHQWHQGRJHQHQ.RQVWUXNWH
'LHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
'HUZDKUJHQRPPHQH0DUNHQZHUW
'LH.DXILQWHQWLRQ
'LH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ
'LHhEHUSUIXQJGHU.RQYHUJHQ]XQG'LVNULPLQDQ]YDOLGLWlWGHU *HVDPWPHVVPRGHOOH
'LH(YDOXDWLRQYHUVFKLHGHQHU9DULDQWHQGHU)RUVFKXQJVPRGHOOH
'LHNRQILUPDWRULVFKHhEHUSUIXQJGHV)RUVFKXQJVPRGHOOV
'LHH[SORUDWRULVFKH0RGLILNDWLRQGHU7HLOIRUVFKXQJVPRGHOOH
'LH:LUNXQJVEH]LHKXQJHQGHUEHVWDQJHSDVVWHQ 7HLOIRUVFKXQJVPRGHOOH
'LH=XVDPPHQIDVVXQJGHU(UJHEQLVVHIUGLH:DUHQJUXSSHÅDONRKRO IUHLH(UIULVFKXQJVJHWUlQNH´ ([NXUV'LHhEHUSUIXQJHLQHUDOWHUQDWLYHQ6SH]LILNDWLRQGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGGHVZDKUJHQRPPHQHQ 0DUNHQZHUWHV 'LHZDUHQJUXSSHQEHUJUHLIHQGH=XVDPPHQIDVVXQJGHU8QWHUVXFKXQJV HUJHEQLVVH * $XVGHQ8QWHUVXFKXQJVEHIXQGHQUHVXOWLHUHQGH.RQVHTXHQ]HQ 'LH*UHQ]HQGHUYRUOLHJHQGHQHPSLULVFKHQ8QWHUVXFKXQJXQGGLH MHZHLOLJHQ$QVDW]SXQNWHIUNQIWLJH)RUVFKXQJVDNWLYLWlWHQ $XVGHQ8QWHUVXFKXQJVEHIXQGHQUHVXOWLHUHQGH+DQGOXQJVHPSIHKOXQJHQ IUGLH8QWHUQHKPHQVSUD[LV + =XVDPPHQIDVVXQJXQG$XVEOLFN $QKDQJ$'LHLQGHUHUVWHQ6WXGLHQVWXIHYHUZHQGHWHQ,WHPV]XU,GHQWLILNDWLRQGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ $QKDQJ%'LH.RQVWUXNWHLQGHUHUVWHQ6WXGLHQVWXIH $QKDQJ&$XV]JHDXVGHQ]XU]ZHLWHQ6WXGLHQVWXIHYHUVHQGHWHQ'RNXPHQWHQ /LWHUDWXUYHU]HLFKQLV
;9
$EELOGXQJVYHU]HLFKQLV $EELOGXQJ$ 'LH%H]LHKXQJHQ]ZLVFKHQ$NWLYLWlWHQGHU0DUNHQIKUXQJXQG *HVDPWXQWHUQHKPHQVHEHQH $EELOGXQJ$ 'LHhEHUVLFKWEHUEUDQFKHQEHUJUHLIHQGH(QWZLFNOXQJHQLP *HVXQGKHLWVVHNWRU $EELOGXQJ$ 'DV)RUVFKXQJVPRGHOOGHUYRUOLHJHQGHQ$UEHLW $EELOGXQJ$ 'HU*DQJGHU8QWHUVXFKXQJ $EELOGXQJ%
'DV6FKHPDGHV:DKUQHKPXQJVSUR]HVVHV
$EELOGXQJ%
(LQhEHUEOLFNEHU0HWKRGHQ]XU*HZLQQXQJGHU'DWHQJUXQGODJH HLQHU0DUNWIRUVFKXQJVVWXGLH
$EELOGXQJ&
3KDVHQGHV3UR]HVVHVGHU6NDOHQHQWZLFNOXQJ
$EELOGXQJ&
'LH*UXSSLHUXQJGHU$QWZRUWHQGHUH[SORUDWLYHQTXDOLWDWLYHQ 9HUEUDXFKHUEHIUDJXQJ
$EELOGXQJ&
'HUhEHUEOLFNEHUGLHIUGLHH[SORUDWLYHTXDQWLWDWLYH 8QWHUVXFKXQJKHUDQJH]RJHQHQ$UWLNHO
$EELOGXQJ&
'LHSRVWXOLHUWH)DNWRUE]Z.RQVWUXNWVWUXNWXUGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDXI%DVLVGHU H[SORUDWLYHQIDNWRUHQDQDO\WLVFKHQ$XVZHUWXQJ
$EELOGXQJ&
'LH$XVSUlJXQJHQLQIRUPDWLRQV|NRQRPLVFKHU(LJHQVFKDIWHQLP LQIRUPDWLRQV|NRQRPLVFKHQ'UHLHFN
$EELOGXQJ&
'DV*UXQGPRGHOOHLQHU0HDQV(QG.HWWH
$EELOGXQJ&
)DNWRUVWUXNWXUGHV.RQVWUXNWVÅZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ´
$EELOGXQJ&
(LQHhEHUVLFKWEHUGLH6SH]LILNDWLRQVDOWHUQDWLYHQYRQ 0HVVPRGHOOHQ]ZHLWHU2UGQXQJ
$EELOGXQJ' 'DV*UXQGNRQ]HSWYRQ6WLPXOXV2UJDQLVP5HVSRQVH0RGHOOHQLQ GHU.DXIYHUKDOWHQVIRUVFKXQJPLWEHLVSLHOKDIWHQ$XVSUlJXQJHQ $EELOGXQJ' (LQhEHUEOLFNEHU,QVWUXPHQWH]XUHPSLULVFKHQ(UPLWWOXQJYRQ 3UHLVEHUHLWVFKDIWHQ $EELOGXQJ' 'DV*UXQGPRGHOOGHU:HUEHZLUNXQJVSIDGH $EELOGXQJ' (LQHhEHUVLFKWEHU:HUEHZLUNXQJVSIDGHEHLKRKHP,QYROYHPHQW $EELOGXQJ' 'DV3KDVHQPRGHOOGHU3UHLVZDKUQHKPXQJXQG²YHUDUEHLWXQJ
$EELOGXQJ(
;9, 'HUhEHUEOLFNEHUGDVH[SHULPHQWHOOH'HVLJQ]XU3UIXQJGHU +\SRWKHVHQEHUGDVDUWLNHOVSH]LILVFKH1LYHDXGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGDXVJHZlKOWHU PDUNHQSROLWLVFKHU=LHOJU|HQ
$EELOGXQJ( 'HUhEHUEOLFNEHUGDVH[SHULPHQWHOOH'HVLJQ]XU3UIXQJGHU +\SRWKHVHEHUHLQHP|JOLFKH.RQIXQGLHUXQJGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJGXUFKGDUJHERWHQH $UWLNHOLQIRUPDWLRQHQ $EELOGXQJ)
'LH9RUJHKHQVZHLVHGHUHPSLULVFKHQ8QWHUVXFKXQJLP5DKPHQ GHU]ZHLWHQ6WXGLHQVWXIH
$EELOGXQJ)
'LH]HQWUDOHQ(OHPHQWHGHV(UKHEXQJVLQVWUXPHQWVLPhEHUEOLFN
$EELOGXQJ)
'HUhEHUEOLFNEHUGLHIUGLH]ZHLWH6WXGLHQVWXIHKHUDQJH]RJHQHQ $UWLNHO
$EELOGXQJ)
'LH6FKlW]HUJHEQLVVHGHU6WUXNWXUNRHIIL]LHQWHQGHU%DVLVPRGHOOHLQ GHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´
$EELOGXQJ)
'LH6FKlW]HUJHEQLVVHIUGLH3IDGNRHIIL]LHQWHQGHUEHVWDQJHSDVVWHQ 6WUXNWXUPRGHOOHLQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´
$EELOGXQJ)
'LH6FKlW]HUJHEQLVVHGHU6WUXNWXUNRHIIL]LHQWHQGHU%DVLVPRGHOOHLQ GHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
$EELOGXQJ)
'LH6FKlW]HUJHEQLVVHIUGLH3IDGNRHIIL]LHQWHQGHUEHVWDQJHSDVVWHQ 6WUXNWXUPRGHOOHLQGHU:DUHQJUXSSHÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´
$EELOGXQJ)
'LH6FKlW]HUJHEQLVVHIUGLH3IDGNRHIIL]LHQWHQEHLIRUPDWLYHU 6SH]LILNDWLRQGHU0HVVPRGHOOH]ZHLWHU2UGQXQJXQG3/6 6FKlW]XQJ
$EELOGXQJ* 'DVPRGLIL]LHUWH0DUNHQVWHXHUUDGQDFK(VFK $EELOGXQJ* 'LH'LPHQVLRQHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ XQGGLHMHZHLOLJHQ$QVDW]SXQNWH]XU0DUNHQVWHXHUXQJ $EELOGXQJ* (LQHILNWLYH+LHUDUFKLFDO9DOXH0DSIU0RONHUHLSURGXNWH
;9,,
7DEHOOHQYHU]HLFKQLV 7DEHOOH$
'LHJOREDOH0DUNHQUHOHYDQ]LQYHUVFKLHGHQHQ3URGXNWPlUNWHQ 7RS
7DEHOOH$
(LQhEHUEOLFNEHUEHVWHKHQGH3URGXNWXQG0DUNHQSURILOLHUXQJV .RQ]HSWLRQHQ
7DEHOOH%
'HUhEHUEOLFNEHU9RUJHKHQVZHLVHXQG'HVLJQGHU8QWHUVXFKXQJ
7DEHOOH%
'LH9RUXQG1DFKWHLOHDOWHUQDWLYHU%HIUDJXQJVIRUPHQ
7DEHOOH&
(LQLJHEHLVSLHOKDIWH,WHPIRUPXOLHUXQJHQXQGLKUHMHZHLOLJH+HU NXQIWDXVHLQ]HOQHQ:LVVHQVFKDIWV]ZHLJHQ
7DEHOOH&
'LH6WUXNWXUGHV5FNODXIVGHUH[SORUDWLYHQTXDQWLWDWLYHQ%HIUD JXQJ
7DEHOOH&
'LHHPSLULVFKHQ(LJHQZHUWHIUGLHXQWHUVXFKWHQ$UWLNHO$ELV'
7DEHOOH&
'LH'DUVWHOOXQJGHUPLWWOHUHQTXDGULHUWHQ3DUWLDONRUUHODWLRQHQDXI %DVLVGHUHPSLULVFKHQ.RUUHODWLRQVPDWUL[0$37HVW IU$UWLNHO$ ELV'
7DEHOOH&
'LHhEHUVLFKWEHU3HU]HQWLOHXQG(LJHQZHUWHDXI%DVLVGHU 3DUDOOHODQDO\VHIUGLHXQWHUVXFKWHQ$UWLNHO$ELV'
7DEHOOH&
'LHhEHUVLFKWEHUGLH(UJHEQLVVHGHUDQJHZDQGWHQ9HUIDKUHQ]XU )DNWRUH[WUDNWLRQ
7DEHOOH&
'LH5HOLDELOLWlWHQGHUSRVWXOLHUWHQ)DNWRUHQGHV.RQVWUXNWVÅZDKU JHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´DXI%DVLVGHU9DOLGLHUXQJV VWLFKSUREH
7DEHOOH&
'LHYHUZHQGHWHQJOREDOHQXQGORNDOHQ*WHNULWHULHQ]XU%HXUWHL OXQJGHU$QSDVVXQJVJWHGHV0HVVPRGHOOVGHUÅZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ´
7DEHOOH&
'LH*WHNULWHULHQDXI)DNWRUHQHEHQH]XU%HXUWHLOXQJGHU$QSDV VXQJVJWH
7DEHOOH&
'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWGHU)DNWRUHQGHV.RQ VWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´
7DEHOOH'
(LQhEHUEOLFNEHUDXVJHZlKOWHKlXILJKHUDQJH]RJHQH0DUNHQZHUW GHILQLWLRQHQ
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DU NHQZHUW´
;9,,,
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQH*H VXQGKHLWVSURILOLHUXQJ´
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅ.DXILQWHQWLRQ´
7DEHOOH'
'LH9RUXQG1DFKWHLOHYRQGLUHNWHQ%HIUDJXQJHQ]XU(UKHEXQJ GHUPD[LPDOHQ3UHLVEHUHLWVFKDIW
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅPD[LPDOH3UHLVEHUHLW VFKDIW´
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQHU:HUEH GUXFN´
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQH'LVWUL EXWLRQVGLFKWH´
7DEHOOH'
'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQHV3UHLV QLYHDX´
7DEHOOH)
'LH6FKLFKWXQJGHU6WLFKSUREHGHU]ZHLWHQ6WXGLHQVWXIHQDFKGHP $OWHUGHU%HIUDJWHQ
7DEHOOH)
'LH6WLFKSUREHQVWUXNWXUXQGMHZHLOLJH=DKOGHUYHUVHQGHWHQ )UDJHE|JHQ
7DEHOOH)
'LH6WUXNWXUGHU1HWWR5FNOlXIHLQGHQ8QWHUVWLFKSUREHQ
7DEHOOH)
'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQ]XU%HXUWHLOXQJGHU $QSDVVXQJVJWHYRQ0HVVXQG6WUXNWXUPRGHOOHQ
7DEHOOH)
'LH(UJHEQLVVHGHV0LWWHOZHUWYHUJOHLFKVDQKDQGGHU ÅZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ´]ZLVFKHQGHQ $UWLNHOQLQQHUKDOEHLQHU:DUHQJUXSSH
7DEHOOH)
'LH(UJHEQLVVHGHV0LWWHOZHUWYHUJOHLFKVDXVJHZlKOWHU=LHOJU|HQ GHU0DUNHQSROLWLN]ZLVFKHQGHQ$UWLNHOQGHU:DUHQJUXSSH Å0RONHUHLSURGXNWH´
7DEHOOH)
'LH(UJHEQLVVHGHV0LWWHOZHUWYHUJOHLFKVDXVJHZlKOWHU=LHOJU|HQ GHU0DUNHQSROLWLN]ZLVFKHQGHQ$UWLNHOQGHU:DUHQJUXSSH ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
7DEHOOH)
'DV$XVPDGHU.RQIXQGLHUXQJGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJLQGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´
7DEHOOH)
'DV$XVPDGHU.RQIXQGLHUXQJGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJLQGHU:DUHQJUXSSH,,ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´
;,;
7DEHOOH)
'HUhEHUEOLFNEHUGLH(UJHEQLVVHGHUH[SHULPHQWHOOHQ +\SRWKHVHQSUIXQJ
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV 3UHLVQLYHDX$UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV 3UHLVQLYHDX$UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH 'LVWULEXWLRQVGLFKWH$UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH 'LVWULEXWLRQVGLFKWH$UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU :HUEHGUXFN$UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU :HUEHGUXFN$UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ $UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ $UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ $UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ $UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ $UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ $UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ$UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ$UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH 4XDOLWlW$UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH 4XDOLWlW$UWLNHO% ´
;;
7DEHOOH)
(LQHhEHUVLFKWEHUGLHYDULPD[URWLHUWHQ.RPSRQHQWHQPDWUL]HQ GHUVHFKV,WHPVGHV.RQVWUXNWVÅ0DUNHQOR\DOLWlW´$UWLNHO$ELV'
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO $ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO % ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW $UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW $UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU 0DUNHQZHUW$UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU 0DUNHQZHUW$UWLNHO% ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ $UWLNHO$ ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ $UWLNHO% ´
7DEHOOH)
'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV $UWLNHO$
7DEHOOH)
'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV $UWLNHO%
7DEHOOH)
'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV )RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO$
7DEHOOH)
'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV )RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO%
7DEHOOH)
'LH(UJHEQLVVHGHUhEHUSUIXQJGHU$QSDVVXQJGHU%DVLVPRGHOOH LQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´
7DEHOOH)
'LH.RUUHODWLRQHQ]ZLVFKHQGHQODWHQWH[RJHQHQ.RQVWUXNWHQLQ GHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´
7DEHOOH)
'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV %DVLVPRGHOOVDQKDQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO$
7DEHOOH)
'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV %DVLVPRGHOOVDQKDQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO%
;;,
7DEHOOH)
'LH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHUNDXVDODQDO\WLVFKHQ 8QWHUVXFKXQJVK\SRWKHVHQVRZLHGHU%HIXQGHGHUHPSLULVFKHQ hEHUSUIXQJLQGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV 3UHLVQLYHDX$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV 3UHLVQLYHDX$UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH 'LVWULEXWLRQVGLFKWH$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH 'LVWULEXWLRQVGLFKWH$UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU :HUEHGUXFN$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU :HUEHGUXFN$UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ $UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ $UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ $UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ $UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ $UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ9HUWUDXHQVHLJHQ VFKDIWHQ$UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH*H VXQGKHLWVSURILOLHUXQJ$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH*H VXQGKHLWVSURILOLHUXQJ$UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOL WlW$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOL WlW$UWLNHO' ´
;;,,
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOL WlW$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO ' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW $UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW $UWLNHO' ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU 0DUNHQZHUW$UWLNHO& ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU 0DUNHQZHUW$UWLNHO' ´
7DEHOOH)
5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ$UWLNHO & ´
7DEHOOH)
'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ $UWLNHO' ´
7DEHOOH)
'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV $UWLNHO&
7DEHOOH)
'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV $UWLNHO'
7DEHOOH)
'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV )RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO&
7DEHOOH)
'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV )RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO'
7DEHOOH)
'LH(UJHEQLVVHGHUhEHUSUIXQJGHU$QSDVVXQJGHU%DVLVPRGHOOH LQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
7DEHOOH)
'LH.RUUHODWLRQHQ]ZLVFKHQGHQODWHQWH[RJHQHQ.RQVWUXNWHQLQ GHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
7DEHOOH)
'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV %DVLVPRGHOOVDQKDQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO&
7DEHOOH)
'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV %DVLVPRGHOOVDQKDQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO'
7DEHOOH)
'LH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHUNDXVDODQDO\WLVFKHQ 8QWHUVXFKXQJVK\SRWKHVHQVRZLHGHU%HIXQGHGHUHPSLULVFKHQ
;;,,, hEHUSUIXQJLQGHU:DUHQJUXSSHÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´
7DEHOOH)
'LH*HJHQEHUVWHOOXQJGHU6FKlW]HUJHEQLVVHLP%DVLVPRGHOOEHL DOWHUQDWLYHQ6SH]LILNDWLRQHQLQGHU:DUHQJUXSSHÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´
7DEHOOH)
hEHUEOLFNEHUGLH3IDGNRHIIL]LHQWHQXQGLKUHNRUUHVSRQGLHUHQGHQ 6LJQLILNDQ]HQEHLGHQXQWHUVXFKWHQ'HWHUPLQDQWHQGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
7DEHOOH*
)LNWLYHPRGDOLWlWVVSH]LILVFKH0DUNHQHLQGUFNHHLQHV JHVXQGKHLWVSURILOLHUWHQ$UWLNHOV
;;9
$ENU]XQJVYHU]HLFKQLV $0$
$PHULFDQ0DUNHWLQJ$VVRFLDWLRQ
$026
$QDO\VLVRI0RPHQW6WUXFWXUHV
$*),
$GMXVWHG*RRGQHVVRI)LW,QGH[
$XIO
$XIODJH
&),
&RPSDUDWLYH)LW,QGH[
ƷGI
4XRWLHQWDXV&KL4XDGUDW:HUWXQG$Q]DKOGHU)UHLKHLWVJUDGH
'(9
GXUFKVFKQLWWOLFKHUIDVVWH9DULDQ]
'I
)UHLKHLWVJUDGHGHJUHHVRIIUHHGRP
()6$
(XURSHDQ)RRG6HFXULW\$JHQF\GW(XURSlLVFKH$JHQWXUIU /HEHQVPLWWHOVLFKHUKHLW
)'$
86)RRGDQG'UXJ$GPLQLVWUDWLRQ
*),
*RRGQHVVRI)LW,QGH[
+>=LIIHU@
+\SRWKHVH,QGH[]LIIHUJLEWGLH2UGQXQJVQXPPHUDQ
LG5
LQGHU5HJHO
LH6
LPHQJHUHQ6LQQH
,),
,QFUHPHQWDO)LW,QGH[
0
0LWWHOZHUW
0$37HVW
0LQLPXP$YHUDJH3DUWLDO7HVW
1),
1RUPHG)LW,QGH[
1/($
1XWULWLRQ/DEHOOLQJDQG(GXFDWLRQ$FW
2
5HDNWLRQDXIHLQHQ6WLPXOXV
R9
RKQH9HUIDVVHU
3/6
3DUWLDO/HDVW6TXDUHV
5
UDQGRPLVLHUWH6WLFKSUREHKLHUHLQHV([SHULPHQWV
506($
5RRW0HDQ6TXDUH(UURURI$SSUR[LPDWLRQ
7/,
7XFNHU/HZLV,QGH[
725$
7KHRU\RI5HDVRQHG$FWLRQGW7KHRULHGHVEHUOHJWHQ+DQ GHOQV
XD2
XQGDQGHUH2UWH
;
6WLPXOXVKLHUHLQHV([SHULPHQWV
$ *HVXQGKHLWVRULHQWLHUWH 0DUNHQVWUDWHJLHQ DOV 2SWLRQ GHU 0DUNHQ SROLWLNLP1DKUXQJVPLWWHOVHNWRU
'LH 3URILOLHUXQJ GXUFK *HVXQGKHLWVQXW]HQ DOV EHVRQGHUH +HUDXVIRUGHUXQJ IUGDV0DUNHQPDQDJHPHQW
'LH%HGHXWXQJHLQHU0DUNHQVWUDWHJLHIUGLH(UUHLFKXQJYRQ8QWHUQHKPHQV]LHOHQ .DXP HLQ *HELHW GHV 0DUNHWLQJ HUIXKU LQ GHQ YHUJDQJHQHQ -DKUHQ LQVEHVRQGHUH VHLWHQV HLQHUPDUNWRULHQWLHUWHQ8QWHUQHKPHQVSUD[LVHLQHYHUJOHLFKEDUKRKH$XIPHUNVDPNHLWZLH GDV 7KHPD Å0DUNH´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lWHQXQGGHUILQDQ]LHOOHQ8QWHUQHKPHQVHQWZLFNOXQJYHUPXWHWZLUGZDVVLFK DXFK DQKDQG EUDQFKHQEHUJUHLIHQGHU HPSLULVFKHU $QDO\VHQ ]HLJHQ OlVVW 6R N|QQHQ &RXUW/HLWHU/RFKEHOHJHQGDVV86DPHULNDQLVFKH8QWHUQHKPHQPLWVWDUNHQ0DUNHQHLQH EHUGXUFKVFKQLWWOLFKHEHUGHP'XUFKVFKQLWWOLHJHQGH 8QWHUQHKPHQPLWVFKZD FKHQ0DUNHQKLQJHJHQHLQHXPXQWHUGXUFKVFKQLWWOLFKH0DUNWNDSLWDOLVLHUXQJDXIZHL VHQ'LHVH%HIXQGHJHOWHQQLFKWQXUIUGLH9HUHLQLJWHQ6WDDWHQVRQGHUQODVVHQVLFKDXFK LP HXURSlLVFKHQ .RQWH[W EHVWlWLJHQ (V ]HLJHQ VLFK EHU YHUVFKLHGHQH 6HNWRUHQ KLQZHJ KRKH SRVLWLYH .RUUHODWLRQHQ ]ZLVFKHQ VWDUNHQ E]Z VFKZDFKHQ 0DUNHQ DXI GHQ 3UR GXNWPlUNWHQXQGEHUE]ZXQWHUGXUFKVFKQLWWOLFKHQ8QWHUQHKPHQVZHUWHQDXIGHQ.DSL WDOPlUNWHQ )ROJW PDQ GHQ XPIDVVHQGHQ XQG PHWDDQDO\WLVFK IXQGLHUWHQ (UNHQQWQLVVHQ YRQ&RQFKDU&UDVN=LQNKDQVROlVVWVLFKHLQGLUHNWHUSRVLWLYHU=XVDPPHQKDQJ]ZLVFKHQ )U HLQH HLQJHKHQGH $XVHLQDQGHUVHW]XQJ PLW YHUVFKLHGHQHQ 0DUNHQEHJULIIVDXIIDVVXQJHQ XQG IXQNWLRQHQ YJO +DYHQVWHLQ 6 II VRZLH EHUEOLFNVDUWLJ $EVFKQLWW $ GHU YRUOLHJHQGHQ $UEHLW 9JO 6DWWOHU 6 (VFK 6 (VFK:LFNH 6 %XUPDQQ0HIIHUW.RHUV 6 9JO6DWWOHU 6%UXKQ 6 9JOPLWHLQHU5HLKHZHLWHUHU9HUZHLVH0DGGHQ)HKOH)RXUQLHU 6 9JO&RXUW/HLWHU/RFK 6
$XVJDEHQLP0DUNHWLQJLQVWUXPHQWDOEHUHLFK]%LP.RPPXQLNDWLRQVEHUHLFKRGHULQGHU 9HUNDXIVI|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|HQ DXI GHU *HVDPWXQWHUQHKPHQVHEHQH6WUDWHJLH7DNWLN.RQVXPHQWHQZLUNXQJHQXQG0DUNHWLQJDN WLYD DXIGHUHLQHQ6HLWHXQGGHUHQMHZHLOLJHUÅhEHUVHW]XQJ´LQPDUNHQEH]RJHQH0DUNH WLQJJU|HQ]%0DUNHQVWUDWHJLH:HUEXQJ(LQVWHOOXQJXQG0DUNHQZHUW DXI]HLJHQ
Strategische Entscheidungen
Taktische Maßnahmen
Wirkungen auf Konsumenten
(z.B. Markenstrategie)
(z.B. Werbung)
(z.B. Einstellungen)
Marketingaktiva (z.B. Markenwert)
4XHOOH,Q$QOHKQXQJDQ5XVWHWDO 6
$EELOGXQJ$ 'LH%H]LHKXQJHQ]ZLVFKHQ$NWLYLWlWHQGHU0DUNHQIKUXQJXQG*HVDPWXQWHUQHK PHQVHEHQH 'HU %H]XJ GLHVHU 0DUNHWLQJNDVNDGH YJO $EELOGXQJ $ ]X REHQ DQJHIKUWHQ 8QWHU QHKPHQV]LHOHQ]%0DUNWNDSLWDOLVLHUXQJ OlVVWVLFKDXFKHPSLULVFKIXQGLHUHQ6RN|QQHQ .HULQ6HWKXUDPDQ HLQH SRVLWLYH %H]LHKXQJ ]ZLVFKHQ ILQDQ]LHOOHQ 0DUNHQZHUWHQ XQG GHP 9HUKlOWQLV]ZLVFKHQ8QWHUQHKPHQVPDUNWXQGEXFKZHUWHQIHVWVWHOOHQ%DUWKHWDON|Q QHQ HLQH VLJQLILNDQW SRVLWLYH %H]LHKXQJ ]ZLVFKHQ ILQDQ]LHOOHP 0DUNHQZHUW XQG $NWLHQ ZHUWVRZLH8QWHUQHKPHQVJHZLQQQDFKZHLVHQ,QVJHVDPWXQWHUPDXHUQGLHVH(UJHEQLVVH HLQGUXFNVYROOHLQHEUDQFKHQEHUJUHLIHQGKHUDXVUDJHQGH6WHOOXQJPDUNHQVWUDWHJLVFKHU2S WLRQHQDXV8QWHUQHKPHQVVLFKW
9JO7KH%RVWRQ&RQVXOWLQJ*URXS 6 9JO&RQFKDU&UDVN=LQNKDQ 6II 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6 9JO5XVWHWDO 6 9JO.HULQ6HWKXUDPDQ 9JO%DUWKHWDO 6II
'LH $XIJDEH GHV 0DUNHQPDQDJHPHQWV LVW QXQ GLH ]LHOJHULFKWHWH *HVWDOWXQJ 8PVHW]XQJ XQG .RQWUROOH HLQHU 0DUNHQSROLWLN 'LHV EHGHXWHW GDVV HLQ 0DUNHQPDQDJHPHQW QXU GDQQDOVHUIROJUHLFKJHOWHQNDQQZHQQVHLQH(UJHEQLVVHDXIGHP3URGXNWPDUNWXQGVRPLW DXV6LFKWGHU.RQVXPHQWHQHUNHQQEDUVLQGXQGVLFKVHLQ(UIROJVEHLWUDJREMHNWLYUHOLDEHO XQGYDOLGHPHVVHQOlVVWGKVLFK]HLJHQOlVVWZLHDXV.RQVXPHQWHQSHUVSHNWLYHVSH]LIL VFKH3URGXNWHZDKUJHQRPPHQZHUGHQXQGZHOFKH5HOHYDQ].RQVXPHQWHQGHU0DUNHLQ %H]XJ DXI LKU .DXIYHUKDOWHQ EHLPHVVHQ (QWVSUHFKHQGH 8QWHUVWW]XQJ GD]X OHLVWHW GLH 0DUNHQIRUVFKXQJ (LQH*HQHVHXQGGHU6WDWXVTXRGHU0DUNHQIRUVFKXQJ 'LH,QWHQVLWlWGHU%HVFKlIWLJXQJPLW0DUNHQKDWLPYHUJDQJHQHQ-DKU]HKQWQLFKWQXUZLH HLQJDQJVEHVFKULHEHQDXI6HLWHQGHU0DUNHWLQJSUD[LVVRQGHUQDXFKDXI6HLWHQGHU0DUNH WLQJZLVVHQVFKDIW GHXWOLFK ]XJHQRPPHQ ,Q GHU ZLVVHQVFKDIWOLFKHQ /LWHUDWXU H[LVWLHUW MH GRFKEHUHLWVVHLWJHUDXPHU=HLWHLQHJDQ]H5HLKHYRQXQWHUVFKLHGOLFKHQ0DUNHQGHILQLWLR QHQGLHVLFKMHQDFK6LFKWZHLVHGHV'HILQLHUHQGHQXQGGHU9HUZHQGXQJVVLWXDWLRQXQWHU VFKHLGHQ 'HQ$XVJDQJVSXQNWELOGHQPHLVWGLHEHUHLWV0LWWHGHUHU-DKUHHQWZLFNHOWHQPDUNHQ WHFKQLVFKHQhEHUOHJXQJHQYRQ'RPL]ODIIGHUXQWHU0DUNHQDUWLNHOQ)HUWLJZDUHQYHUVWHKW GLHPLWWHOV=HLFKHQPDUNLHUWVLQGXQGGHQ.RQVXPHQWHQLQNRQVWDQWHU4XDOLWlWPLWNRQ VWDQWHP$XIWULWWXQG3UHLVDQJHERWHQZHUGHQ'LHVH'HILQLWLRQVWHKWLGHDOW\SLVFKIUGDV IUKH 0DUNHQYHUVWlQGQLV ZHOFKHV XQWHU HLQHU 0DUNH LP :HVHQWOLFKHQ GLH 0DUNLHUXQJ VHOEVWYHUVWHKW'DEHLZHUGHQGDUEHUKLQDXVJHKHQGHSK\VLVFKIXQNWLRQDOHXQGV\PEROL VFKH 1XW]HQNRPSRQHQWHQ YRQ 0DUNHQ ]XQlFKVW DXVJHEOHQGHW 8QWHU SK\VLVFK IXQNWLRQDOHQ 1XW]HQNRPSRQHQWHQ ZLUG VSlWHU YRU DOOHP GHU HLQHP 0DUNHQSURGXNW LQ QHZRKQHQGH,QQRYDWLRQVYRUVSUXQJXQGXQWHUGHUV\PEROLVFKHQ1XW]HQNRPSRQHQWHGLH
9JO(VFK 6 9JO(VFK 6XQG(VFK:LFNH 6 $QJHVLFKWVGHUJURHQ=DKOGHU0DUNHQGHILQLWLRQHQVROOHQLP5DKPHQGHUYRUOLHJHQGHQ$UEHLWHLQLJH 6FKODJOLFKWHU JHVHW]W ZHUGHQ XQG HLQLJH IU GHQ ZHLWHUHQ 9HUODXI GHU $UEHLW UHOHYDQWH 'HILQLWLRQHQ KHUYRUJHKREHQ ZHUGHQ (LQHQ XPIDVVHQGHQ GHXWVFKVSUDFKLJHQ hEHUEOLFN ELHWHQ XD %XU PDQQ0HIIHUW.RHUV 6II+DYHQVWHLQ 6II 'RPL]ODII 6II 'DVVGLHVH6LFKWZHLVHELVKHXWHJHWHLOWZLUG]HLJWGLH0DUNHQGHILQLWLRQGHU$PHULFDQ0DUNHWLQJ$VVR FLDWLRQÅ7KHOHJDOWHUPIRUEUDQGLVWUDGHPDUN´9JO$PHULFDQ0DUNHWLQJ$VVRFLDWLRQ
*HVDPWKHLW YRQ VFKXW] XQG QLFKWVFKXW]IlKLJHQ =HLFKHQ YHUVWDQGHQ GLH GLH 0DUNH LQ LKUHP0DUNWDXIWULWWFKDUDNWHULVLHUHQ (LQHQ*HJHQSRO]XGLHVHPIUKHQ0DUNHQYHUVWlQGQLVELOGHWGDVJDQ]KHLWOLFKDXVJHULFKWH WHLGHQWLWlWVRULHQWLHUWH0DUNHQPDQDJHPHQW+LHUZLUGHLQH0DUNHDOVÅHLQ1XW]HQEQGHO PLWVSH]LILVFKHQ0HUNPDOHQ>YHUVWDQGHQ@GLHGDIUVRUJHQGDVVVLFKGLHVHV1XW]HQEQGHO JHJHQEHUDQGHUHQ1XW]HQEQGHOQZHOFKHGLHVHOEHQ%DVLVEHGUIQLVVHHUIOOHQDXV6LFKW UHOHYDQWHU=LHOJUXSSHQQDFKKDOWLJGLIIHUHQ]LHUW´'DVV0DUNHQGHQHQVROFKHVJHOLQJWIU 8QWHUQHKPHQ ZHUWYROOH 5HVVRXUFHQ GDUVWHOOHQ JLOW VRZRKO LQ GHU 3UD[LV DOV DXFK LQ GHU )RUVFKXQJPLWWOHUZHLOHDOVXQVWULWWLJ 'HU$XIEDXHLQHU0DUNHVROOGHP]XIROJHOHW]WOLFKGD]XGLHQHQGLH$XVWDXVFKEDUNHLWYRQ SULQ]LSLHOO YHUJOHLFKEDUHQ 3URGXNWHQ ]X UHGX]LHUHQ LQGHP *WHU XQG DXFK 'LHQVWOHLV WXQJHQ DXV .RQVXPHQWHQVLFKW PLW NDXIUHOHYDQWHQ GLIIHUHQ]LHUHQGHQ $WWULEXWHQ E]Z 9RUVWHOOXQJHQEHUGLHVHOEHQYHUEXQGHQZHUGHQ'DKHUHUVFKHLQWHLQ0DUNHQEHJULIIGHU OHGLJOLFK DXI 0DUNHQ]HLFKHQ 8ELTXLWlW XQG 9HUNHKUVJHOWXQJ HLQHV 3URGXNWHV DEVWHOOW QLFKWDXVUHLFKHQG(VLVWÅYLHOPHKUGXUFKGLH%ULOOHGHU.RQVXPHQWHQGLH0DUNH]XGHIL QLHUHQGDVLFK0DUNHQOHW]WOLFKLQGHQ.|SIHQGHU.RQVXPHQWHQUHSUlVHQWLHUHQ´(LQH 0DUNHLVWGHPQDFKHLQÅLQGHU3V\FKHGHV.RQVXPHQWHQYHUDQNHUWHVXQYHUZHFKVHOEDUHV 9RUVWHOOXQJVELOGYRQHLQHP3URGXNW´ -HVWlUNHUGLHVHVXQYHUZHFKVHOEDUH9RUVWHOOXQJVELOGHLQHV.RQVXPHQWHQYRQHLQHP3UR GXNWDXVJHSUlJWLVWDOVGHVWRVWlUNHUHUZHLVWVLFKGDVZDKUJHQRPPHQH0DUNHQSURILO'LH 1RWZHQGLJNHLWHLQHUHQWVSUHFKHQGHQ3URGXNWE]Z/HLVWXQJVSURILOLHUXQJZLUGYRQ3UDN WLNHUQXQG:LVVHQVFKDIWOHUQVHLW$QIDQJGHUHU-DKUHDOV.HUQHOHPHQWGHVPRGHUQHQ 0DUNHQ XQG 0DUNHWLQJPDQDJHPHQWV PDQFKPDO DXFK GHU :HWWEHZHUEVVWUDWHJLH LQVJH VDPWKHUYRUJHKREHQ'HQQRFKNDQQXQWHUHLQHU3URILOLHUXQJ9HUVFKLHGHQHVYHUVWDQGHQ ZHUGHQHQWZHGHUHLQH6HJPHQWLHUXQJVHQWVFKHLGXQJRGHUHLQEHUJUHLIHQGHV,PDJHRGHU GLHJH]LHOWH$XVZDKOYRQ3URGXNWE]Z/HLVWXQJVIHDWXUHVGLHHVLP5DKPHQGHU.RP
9JO%XUPDQQ0HIIHUW.RHUV 6 %XUPDQQ%OLQGD1LWVFKNH 6 9JO&DSURQ+XOODQG 6 ,Q GHQ IROJHQGHQ $XVIKUXQJHQ ZLUG ² JHPl GHP .RQWH[W GHU YRUOLHJHQGHQ $UEHLW ² LG5 YRQ 3URGXNWHQSUl]LVHUYRQ$UWLNHOQJHVSURFKHQREZRKOYLHOH&KDUDNWHULVWLNDDXFKDXI'LHQVWOHLVWXQJHQ ]XWUHIIHQ9JO%URFNKRII 6=XGHQ+HUDXVIRUGHUXQJHQLP0DQDJHPHQWYRQ'LHQVWOHLV WXQJVPDUNHQYJO:LHVHNH 6II 9JO6DWWOHU 6II (VFK 6 0HIIHUW%XUPDQQ 6YJO0HIIHUW%XUPDQQ 6 9JO.URHEHU5LHO:HLQEHUJ 6II 9JOEHLVSLHOKDIWIUEHLGH*UXSSHQ1HDO $DNHU6KDQVE\ :LQG 6IIVRZLH (VFK 6
PXQLNDWLRQ ]X EHWRQHQ JLOW (LQH 3URGXNW RGHU /HLVWXQJVSURILOLHUXQJ VFKHLQW VLFK MH GRFKLQVRIHUQYRQHLQHP3URGXNWRGHU/HLVWXQJVLPDJH]XXQWHUVFKHLGHQDOVHLQH3URIL OLHUXQJVLFKDXIHLQHLQ]LJHV$WWULEXWEHVFKUlQNHQNDQQXQGLQ$EJUHQ]XQJ]XHLQHU3RVL WLRQLHUXQJ QLFKW QRWZHQGLJHUZHLVH HLQHQ 5HIHUHQ]UDKPHQ LPSOL]LHUW GHU :HWWEHZHUEV SURGXNWHE]ZOHLVWXQJHQEHLQKDOWHW :HQQVLFKHLQH3URILOLHUXQJDOVEHVRQGHUVDXVJHSUlJWGDUVWHOOWLVWHVHLQHP8QWHUQHKPHQ JHOXQJHQVHLQ3URGXNWE]ZVHLQH/HLVWXQJ DXV.RQVXPHQWHQVLFKWXQYHUZHFKVHOEDU]X PDFKHQ'LHVJHOLQJWLQGHU5HJHOXPVROHLFKWHUMHNODUHUXQGDEJHVHW]WHUHVYRQVHLQHQ :HWWEHZHUEHUQ SURILOLHUW LVW 'DEHL LVW MHGRFK ]XJOHLFK ]X EHDFKWHQ GDVV GLH JHZlKOWH 3URILOLHUXQJVHLJHQVFKDIWDXV.RQVXPHQWHQVLFKWLP+LQEOLFNDXIGDV.DXIYHUKDOWHQ YRQ 5HOHYDQ]LVWGHQQGHU0DVWDEIUGHQ(UIROJHLQHV3RVLWLRQLHUXQJVNRQ]HSWHVVROOWHZLH EHUHLWV WKHPDWLVLHUW VWHWV GLH :DKUQHKPXQJ XQG :HUWVFKlW]XQJ HLQHV 3URGXNW =XVDW]QXW]HQV GXUFK GLH .RQVXPHQWHQ VHLQ 'XUFK HLQH0DUNHQIKUXQJ GLH 0DUNHQ LP6LQQHGHUUHVVRXUFHQEDVLHUWHQ6WUDWHJLHOHKUHDOV1XW]HQEQGHOYHUVWHKWVROOHQGXUFK GLH%HWRQXQJVSH]LILVFKHU0HUNPDOHLP5DKPHQYRQ0DUNHWLQJPDQDKPHQHLQHNRQVX PHQWHQVHLWLJ ZDKUJHQRPPHQH 'LIIHUHQ]LHUXQJ JHJHQEHU :HWWEHZHUEHUQ XQG GDPLW YRU |NRQRPLVFKH =LHOH HUUHLFKW ZHUGHQ 'D]X PXVV ]XQlFKVW HLQH IXQGLHUWH $QDO\VH GHU5DKPHQEHGLQJXQJHQE]ZGHU$XVJDQJVVLWXDWLRQYRUJHQRPPHQZHUGHQXPJHHLJQH WHPDUNHQSROLWLVFKH3URILOLHUXQJVIHOGHULGHQWLIL]LHUHQ]XN|QQHQPLWGHQHQ0DUNHQXQG OHW]WOLFKDXFK8QWHUQHKPHQV]LHOHYHUIROJWZHUGHQN|QQHQ
9JOEHUHLWV$DNHU6KDQVE\ 6II)UHLQHJUXQGOHJHQGH$XIDUEHLWXQJGHV%HJULIIVÅ3URILOLH UXQJ´LQGHU0DUNHQIRUVFKXQJYJO/DXHU 6 9JO.URHEHU5LHKO:HLQEHUJ 68QWHU,PDJHVROOKLHUGDVXPIDVVHQGH%LOGYHUVWDQGHQZHU GHQZHOFKHVVLFK.RQVXPHQWHQYRQHLQHU0DUNHPDFKHQ9JOGD]X6SLHJHO 6IIXQG%HUJ OHU 6II 9JO6LHPHU 6IUHLQHQhEHUEOLFNEHUQHXHUH'HILQLWLRQVDQVlW]HYJO/DXHU 6 9JO.URHEHU5LHKO:HLQEHUJ 6LHKHDXFK(VFK 6ÅJHUDGHGLH(UPLWWOXQJXQG$QDO\VH UHOHYDQWHU XQG ODQJIULVWLJ WUDJIlKLJHU 3RVLWLRQLHUXQJVHLJHQVFKDIWHQ IU .RQVXPHQWHQ VWHOOW RIW HLQ VFKZLHULJHV8QWHUIDQJHQEHLGHU0DUNHQSRVLWLRQLHUXQJGDU´,Q$EVFKQLWW$GHUYRUOLHJHQGHQ$U EHLW ZLUG GDUJHOHJW ZHUGHQ GDVV GLH KLHU LP )RNXV VWHKHQGH 3URILOLHUXQJVGLPHQVLRQ Å*HVXQGKHLW´ GLHVH$QIRUGHUXQJHUIOOW 9JOVFKRQ:LQG XQG$OEHUV 6II 9JO%XUPDQQ%OLQGD1LWVFKNH 6 =X GHQ WKHRUHWLVFKHQ *UXQGODJHQ GHU LGHQWLWlWVRULHQWLHUWHQ 0DUNHQIKUXQJ YJO %XUPDQQ0HIIHUW 6II=XP5HVVRXUFH%DVHG9LHZGHU6WUDWHJLHOHKUHYJO%DUQH\ (VZLUGKLHUKlXILJYRQ3RVLWLRQLQJDOVRGHP3RVLWLRQLHUHQDXHUKDOEHLQHVEHUHLWVEHVWHKHQGHQ3UR GXNWE]Z0DUNHQ 0HUNPDOVUDXPVJHVSURFKHQ9JO5LHV7URXW 6II7URPPVGRUII 6 9JO%XUPDQQ%OLQGD1LWVFKNH 6
'LH*HVXQGKHLWDOVPDUNHQSROLWLVFKHV$NWLRQVIHOG *HJHQZlUWLJVLQGPHKUHUHWHLOZHLVHLQWHUGHSHQGHQWHEUDQFKHQEHUJUHLIHQGH(QWZLFNOXQ JHQ]XNRQVWDWLHUHQGLHHLQHQlKHUH$XVHLQDQGHUVHW]XQJJHUDGHPLWGHP$NWLRQVIHOG*H VXQGKHLW DXV 6LFKW HLQHU ]LHOJHULFKWHWHQ 0DUNHQSROLWLN JHERWHQ HUVFKHLQHQ ODVVHQ 'LHVH (QWZLFNOXQJHQVLQG$EELOGXQJ$]XHQWQHKPHQ
Demographischer Wandel
Wandel der Konsumentenbedürfnisse
Wandel des Gesundheitssystems
$EELOGXQJ$ 'LHhEHUVLFKWEHUEUDQFKHQEHUJUHLIHQGH(QWZLFNOXQJHQLP*HVXQGKHLWVVHNWRU $EVHKEDUH GHPRJUDSKLVFKH 9HUlQGHUXQJHQ XQG GDUDXV UHVXOWLHUHQGH 9HUlQGHUXQJHQ LP*HVXQGKHLWVV\VWHP 8QWHU GHU $QQDKPH GDVV GLH *HEXUWHQUDWH DXI QLHGULJHP 1LYHDX VWDJQLHUW XQG GLH /H EHQVHUZDUWXQJ DXIJUXQG GHV VLFK LPPHU VFKQHOOHU HQWZLFNHOQGHQ PHGL]LQLVFKHQ )RUW VFKULWWV VWHLJW ]HLJW GLH NRRUGLQLHUWH %HY|ONHUXQJVYRUDXVEHUHFKQXQJ GHV 6WDWLVWLVFKHQ %XQGHVDPWHVIUGLH%XQGHVUHSXEOLN'HXWVFKODQGHLQNODUHV%LOG'LH%HY|ONHUXQJV]DKO QLPPW DE LQVEHVRQGHUH GHU $QWHLO MXQJHU 0HQVFKHQ DQ GHU *HVDPWEHY|ONHUXQJ VLQNW XQG GDUDXV UHVXOWLHUW HLQ VWHLJHQGHU $OWHUVGXUFKVFKQLWW GHU *HVDPWEHY|ONHUXQJ bKQOL FKH(QWZLFNOXQJHQVLQGIUDQGHUH,QGXVWULHXQG6FKZHOOHQOlQGHUHUNHQQEDU $XI GLHVH GHPRJUDSKLVFKHQ 9HUlQGHUXQJHQ PXVV YRQ 6HLWHQ GHV *HVXQGKHLWVV\VWHPV UHDJLHUW ZHUGHQ ZHLO GXUFK GDV VWHLJHQGH 'XUFKVFKQLWWVDOWHU GHU %HY|ONHUXQJ PLW HLQHU GDGXUFKLQGX]LHUWHQ]XQHKPHQGHQ,QDQVSUXFKQDKPHPHGL]LQLVFKHU/HLVWXQJHQDXFKHLQ $QVWLHJGHU*HVXQGKHLWVNRVWHQGURKW(VVFKHLQWHUNHQQEDUGDVVHLQHUVHLWVGHP3ULQ]LS GHU(LJHQYHUDQWZRUWXQJYHUVWlUNWH%HGHXWXQJ]XNRPPHQZLUGGKEHLVSLHOVZHLVHGDVV 9JO6WDWLVWLVFKHV%XQGHVDPW 6I
GHU /HLVWXQJVNDWDORJ GHU JHVHW]OLFKHQ .UDQNHQYHUVLFKHUXQJ JHNU]W ZLUG XQG EHVWLPPWH 5LVLNHQ SULYDW ]X WUDJHQ VLQG 'DV EHGHXWHW DQGHUHUVHLWV DEHU DXFK GDVV GHU 3UlYHQWLRQ YRQ(UNUDQNXQJHQ JHJHQEHUGHU7KHUDSLHZDFKVHQGHV*HZLFKW]XNRPPHQZLUGGHQQ GLH 9RUEHXJXQJ LQVEHVRQGHUH YRQ FKURQLVFKHQ (UNUDQNXQJHQ VFKHLQW JHJHQEHU HLQHU HQWVSUHFKHQGHQ 7KHUDSLH YLHOIDFK JHVDPW XQG HLQ]HOZLUWVFKDIWOLFK YRU]LHKHQVZUGLJ 'LHVHULQHLQLJHQ%HUHLFKHQEHUHLWVHLQJHOHLWHWH6FKZHUSXQNWZHFKVHOYRQGHU7KHUDSLH]XU 3UlYHQWLRQVFKOlJWVLFKDXFKLQHLQHP:DQGHOGHV*HVXQGKHLWVYHUVWlQGQLVVHVVHOEVWQLH GHU*HVXQGKHLWZLUGZHQLJHUDOVGDV$XVEOHLEHQYRQ.UDQNKHLWGHQQDOV9RUKDQGHQVHLQ YRQ/HEHQVTXDOLWlWYHUVWDQGHQ $EVHKEDUH 9HUlQGHUXQJHQ GHU .RQVXPHQWHQEHGUIQLVVH XQG :DQGHO GHV *HVXQG KHLWVV\VWHPV $XVGHQJHQDQQWHQ9HUlQGHUXQJHQOlVVWVLFKDXFKHLQHVLFKZDQGHOQGH6WUXNWXUGHU.RQ VXPHQWHQEHGUIQLVVH DEOHLWHQ 'HU :DQGHO HLQHV *HVXQGKHLWVYHUVWlQGQLVVHV GDV *H VXQGKHLWVWlUNHUDOVSHUV|QOLFKHV$VVHWEHJUHLIWJHKWPLWGHUVWHLJHQGHQ0RWLYDWLRQHLQ KHUGLHVHV$NWLYXPGXUFKHQWVSUHFKHQGH0DQDKPHQP|JOLFKVWODQJIULVWLJ]XHUKDOWHQ (LQHU DQ 0DVORZ DQVFKOLHHQGHQ PRWLYDWLRQVWKHRUHWLVFKHQ $UJXPHQWDWLRQ YRQ 5L FKDUGV*UHHQODZIROJHQG]HLJWVLFKLQYLHOHQLQGLYLGXHOOHQ0DQDKPHQ]XU*HVXQGKHLWVHU KDOWXQJHLQNRQVWUXNWLYHVSUREOHPO|VXQJVRULHQWLHUWHV9HUKDOWHQVPXVWHU%HJUQGHQOlVVW VLFKGLHVGDGXUFKGDVVJHJHQEHUSULPlUSK\VLRORJLVFKHQ%HGUIQLVVHQK|KHUUDQJLJHVH NXQGlUH%HGUIQLVVHZHJHQGHUPLWLKQHQYHUEXQGHQHQK|KHUHQ%HGUIQLVVSDQQXQJKLHU QDFK(UKDOWXQJGHUHLJHQHQ*HVXQGKHLWLQGHQ9RUGHUJUXQGWUHWHQ %HVRQGHUV EHL GHU (UIOOXQJ VHNXQGlUHU %HGUIQLVVH NRPPW GHU 0DUNHQSROLWLN HLQH EH VRQGHUH%HGHXWXQJ]X'HQQZlKUHQGSULPlUH%HGUIQLVVHVLFKDXFKPLWQLFKWE]ZJH ULQJSURILOLHUWHQ3URGXNWHQEHIULHGLJHQODVVHQEHGDUIHV]XU%HIULHGLJXQJGHUVHNXQGlUHQ %HGUIQLVVHLQGHU5HJHOVWDUNSURILOLHUWHU3URGXNWH'LHVHUVFKHLQWQLFKWYHUZXQGHUOLFK ZHQQPDQEHUFNVLFKWLJWGDVVEHLHLQHPJURHQ7HLOGHU%HY|ONHUXQJLQGHQ,QGXVWULH OlQGHUQ GLH *UXQGEHGUIQLVVH EHUHLWV ZHLWJHKHQG EHIULHGLJW VLQG XQG VR SV\FKRORJLVFKH 'LHVH(LQVFKlW]XQJVSLHJHOWVLFKLQGHUJHJHQZlUWLJHQQLHGULJVWHQ.UDQNHQVWDQGVUDWHVHLW%HJLQQGHU VWDWLVWLVFKHQ$XVZHUWXQJLQGHQHU-DKUHQZLGHU9JO%..%XQGHVYHUEDQG 6 (VOlVVWVLFKHPSLULVFK]HLJHQGDVVVLFKGHUEHVFKULHEHQH:DQGHOLQEHLQDKHDOOHQHXURSlLVFKHQ/lQ GHUQDE]HLFKQHW9JO6DED 6II 9JO5LFKDUGV*UHHQODZ 6IGHUHQhEHUOHJXQJHQ]XGHQ%HGUIQLVVSDQQXQJVWKHRULHQXP 0DVORZ]X]lKOHQVLQGDEHUGHVVHQ.RQ]HSWHQWVFKHLGHQGXPGHQ3UR]HVVGHU9HUKDOWHQVDXVULFKWXQJ HUZHLWHUQ:LHZRKOXUVSUQJOLFKQLFKWIU.DXIHQWVFKHLGXQJHQHQWZLFNHOWODVVHQVLFKGLHSULQ]LSLHO OHQ=XVDPPHQKlQJHDXIMHQHEHUWUDJHQ9JO*U|SSHO.OHLQ 6 9JO7URPPVGRUII 6
0RWLYH ZLH GDV 6WUHEHQ QDFK $QHUNHQQXQJ XQG 6HOEVWYHUZLUNOLFKXQJ GLH .DXIHQWVFKHL GXQJHQSUlJHQ 6ROFKHPRWLYDWLRQVWKHRUHWLVFKIXQGLHUWHQ(UNHQQWQLVVHVLQGDQGLHYRQ,QJOHKDUWEHJUQGH WH 7KHVH HLQHV :HUWHZDQGHOV YRQ HLQHU PDWHULDOLVWLVFK JHSUlJWHQ *HVHOOVFKDIW KLQ ]XP 3RVWPDWHULDOLVPXVLQ,QGXVWULHJHVHOOVFKDIWHQDQVFKOXVVIlKLJ6LHZHUGHQDEHUDXFKLQGHU 0DUNHQSROLWLNDXIJHJULIIHQGLHDXIGHQ(UNHQQWQLVVHQGHU1XW]HQWKHRULHIXWXQGGHQ V\PEROLVFKHQ E]Z LGHHOOHQ 1XW]HQ EHU GHQ UHLQ IXQNWLRQDOHQ 1XW]HQ KLQDXV GXUFK PDUNHQSROLWLVFKH$QVWUHQJXQJHQEHWRQW 'HU /HEHQVPLWWHOVHNWRU DOV 8QWHUVXFKXQJVNRQWH[W JHVXQGKHLWVRULHQWLHUWHU 0DUNHQ SURILOLHUXQJ (VJLOWQXQHLQHQJHHLJQHWHQ8QWHUVXFKXQJVNRQWH[W]XLGHQWLIL]LHUHQLQGHPHLQH0|J OLFKNHLWGHU%HIULHGLJXQJGHVJHZDFKVHQHQ.RQVXPHQWHQEHGUIQLVVHVQDFK*HVXQGKHLWV HUKDOWXQJEHVWHKWXQGLQGHPJOHLFKHUPDHQGLH0DUNHQSROLWLNHLQHKHUDXVJHKREHQH5RO OHLP5DKPHQGHV0DUNWJHVFKHKHQV VSLHOW$OV%HXUWHLOXQJVPDVWDEELHWHW VLFKGD]X GLH 0DUNHQUHOHYDQ] YHUVFKLHGHQHU %UDQFKHQ DQ GLH GLH %HGHXWXQJ GHU 0DUNHQSROLWLN DXV .RQVXPHQWHQVLFKWLQHLQHPJHJHEHQHQ3URGXNWPDUNWLP9HUJOHLFK]XDQGHUHQ3URGXNW PlUNWHQ HPSLULVFK DXI]HLJW 8QWHU 0DUNHQUHOHYDQ] HLQHV 3URGXNWPDUNWHV LVW GDEHL GHU Å*UDG GHV (LQIOXVVHV YRQ 0DUNHQ DXI GLH .DXI XQG .RQVXPHQWVFKHLGXQJHQ LQ HLQHU 3URGXNWNDWHJRULH´ ]X YHUVWHKHQ )LVFKHU0HIIHUW3HUUH\ ]HLJHQ DQKDQG PHWDDQDO\WLVFKHU %HIXQGH XQG HLQHU HLJHQHQ .RQVXPHQWHQEHIUDJXQJ GDVV GLH 0DUNHQUHOHYDQ] LP 1DK UXQJVPLWWHOVHNWRUEHUGHQJOREDOHQ0DUNHQUHOHYDQ]ZHUWHQDQGHUHU%UDQFKHQOLHJW
9JO.XSND%OLQGD7UDX 6 9JO+LOOPDQQ 6 9JO9HUVKRIHQ 6I 9JO%XUPDQQ%OLQGD1LWVFKNH 6XQG)LVFKHU0HIIHUW3HUUH\ 6
5DQJ 3URGXNWPDUNW
'HVLJQHU6RQQHQEULOOHQ
*OREDOH 0DUNHQ UHOHYDQ]
5DQJ 3URGXNWPDUNW
*OREDOH 0DUNHQ UHOHYDQ]
)UHL]HLWEHNOHLGXQJ
=LJDUHWWHQ
,QYHVWPHQWIRQGV
%LHU
%DQNNRQWHQ
0LWWHONODVVHZDJHQ
+DQG\V
.RPSDNWZDJHQ
/LQLHQIOJHSULYDW
.RSIVFKPHU]PLWWHO
9HUVDQGKDQGHO
7DIHOVFKRNRODGH
2QOLQH%DQNHQ
:DVFKPLWWHO
'UXFNHU
&KDPSDJQHU
'URJHULHQ
6SRUWVFKXKH
3DXVFKDOIHUQUHLVHQ
6RIWGULQNV
:HUNVWlWWHQ
0RELOIXQNEHWUHLEHU
:DVFKPDVFKLQHQ
'XVFKJHO
5HLIHQ
-RJKXUW
9LWDPLQSUlSDUDWH
79 3URJUDPP]HLWVFKULIWHQ
.UDQNHQYHUVLFKHUXQJHQ
+LQZHLV +HUYRUJHKREHQVLQG/HEHQVPLWWHOXQG1DKUXQJVHUJlQ]XQJVPLWWHO+HUYRUKHEXQJHQ QLFKWLP2ULJLQDO 4XHOOH,Q$QOHKQXQJDQ)LVFKHU0HIIHUW3HUUH\ 6
7DEHOOH$ 'LHJOREDOH0DUNHQUHOHYDQ]LQYHUVFKLHGHQHQ3URGXNWPlUNWHQ7RS 'LH(LJQXQJGHV/HEHQVPLWWHOVHNWRUVIUHLQHJHVXQGKHLWVSURILOLHUWH0DUNHQVWUDWHJLHVHW]W QHEHQ HLQHU KRKHQ 0DUNHQUHOHYDQ] ]XGHP YRUDXV GDVV GDV %HGUIQLV QDFK *HVXQGKHLW E]Z GHUHQ (UKDOWXQJ DXV .RQVXPHQWHQVLFKW DXFK PLW HLQHP HQWVSUHFKHQGHQ .DXI 9HUKDOWHQNRUUHVSRQGLHUW'LHVEHGHXWHWGDVVGRUWGLH%H]LHKXQJ]ZLVFKHQPDUNHQSROLWL VFKHQ$NWLYLWlWHQXQG.RQVXPHQWHQYHUKDOWHQEHVRQGHUVHQJLVW.XSND%OLQGD7UDX]HL JHQ LQ LKUHU 8QWHUVXFKXQJ DXI GDVV HLQH 3URILOLHUXQJ DXI GHU 'LPHQVLRQ Å*HVXQGKHLW´ EHL/HEHQVPLWWHOQHUVWHQVP|JOLFKXQG]ZHLWHQVDXFKVLQQYROOHUVFKHLQW6LHN|QQHQDXI HPSLULVFKHU %DVLV EHOHJHQ GDVV GLH +lOIWH DOOHU EHIUDJWHQ .RQVXPHQWHQ GLH $XIIDVVXQJ YHUWULWW GLH %HIULHGLJXQJ LKUHV %HGUIQLVVHV QDFK *HVXQGKHLWVHUKDOWXQJ VHL DQ LKU (U (LQHKRKH0DUNHQUHOHYDQ]]HLJWDQGDVV.RQVXPHQWHQLQGLHVHQ0lUNWHQHODVWLVFKHUDXI0DQDKPHQ GHU0DUNHQSROLWLNUHDJLHUHQDOVGLHVLQ0lUNWHQPLWHLQHUJHULQJHUHQ0DUNHQUHOHYDQ]GHU)DOOLVW9JO )LVFKHU0HIIHUW3HUUH\ 6 )LVFKHU0HIIHUW3HUUH\ 6
QlKUXQJVYHUKDOWHQ JHNRSSHOW $QGHUH 8QWHUVXFKXQJHQ ]HLJHQ ]XGHP GDVV GLH %HGHX WXQJGLHVHUJHVXQGKHLWOLFKHQ%HGUIQLVHUIOOXQJLP/HEHQVPLWWHOVHNWRULQDEVHKEDUHU=HLW ]XQHKPHQZLUG 1HEHQ GHU YHUVWlUNWHQ .RSSOXQJ GHV .DXI E]Z .RQVXPYHUKDOWHQV DQ GDV *HVXQG KHLWVPRWLY DXV .RQVXPHQWHQSHUVSHNWLYH ELHWHW VLFK HLQH YHUVWlUNWH %HWRQXQJ GHU *H VXQGKHLWVGLPHQVLRQ DXFK DXV +HUVWHOOHUVLFKW DQ 'HU]HLW VHKHQ VLFK YLHOH 0DUNHQDUWLNHO KHUVWHOOHU LQ GHU /HEHQVPLWWHOLQGXVWULH DXIJUXQG GHV 9RUPDUVFKV YRQ 'LVFRXQWHUQ XQG +DQGHOVPDUNHQGXUFKLQVJHVDPWVLQNHQGH$EVlW]H]XQHKPHQGHQ3UHLVGUXFNXQG0DUNW DQWHLOVYHUOXVWH EHGURKW ,Q GHU YHUJDQJHQHQ 'HNDGH VDQN GHU $QWHLO GHU $XVJDEHQ IU 1DKUXQJVXQG*HQXVVPLWWHODQGHQ$XVJDEHQIUGHQSULYDWHQ.RQVXPYRQDXI 'HVKDOE PVVHQ GLH VR XQWHU 'UXFN JHUDWHQHQ +HUVWHOOHU HQWZHGHU GDXHUKDIW QLHGULJHUH .RVWHQ DOV LKUH .RQNXUUHQWHQ HU]LHOHQ ZDV ODQJIULVWLJ HLQH $ENHKU YRQ HLQHU GLIIHUHQ]LHUHQGHQ 0DUNHQVWUDWHJLH EHGHXWHWH RGHU DEHU LKUH 3URGXNW XQG 0DUNHQSURIL OLHUXQJVFKlUIHQXPVRHLQH$OOHLQVWHOOXQJDXV.RQVXPHQWHQVLFKW]XHU]LHOHQ =XVDPPHQIDVVHQG HUZHLVW VLFK GLH *HVXQGKHLWVRULHQWLHUXQJ VRZRKO DXV .RQVXPHQWHQ DOVDXFKDXV+HUVWHOOHUVLFKWDOVHLQYLHOYHUVSUHFKHQGHU7UHQGLP/HEHQVPLWWHOVHNWRUGHQ GLH0DUNHQSROLWLN]XU(UUHLFKXQJYRQ8QWHUQHKPHQV]LHOHQDXIQHKPHQXQGQXW]HQVROOWH 'DVV GLHV DXFK LQ GHU 0DUNHWLQJSUD[LV XQG GHU 2UGQXQJVSROLWLN HUNDQQW ZLUG ]HLJW GLH 'LVNXVVLRQXPGLH(LQIKUXQJYRQ1lKUZHUWSURILOHQXQGXPGLH5HJXOLHUXQJYRQ+HDOWK &ODLPVDXIHXURSlLVFKHU(EHQH %HIUZRUWHUHLQHUHQJHQ5HJXOLHUXQJQlKUZHUWXQGJHVXQGKHLWVEH]RJHQHU$QJDEHQIRU GHUQGDVVOHGLJOLFKDQKDQGYRQ,QWHUYHQWLRQVVWXGLHQEHZHLVEDUHJHVXQGKHLWOLFKH:LUNXQ JHQLQGHU.RPPXQLNDWLRQVSROLWLNGHU/HEHQVPLWWHOLQGXVWULHEHUFNVLFKWLJWZHUGHQGUI WHQ XP 9HUEUDXFKHU ]X VFKW]HQ 'LH GHU]HLWLJH 5HJXOLHUXQJVSUD[LV GHU (XURSlLVFKHQ 8QLRQJUHLIWGLHVDXI+HDOWK&ODLPVPVVHQHLQ]HOQEHLGHUHXURSlLVFKHQ%HK|UGHIU/H EHQVPLWWHOVLFKHUKHLWDQJHPHOGHWZHUGHQXQGGUIHQQXUQDFK)UHLJDEHXQGDXI%DVLVHQW VSUHFKHQGHU6WXGLHQGXUFKGLH(XURSlLVFKH%HK|UGHIU/HEHQVPLWWHOVLFKHUKHLWYHUZHQ GHWZHUGHQ'LHZHLWHUHQ$XIJDEHQGHU%HK|UGHOLHJHQLQGHU(UVWHOOXQJYRQ1lKUZHUW SURILOHQ GK 1lKUZHUWNULWHULHQ XQWHU GHQHQ JHVXQGKHLWVEH]RJHQH $QJDEHQ JHPDFKW ZHUGHQGUIHQ LQGHU(UVWHOOXQJHLQHU(8ZHLWHQ/LVWHGHU]XJHODVVHQHQJHVXQGKHLWVEH
9JO.XSND%OLQGD7UDX 6 9JO0HQUDG 6 9JOR9 6 9JO3RUWHU 6II88NDQQDXFKHLQH2XWSDFLQJ6WUDWHJ\GLHEHLGH2SWLRQHQYHUHLQWVLQQYROO VHLQ9JO*LOEHUW6WUHEHO 6II 9JO.XSND%OLQGD7UDX 6 9JOR9 6
]RJHQHQ $QJDEHQ LQ GHU %HZHUWXQJ RE QHXH ZLUNXQJVUHOHYDQWH JHVXQGKHLWVEH]RJHQH $QJDEHQ E]Z $QJDEHQ EHU GLH 9HUULQJHUXQJ HLQHV .UDQNKHLWVULVLNRV ZLVVHQVFKDIWOLFK ]XYHUOlVVLJXQGEHJUQGHWVLQG.ULWLNHUEHIUFKWHQDOOHUGLQJVGDVVHLQ]XULJLGHUXQG]X ODQJZLHULJHU *HQHKPLJXQJVSUR]HVV VLFK QDFKWHLOLJ DXI GLH ,QQRYDWLRQVNUDIW DXVZLUNHQ N|QQWH 8QDEKlQJLJ GDYRQ ZLH HLQH VWlUNHUH *HVXQGKHLWVSURILOLHUXQJ LP /LFKWH GHU JHOWHQGHQ *HVHW]JHEXQJ GXUFK +HDOWK &ODLPV NRQNUHW NRPPXQL]LHUW ZHUGHQ NDQQ VWHOOHQ VLFK ]XQlFKVWMHGRFKGLH)UDJHQREHUVWHQVHLQHVWlUNHUH*HVXQGKHLWVSURILOLHUXQJHLQHYRUWHLO KDIWH VWUDWHJLVFKH 2SWLRQ IU +HUVWHOOHU YRQ /HEHQVPLWWHO0DUNHQDUWLNHOQ GDUVWHOOW XQG ZLHGDQQ]ZHLWHQVHLQHVROFKH*HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQ]LHOIKUHQG]X JHVWDOWHQZlUH(LQHPLWGHU%HDQWZRUWXQJGLHVHU]ZHL)UDJHQYRUJHODJHUWH+HUDXVIRUGH UXQJGUIWHVHLQGLH*HVXQGKHLWVSURILOLHUXQJPHVVEDU]XPDFKHQXQGLQHLQHPZHLWHUHQ 6FKULWW GLH HQWVSUHFKHQGHQ 0DUNHQDUWLNHO VR ]X JHVWDOWHQ GDVV VLH DXV .RQVXPHQWHQSHUVSHNWLYHDXFKWDWVlFKOLFKLPJHZQVFKWHQ0DDOVJHVXQGKHLWVSURILOLHUW ZDKUJHQRPPHQZHUGHQ
%HVWHKHQGH )RUVFKXQJVDQVlW]H ]XU 0HVVXQJ YRQ 3URILOLHUXQJVGLPHQVLRQHQ XQGGDUDXVDEJHOHLWHWH)RUVFKXQJV]LHOH
(LQhEHUEOLFNEHUGLHEHWULHEVZLUWVFKDIWOLFKH/LWHUDWXULP%HUHLFK3URILOLHUXQJVVWUDWHJLHQ ]HLJW GDVV ]ZDU HLQH JDQ]H 5HLKH YRQ $QVlW]HQ H[LVWLHUW 0DUNHQSURILOLHUXQJHQ ]X NRQ ]HSWLRQDOLVLHUHQ GDVV GLHVH %HPKXQJHQ MHGRFK HQWZHGHU GHXWOLFK GHVNULSWLY DQJHOHJW VLQGRGHUDXIHLQHUVHKUVFKPDOHQHPSLULVFKHQ*UXQGODJHIXHQ$QGHUH$QVlW]HZHUGHQ GHUEHUHLWVDQJHVSURFKHQHQ1RWZHQGLJNHLWHLQHUVWULNWHQ.RQVXPHQWHQRULHQWLHUXQJQLFKW JHUHFKW ZHLO VLH ]% 3URILOLHUXQJ OHGLJOLFK DXV GHU6LFKW GHV 3URGXNWPDQDJHPHQWV DOVR QXU DXV 8QWHUQHKPHQVVLFKW EHWUDFKWHQ =XGHP LVW DXIIlOOLJ GDVV *HVXQGKHLW DOV YHU JOHLFKVZHLVH QHXH 3URILOLHUXQJVGLPHQVLRQ LQ LKUHQ (UIROJVZLUNXQJHQ IU GDV 0DUNHQPD QDJHPHQWELVODQJ]XZHQLJ%HDFKWXQJ]XHUIDKUHQVFKHLQW'LHVHU8PVWDQGLVWLQVEHVRQ GHUHYRUGHP+LQWHUJUXQGJURHUELVZHLOHQLQLKUHQ(UIROJVZLUNXQJHQ]ZHLIHOKDIWHUDEHU GHQQRFK EHLQDKH LPPHU NRVWHQLQWHQVLYHU %HPKXQJHQ XP HLQ XQYHUZHFKVHOEDUHV 0DU
9JO()6$ PLW9HUZHLVHQ]XUHOHYDQWHQ9HURUGQXQJVWH[WHQ 9JO0HOOHQWLQ 6 9JO(VFK 6
NHQE]Z3URGXNWSURILOEHUUDVFKHQGGHQQQDFKZLHYRUJLOWGDVVQXUJHPDQDJWZHUGHQ NDQQZDVPHVVEDULVW
$XVZDKOXQWHUVXFKWHU 3URILOLHUXQJVGLPHQVLRQHQ
(PSLUL VFKHU %H]XJ
2SHUD WLRQDOL VLHUXQJ
.RQVX PHQWHQ SHUVSHN WLYH
%XVNLUN
3URGXNWIHDWXUHV3UHLV:HUEXQJ 'LVWULEXWLRQ
%URZQ6LPV
3UREOHPO|VXQJVEHLWUDJ9HU EUDXFKVVLWXDWLRQ1XW]HUJUXSSHQ :HWWEHZHUEHU
%HUU\
:HUWKDOWLJNHLW=HLWHUVSDUQLV .RQWDNWKlXILJNHLW6HQVRULN
:LQG
3URGXNWIHDWXUHV9RU]JH3URE OHPO|VXQJVEH]XJ1XW]HUJUXS SHQGLUHNWH:HWWEHZHUEVSURGXN WH1HXDUWLJNHLWLQGHU3URGXNWND WHJRULH
3UHLV4XDOLWlW1XW]XQJV]XVDP PHQKDQJ1XW]HUJUXSSHQ:HWW EHZHUE
3URGXNWIHDWXUHVGLUHN WHLQGLUHNWH9RU]JH6XUURJDW ,QIRUPDWLRQHQ
0DUNWIKUHU)ROJHUbQGHUXQJ GHU:HWWEHZHUEVUHJHOQ%UDQG ([WHQVLRQV/LQH([WHQVLRQV
9HUOlVVOLFKNHLW,QQRYDWLRQVJUDG $QUHLFKHUXQJGHV*UXQGQXW]HQV &XVWRPL]DWLRQ
3UHLVJHVWDOWXQJ4XDOLWlW,QQRYD WLRQVJUDG6HUYLFH'LIIHUHQ]LH UXQJVJUDGGHU3URGXNWIHDWXUHV
$XWRUHQ
$DNHU6KDQVE\
&UDZIRUG
5LHV7URXW
(DVLQJZRRG0DKDMDQ
+RROH\%URGHULFN0ROOHU
.DODIDWLV7VRJDV%ODQNVRQ
3UHLVJHVWDOWXQJ%H]LHKXQJVTXDOL WlW3URGXNWOHLVWXQJ$QJHERWV EUHLWH3UlVHQ]6LFKHUKHLW'LIIH UHQ]LHUXQJ$WWUDNWLYLWlW 4XHOOH,Q$QOHKQXQJDQ%ODQNVRQ.DODIDWLV 6
7DEHOOH$ (LQhEHUEOLFNEHUEHVWHKHQGH3URGXNWXQG0DUNHQSURILOLHUXQJV.RQ]HSWLRQHQ 7DEHOOH$]HLJWGDVVLP=HLWYHUODXIVXN]HVVLYHLPPHUZHLWHUHDOVZLFKWLJHUDFKWHWH'L PHQVLRQHQGHU3URGXNWE]Z0DUNHQSURILOLHUXQJKLQ]XJHIJWZHUGHQRKQHHLQHSULQ]L Å>«@WKHDJHROGDGDJHWKDWZKDWGRHVQRWJHWPHDVXUHGGRHVQRWJHWPDQDJHGVWLOOKROGVWUXH>«@´
SLHOOH(LQLJNHLWEHUUHOHYDQWH'LPHQVLRQHQ]XHU]LHOHQ+HUYRUKHEHQVZHUWVFKHLQWGDKHU HLQH8QWHUVXFKXQJYRQ7URPPVGRUII3DXOVVHQ]XU0HVVXQJXQG*HVWDOWXQJYRQ0DUNHQSR VLWLRQLHUXQJHQLP/HEHQVPLWWHOPDUNWZHLOVLH]HQWUDOH'HIL]LWHGHUELVODQJJHQDQQWHQ$Q VlW]HJH]LHOWDXIJUHLIW 'LH$XWRUHQ VWHOOHQXDIHVWGDVVLQGHU5HJHOÅ:HWWEHZHUEVSR WHQWLDOH>«@QLFKWDXIDOOHQ,PDJHSRVLWLRQHQ]XJOHLFKDXIJHEDXW>ZHUGHQ@VRQGHUQOHGLJ OLFKDXIHLQHURGHUZHQLJHQ'LPHQVLRQHQGLHDXIJUXQGLKUHUYHUPXWHWHQ5HOHYDQ]´LP 9RUIHOGDXV]XZlKOHQVHLHQ*OHLFK]HLWLJVFKODJHQVLHHLQHGLIIHUHQ]LHUWH%HWUDFKWXQJHLQ ]HOQHU$UWLNHOYRU'HUHQ3RVLWLRQVHLDXIHLQHUDXV.RQVXPHQWHQVLFKWDOVUHOHYDQWHU DFKWHWHQ 3URILOLHUXQJVGLPHQVLRQXQGKLQVLFKWOLFKLKUHU$XVZLUNXQJHQ DXI(LQVWHOOXQJHQ XQG9HUKDOWHQVLQWHQWLRQHQGHU.RQVXPHQWHQ]XHUIRUVFKHQ $QNQSIHQG KLHUDQ EHVWHKW GLH HUVWH =LHOVHW]XQJ GHU YRUOLHJHQGHQ )RUVFKXQJVDUEHLW GDULQ ]X XQWHUVXFKHQ ZLH VLFK GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ DXV 6LFKW GHU.RQVXPHQWHQPHVVHQOlVVW :LH LQ $EVFKQLWW $ GDUJHOHJW LVW GHU *UDG GHU NXQGHQVHLWLJHQ 3HU]HSWLRQ GHU *H VXQGKHLWVSURILOLHUXQJ ZLH HU GXUFK GDV .RQVWUXNW GHU ZDKUJHQRPPHQHQ *HVXQGKHLWV SURILOLHUXQJJHPHVVHQZHUGHQVROO]ZDUHLQHQRWZHQGLJHDEHUNHLQHKLQUHLFKHQGH%HGLQ JXQJ IU HLQH HUIROJUHLFKH VWUDWHJLVFKH 3URILOLHUXQJ +LQ]XWUHWHQ PXVV YLHOPHKU HLQ DXV +HUVWHOOHUVLFKWSRVLWLYHU(LQIOXVVGLHVHUPDUNHQSROLWLVFKPRWLYLHUWHQ(LQVWHOOXQJGHU.RQ VXPHQWHQJHJHQEHUGHPMHZHLOLJHQ$UWLNHODXIPDUNHQSROLWLVFKH=LHOJU|HQVRJHQDQQWH 0DUNHQDNWLYD $QNQSIHQG KLHUDQ EHVWHKW GLH ]ZHLWH =LHOVHW]XQJ GHU YRUOLHJHQGHQ $UEHLW GDULQ ]X XQWHUVXFKHQZLHGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJDXV6LFKWGHU.RQVXPHQ WHQDXI=LHOJU|HQGHU0DUNHQSROLWLNZLUNW 9RUDXVJHVHW]WHVOLHHVLFKDXIHPSLULVFKHU%DVLVEHLDXVJHZlKOWHQ$UWLNHOQHLQSRVLWLYHU (LQIOXVVGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDXIPDUNHQSROLWLVFKH=LHOJU|HQ QDFKZHLVHQ HUVFKHLQW HV NRQVHTXHQW P|JOLFKH (LQIOXVVIDNWRUHQ GHU ZDKUJHQRPPHQHQ
%RVKRII 6 7URPPVGRUII3DXOVVHQ 6=XU)UDJHGHUYHUPXWHWHQ5HOHYDQ]GHU3URILOLHUXQJVGLPHQVLRQ Å*HVXQGKHLW´VHLDXIGLHHQWVSUHFKHQGHQ%HIXQGHLQ$EVFKQLWW$YHUZLHVHQ =XP=XVDPPHQKDQJ]ZLVFKHQ0DUNHXQG0DUNHQ $UWLNHOYJODXFK/DXHU 6II
*HVXQGKHLWVSURILOLHUXQJ]XDQDO\VLHUHQXPGLHVHJH]LHOWJHVWDOWHQ]XN|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l]LVLHUW
'LHV JLOW LQVEHVRQGHUH GDQQ ZHQQ GLH %HWULHEVZLUWVFKDIWVOHKUH XQG LQVEHVRQGHUH GDV 0DUNHWLQJ DOV SUDNWLVFKH:LVVHQVFKDIWDXIJHIDVVWZHUGHQ9JO6FKDQ] 6I 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6
Strategische Entscheidungen (z.B. Markenprofilierungsstrategie)
Taktische Maßnahmen
Wirkungen auf Konsumenten
(z.B. Werbung)
(z.B. Einstellungen)
Marketingaktiva (z.B. Markenwert)
Marketinginstrument I
Marketinginstrument II
Gesundheitsprofilierung
Markenpolitische Zielgrößen
Marketinginstrument III
2. Forschungszielsetzung
3. Forschungszielsetzung 1. Forschungszielsetzung
$EELOGXQJ$ 'DV)RUVFKXQJVPRGHOOGHUYRUOLHJHQGHQ$UEHLW
'LH3RVLWLRQLHUXQJGHU$UEHLW
8P GDV HUVWH )RUVFKXQJV]LHO ]X HUUHLFKHQ LVW HLQ LQGXNWLYHU :HJ HLQ]XVFKODJHQ $XI %DVLV YRQ (LQ]HOIlOOHQ LVW DXI HLQH $OOJHPHLQKHLW ]X VFOLHHQ ,P YRUOLHJHQGHQ )DOO ZLUG GLHWKHRULHEDVLHUWH)RUVFKXQJXPGDV.RQVWUXNWGHUNXQGHQVHLWLJZDKUJHQRPPHQHQ*H VXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQHPSLULVFKHQWZLFNHOWXQGHUSUREWDQDXVJHZlKO WHQ$UWLNHOQ HUJlQ]W ,P5DKPHQHLQHVVROFKHQLQGXNWLYHQ)RUVFKXQJVDQVDW]HVVLQGJUXQGVlW]OLFK]ZHL9RUJH KHQVZHLVHQ GHQNEDU 'HU )RUVFKHU YHUKDUUW EHL GHU %HREDFKWXQJ HLQHV 3KlQRPHQV RGHU HUEHUFNVLFKWLJW]XVlW]OLFKODWHQWH.RQVWUXNWHVRZLHHQWVSUHFKHQGH$XVZLUNXQ
9JO.HXWK XQG]XYRUEHUHLWV6WDQJO 6II ,QGLHVHP6LQQHZLUG]XGHPHLQH)RUGHUXQJYRQ6DWWOHUDXIJHJULIIHQGHU3UREOHPHGHU:HUWPHVVXQJ PDUNHQVWUDWHJLVFKHU2SWLRQHQDOVLQ:LVVHQVFKDIWXQG3UD[LVYHUQDFKOlVVLJWEHWUDFKWHWXQGDQGLHVHU 6WHOOHEHVRQGHUHQ)RUVFKXQJVEHGDUIHUNHQQW9JO6DWWOHU 6
JHQ DOV (UNOlUXQJVJU|HQ ,P 5DKPHQ GHU YRUOLHJHQGHQ $UEHLW VROOHQ EHLGH 9RUJH KHQVZHLVHQVFKULWWZHLVHQDFKHLQDQGHUYHUIROJWZHUGHQ 6R VROO LP 5DKPHQ HLQHU 9RUXQWHUVXFKXQJ ]XQlFKVW IDNWRUHQDQDO\WLVFK HLQH 0HVVYRU VFKULIW ]XU 0HVVXQJ GHU *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ HQWZLFNHOW ZHUGHQ GLHGHQLQGHU)RUVFKXQJDQHUNDQQWHQ6WDQGDUGVIUHLQH6NDOHQHQWZLFNOXQJHQWVSULFKW 'LH HQWZLFNHOWH 6NDOD VROO GDQQ LQ HLQHP ]ZHLWHQ 6FKULWW ]XP (UUHLFKHQ GHU ZHLWHUHQ )RUVFKXQJV]LHOH LQ HLQHP H[SHULPHQWHOOHQ 'HVLJQ EHREDFKWHW XQG DQVFKOLHHQG LQ HLQ .DXVDOPRGHOOHLQJHEHWWHWZHUGHQXPDXIGHUHLQHQ6HLWH%H]LHKXQJHQ]X|NRQRPLVFKHQ =LHOJU|HQGHU0DUNHQSROLWLNXQGDXIGHUDQGHUHQ6HLWHP|JOLFKHPDUNHQSROLWLVFKH(LQ IOXVVJU|HQLGHQWLIL]LHUHQ]XN|QQHQ,P+LQEOLFNDXIGLHDXIJH]HLJWHQ)RUVFKXQJVOFNHQ EHLQKDOWHQGLHLP8QWHUVXFKXQJVPRGHOOGHUYRUOLHJHQGHQ$UEHLW]XVDPPHQJHIDVVWHQ)RU VFKXQJV]LHOHVRPLWGUHLLQQRYDWLYH(OHPHQWH (VZLUGHLQHVSH]LILVFKH]XNQIWLJIU.RQVXPHQWHQXQG+HUVWHOOHUEHGHXWVDPH3UR ILOLHUXQJVGLPHQVLRQRSHUDWLRQDOLVLHUWXQGVRHLQHU0HVVXQJ]XJlQJOLFKJHPDFKW (V ZHUGHQ H[HPSODULVFK K\SRWKHVHQEDVLHUWH H[SHULPHQWHOOH 4XHUVFKQLWWV 8QWHUVXFKXQJHQGHV$XVJDQJVQLYHDXVGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ XQGGHV1LYHDXVGHU(UIROJVZLUNXQJHQYRUJHQRPPHQ (V ZLUG HLQH (LQEHWWXQJ LQ HLQ YHUKDOWHQVZLVVHQVFKDIWOLFK IXQGLHUWHV NDXVDODQDO\WL VFKHV +\SRWKHVHQV\VWHP YRUJHQRPPHQ XP P|JOLFKHQ PDUNHQSROLWLVFKHQ (LQIOXVV XQG(UIROJVJU|HQQDFK]XVSUHQ
'HU$XIEDXGHU$UEHLW
'LH YRUOLHJHQGH $UEHLW LVW LQ LQVJHVDPW QHXQ $EVFKQLWWH JHJOLHGHUW 1DFK HLQHU HUVWHQ (LQRUGQXQJ GHV )RUVFKXQJVJHJHQVWDQGHV XQG HLQHU 3Ul]LVLHUXQJ GHU )RUVFKXQJV]LHOVHW ]XQJHQ LQ $EVFKQLWW $ LVW HV ]ZHFNPlLJ ]XQlFKVW HLQHQ hEHUEOLFN EHU GDV ]XU %HDQW ZRUWXQJ GHU DXIJHZRUIHQHQ )UDJHVWHOOXQJHQ QRWZHQGLJH 8QWHUVXFKXQJVGHVLJQ ]X VFKDI IHQ'LHVJHVFKLHKWLQ$EVFKQLWW% $QVFKOLHHQG ZLUG $EVFKQLWW & GHQ *UXQGODJHQ HLQHU 6NDOHQHQWZLFNOXQJ XQWHU %HUFNVLFKWLJXQJ GHU DQ 0XOWL,WHP0HVVYRUVFKULIWHQ ]X VWHOOHQGHQ $QIRUGHUXQJHQ JH 9JO6DXHU 6 9JO&DWWHOO'UHJHU 6(LQHVROFKH0HVVYRUVFKULIWJHPlGHQHLQJDQJVJHVWHOOWHQ$QIRUGH UXQJHQIHKOWELVODQJ9JO$EVFKQLWW$LQVEHVRQGHUH7DEHOOH$
ZLGPHW'LHVHU3UR]HVVZLUGLP+LQEOLFNDXIGLH(QWZLFNOXQJGHVIRNDOHQ.RQVWUXNWVGHU 8QWHUVXFKXQJ²GHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQ²]XU %HDQWZRUWXQJGHUHUVWHQ)RUVFKXQJV]LHOVHW]XQJIDNWRUHQDQDO\WLVFKDXI%DVLVHLQHUHPSLUL VFKHQ9RU 6WXGLHGXUFKODXIHQ8QPLWWHOEDUGDUDQVFKOLHWVLFKGLH9DOLGLWlWVSUIXQJGHV HQWZLFNHOWHQ .RQVWUXNWV DXI %DVLV HLQHU .UHX]YDOLGLHUXQJ GHV DEJHOHLWHWHQ 6NDOHQYRU VFKODJVDQ 'DV=LHOYRQ$EVFKQLWW'LVWHVGDQQPLW%H]XJ]XU]ZHLWHQXQGGULWWHQ)RUVFKXQJV]LHO VHW]XQJ DXI %DVLV WKHRUHWLVFKHU hEHUOHJXQJHQ XQG ELVKHULJHU )RUVFKXQJVHUJHEQLVVH HLQ YHUKDOWHQVZLVVHQVFKDIWOLFKHV8QWHUVXFKXQJVPRGHOODXI]XEDXHQZHOFKHVGXUFKHPSLULVFK SUIEDUH+\SRWKHVHQGLH*UXQGODJHIUGLH]ZHLWHHPSLULVFKH6WXGLHQVWXIHGHUYRUOLHJHQ GHQ$UEHLWELOGHW$XIYHUKDOWHQVZLVVHQVFKDIWOLFKHU*UXQGODJHZLUGVRGDVQHXHQWZLFNHO WH 0HVVLQYHQWDU GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ PLW DXVJHZlKOWHQ PDUNHQSROLWLVFKHQ =LHOJU|HQ YHUNQSIW 'LHV JHVFKLHKW LP +LQEOLFN DXI GLH8QWHUVXFKXQJGHU$XVJDQJVQLYHDXVH[SHULPHQWHOOLP+LQEOLFNDXIP|JOLFKH(LQIOXVV XQG(UIROJVJU|HQNDXVDODQDO\WLVFK0LW%H]XJDXIGLHGULWWH)RUVFKXQJV]LHOVHW]XQJZHU GHQDXVJHZlKOWH 2SWLRQHQLPPDUNHWLQJSROLWLVFKHQ,QVWUXPHQWDOEHUHLFKDXIGLHZDKUJH QRPPHQH *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ EH]RJHQ XP 6WHXHUXQJVJU|HQ GHV0DUNHQPDQDJHPHQWVDXV]XORWHQ'LHKLHU]XKHUDQJH]RJHQHQPDUNHQSROLWLVFKHQ=LHO JU|HQ XQG 2SWLRQHQ LP 0DUNHWLQJLQVWUXPHQWDOEHUHLFK ZHUGHQ MHZHLOV QDFK 9HUGHXWOL FKXQJLKUHU5HOHYDQ]IUGHQKLHUXQWHUVXFKWHQ.RQWH[WPLW+LOIHYRQ0HVVLQGLNDWRUHQ RSHUDWLRQDOLVLHUW XP VLH HLQHU HPSLULVFKHQ 8QWHUVXFKXQJ ]XJlQJOLFK ]X PDFKHQ $E VFKOLHHQG ZHUGHQ GLH )RUVFKXQJVK\SRWKHVHQ GHU 8QWHUVXFKXQJ EHUEOLFNVDUWLJ ]XVDP PHQJHIDVVW ,Q $EVFKQLWW ( JLOW HV GDV 'HVLJQ GHV ]XU %HDQWZRUWXQJ GHU ]ZHLWHQ )RUVFKXQJV]LHOVHW ]XQJ HUJlQ]HQG QRWZHQGLJHQ )HOGH[SHULPHQWV GDU]XOHJHQ +LHU]X ZHUGHQ DXI %DVLV EH VWHKHQGHU HPSLULVFKHU )RUVFKXQJ HLQHUVHLWV +\SRWKHVHQ EHU GDV DUWLNHOVSH]LILVFKH 1L YHDXGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDQGHUHUVHLWV+\SRWKHVHQEHUGHUHQ =XVDPPHQKDQJPLWGHP1LYHDXDXVJHZlKOWHUPDUNHQSROLWLVFKHU=LHOJU|HQDEJHOHLWHW $EVFKQLWW)ZLGPHWVLFKGHWDLOOLHUWGHU%HVFKUHLEXQJGHUHPSLULVFKHQ+DXSWXQWHUVXFKXQJ (VZLUGVRZRKOGLH9RUJHKHQVZHLVHDOVDXFKGHU]HLWOLFKH$EODXIGHU(UKHEXQJGHUHU ]LHOWH(UKHEXQJVUFNODXILQGHQHLQ]HOQHQ6WLFKSUREHQDOVDXFKGLHMHZHLOLJH=XVDPPHQ VHW]XQJGLHVHU5FNOlXIHVNL]]LHUW ,Q GLHVHP $EVFKQLWW ZHUGHQ IHUQHU GLH K\SRWKHWLVFK SRVWXOLHUWHQ =XVDPPHQKlQJH GHV )RUVFKXQJVPRGHOOV PLW GHP 'DWHQPDWHULDO GHU HPSLULVFKHQ +DXSWXQWHUVXFKXQJ NRQ
IURQWLHUW,QHLQHPHUVWHQ6FKULWWHUIROJWMHZHLOVHLQHVHSDUDWHhEHUSUIXQJGHUKHUDQJH]R JHQHQ0HVVPRGHOOHDQZHOFKHVLFKLQHLQHP]ZHLWHQ6FKULWWGLH3UIXQJH[SHULPHQWHOOHU +\SRWKHVHQ PLWWHOV XQLYDULDWHU *UXSSHQYHUJOHLFKH DQVFKOLHW ,Q HLQHP GULWWHQ 6FKULWW ZLUG GDV %H]LHKXQJVJHIOHFKW GHV K\SRWKHWLVFKHQ 8QWHUVXFKXQJVPRGHOOV KLQVLFKWOLFK VHL QHU 3DVVXQJ ]X GHQ HPSLULVFK JHZRQQHQHQ 'DWHQ DQDO\VLHUW ZR]X NDXVDODQDO\WLVFKH $XVZHUWXQJVYHUIDKUHQ PLW YHUVFKLHGHQHQ *WHNULWHULHQ HLQJHVHW]W ZHUGHQ 'HQ $E VFKOXVV GLHVHV 7HLOV ELOGHW HLQ K\SRWKHVHQEH]RJHQHU hEHUEOLFN EHU GLH (UJHEQLVVH GHU 8QWHUVXFKXQJHQ 'LHDXVGHQ8QWHUVXFKXQJVEHIXQGHQUHVXOWLHUHQGHQ.RQVHTXHQ]HQZHUGHQLQ$EVFKQLWW* GLVNXWLHUW'D]XZHUGHQ]XQl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hEHUEOLFNEHUGHQ$XIEDXGHUYRUOLHJHQGHQ8QWHU VXFKXQJJLEW$EELOGXQJ$
$%6&+1,77$ *(681'+(,76%(=2*(1(0$5.(1352),/,(581*$/6=,(/'(50$5.(132/,7,.,01$+581*60,77(/6(.725 +DXSW]LHOH +HUDXVDUEHLWXQJGHU%HGHXWXQJJHVXQGKHLWVEH]RJHQHU0DUNHQSURILOLHUXQJLP1DKUXQJVPLWWHOVHNWRU hEHUEOLFNEHU)RUVFKXQJVDUEHLWHQ]XU0HVVXQJYRQ0DUNHQSURILOLHUXQJ $EOHLWXQJGHU)RUVFKXQJV]LHOHGHUYRUOLHJHQGHQ$UEHLW 3RVLWLRQLHUXQJGHUYRUOLHJHQGHQ$UEHLW Ø $%6&+1,77% '$6817(568&+81*6'(6,*1'(5925/,(*(1'(1$5%(,7 (UOlXWHUXQJGHVPHWKRGLVFKHQ9RUJHKHQVLQ%H]XJDXIGLH)RUVFKXQJV]LHOVHW]XQJHQGHU$UEHLW
+DXSW]LHO ,QKDOWH
(FNSXQNWHGHVH[SHULPHQWHOOHQ'HVLJQVXQGGHUNDXVDODQDO\WLVFKHQ+HUDQJHKHQVZHLVH
(LQRUGQXQJGHU]XU8QWHUVXFKXQJKHUDQJH]RJHQHQ$UWLNHODOV0DUNHQDUWLNHOPLWJHULQJHUXQGKRKHU *HVXQGKHLWVSURILOLHUXQJ
Ø $%6&+1,77& (17:,&./81*(,1(50(669256&+5,)7)h5',(Å:$+5*(1200(1(*(681'+(,76352),/,(581*921/(%(16 0,77(/1´ +DXSW]LHO (QWZLFNOXQJHLQHU0XOWL,WHP0HVVYRUVFKULIW]XU0HVVXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLH UXQJYRQ/HEHQVPLWWHO0DUNHQDUWLNHOQDXV.RQVXPHQWHQVLFKW ,QKDOWH
$QIRUGHUXQJHQDQ0XOWL,WHP0HVVYRUVFKULIWHQ
(QWZLFNOXQJVSUR]HVVGHU0XOWL,WHP0HVVYRUVFKULIW
.UHX]YDOLGLHUXQJGHUHQWZLFNHOWHQ0XOWL,WHP0HVVYRUVFKULIW
Ø $%6&+1,77' 02'(//(17:,&./81*=85$1$/<6('(5.$86$/(1=86$00(1+b1*(=:,6&+(1*(681'+(,76352),/,(581* 921/(%(160,77(/1(,1)/866)$.725(181'=,(/*5g66(1'(60$5.(10$1$*(0(176 +DXSW]LHO $EOHLWXQJYRQ)RUVFKXQJVK\SRWKHVHQIUGLHNDXVDODQDO\WLVFKHhEHUSUIXQJGHU=XVDPPHQKlQJH]ZL VFKHQDXVJHZlKOWHQ2SWLRQHQLPPDUNHWLQJSROLWLVFKHQ,QVWUXPHQWDOEHUHLFKGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJXQG=LHOJU|HQGHV0DUNHQPDQDJHPHQWV ,QKDOWH
7KHRULHXQGHPSLULHEDVLHUWH$EOHLWXQJGHU2SHUDWLRQDOLVLHUXQJNRPSOH[HU.RQVWUXNWH
+HUOHLWXQJXQG)RUPXOLHUXQJYRQ)RUVFKXQJVK\SRWKHVHQDXI%DVLVYHUVFKLHGHQHUWKHRUHWLVFKHU $QVlW]HXQGHPSLULVFKHU%HIXQGH
$XVZDKOHLQHVJHHLJQHWHQ$QDO\VHYHUIDKUHQV]XUHPSLULVFKHQhEHUSUIXQJGHV8QWHUVXFKXQJVPR GHOOV Ø $%6&+1,77( (17:,&./81*(,1(6)(/'(;3(5,0(176=850(6681*'(5:$+5*(1200(1(1*(681'+(,76352),/,(581* 81''(5$86:,5.81*$8)0$5.(132/,7,6&+(=,(/*5g66(1 +DXSW]LHO (QWZLFNOXQJHLQHV([SHULPHQWV]XU0HVVXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGGHU 0HVVXQJYRQ$XVZLUNXQJHQDXI=LHOJU|HQGHV0DUNHQPDQDJHPHQWV ,QKDOWH
(QWZLFNOXQJYRQ+\SRWKHVHQEHUGDVDUWLNHOVSH]LILVFKH1LYHDXGHUZDKUJHQRPPHQHQ*HVXQG KHLWVSURILOLHUXQJ
(QWZLFNOXQJYRQ+\SRWKHVHQEHUGDVDUWLNHOVSH]LILVFKH1LYHDXDXVJHZlKOWHUPDUNHQSROLWLVFKHU =LHOJU|HQ Ø )RUWVHW]XQJDXIGHUIROJHQGHQ6HLWH
)RUWVHW]XQJYRQGHUYRUKHULJHQ6HLWH Ø $%6&+1,77) .21=(37,21(,1(5(03,5,6&+(1.$86$/$1$/<7,6&+(1817(568&+81*81''$567(//81*'(5(5*(%1,66( =80=86$00(1+$1*=:,6&+(1*(681'+(,76352),/,(581*921/(%(160,77(/181'(,1)/86681'=,(/ *5g66(1'(60$5.(10$1$*(0(176 +DXSW]LHO (QWZLFNOXQJHLQHV'HVLJQV]XUHPSLULVFKHQhEHUSUIXQJGHU)RUVFKXQJVK\SRWKHVHQ ,QKDOWH
'DUVWHOOXQJGHU9RUJHKHQVZHLVHLP5DKPHQGHUHPSLULVFKHQ8QWHUVXFKXQJ
%HVFKUHLEXQJGHU6WLFKSUREHQXQGGHV(UKHEXQJVUFNODXIV
(UJHEQLVVHGHV)HOGH[SHULPHQWV3UIXQJGHU([SHULPHQWJWHXQG(UJHEQLVVHLQ%H]XJDXIDXVJH ZlKOWHPDUNHQSROLWLVFKH=LHOJU|HQ
6SH]LILNDWLRQXQG6FKlW]XQJHLQHV.DXVDOPRGHOOV]XUHPSLULVFKHQhEHUSUIXQJGHU)RUVFKXQJV K\SRWKHVHQ
'DUVWHOOXQJGHVHPSLULVFKHQ=XVDPPHQKDQJV]ZLVFKHQ*HVXQGKHLWVSURILOLHUXQJYRQ1DKUXQJVPLW WHOQDXVJHZlKOWHQ'HWHUPLQDQWHQXQGDXVJHZlKOWHQ=LHOJU|HQGHU0DUNHQSROLWLN Ø $%6&+1,77*
+DXSW]LHO
$86'(1817(568&+81*6%()81'(15(68/7,(5(1'(.216(48(1=(1 $EOHLWXQJYRQ,PSOLNDWLRQHQDXVGHQ8QWHUVXFKXQJVHUJHEQLVVHQIUGLHZHLWHUH)RUVFKXQJXQGGDV 0DUNHWLQJJHVXQGKHLWVSURILOLHUWHU1DKUXQJVPLWWHO
,QKDOWH
/LPLWDWLRQHQGHUYRUOLHJHQGHQ6WXGLHXQG$EOHLWXQJYRQ$QVlW]HQIUGLHZLVVHQVFKDIWOLFKH)RU VFKXQJ
$EOHLWXQJYRQ+DQGOXQJVHPSIHKOXQJHQIUGDV/HEHQVPLWWHO0DUNHQPDQDJHPHQW Ø $%6&+1,77+ +DXSW]LHO
=86$00(1)$6681*81'$86%/,&. 9HUPLWWOXQJHLQHVhEHUEOLFNVEHUGLH]HQWUDOHQ(UJHEQLVVHGHU8QWHUVXFKXQJXQG$XVEOLFN
$EELOGXQJ$ 'HU*DQJGHU8QWHUVXFKXQJ
% 'DV8QWHUVXFKXQJVGHVLJQGHUYRUOLHJHQGHQ$UEHLW
'LH(FNSXQNWHGHVH[SHULPHQWHOOHQ'HVLJQVXQGGHUNDXVDODQDO\WLVFKHQ+H UDQJHKHQVZHLVH
:LH LQ $EVFKQLWW $ KHUYRUJHKREHQ VROO LQ GHU YRUOLHJHQGHQ $UEHLW HLQH ,GHQWLIL]LHUXQJ YRQ(LQIOXVVIDNWRUHQVRZLHHLQH3URJQRVHYRQ(UIROJVZLUNXQJHQHLQHUJHVXQGKHLWVSURIL OLHUWHQ0DUNHQSROLWLNYRUJHQRPPHQZHUGHQ'LHHPSLULVFKH$UEHLWEDVLHUWDXIGHUhEHU SUIXQJYRQH[DQWHP|JOLFKVWSUl]LVHIRUPXOLHUWHQ=XVDPPHQKlQJHQ+\SRWKHVHQ GLH VLFKMHZHLOVDXIGDV(UUHLFKHQGHUGUHL)RUVFKXQJV]LHOHDXVULFKWHQ 'XUFKGLHVHV9RUJHKHQVROOHQ%H]LHKXQJHQGLHWKHRUHWLVFK]XYHUPXWHQVLQGH[SOL]LHUW XQG HLQHU HPSLULVFKHQ hEHUSUIXQJ LP YRUOLHJHQGHQ .RQWH[W ]XJlQJOLFK JHPDFKW ZHU GHQ(LQVROFKHVWKHRULHEDVLHUWHVGHSHQGHQ]DQDO\WLVFKHV9RUJHKHQJHVFKLHKWLQGHU5H JHOEHUHLQHQ5FNJULIIDXIGLUHNWHUIDVVEDUH,QGLNDWRUHQ'DEHLPXVVYRQ)RUVFKHQGHQ HQWVFKLHGHQZHUGHQÅZDQQZRXQGZLHRIWGLHHPSLULVFKHQ,QGLNDWRUHQDQZHOFKHQ2E MHNWHQHUIDVVWZHUGHQVROOHQ´)HUQHUPXVVIHVWJHOHJWZHUGHQZLHGLHJHZRQQHQHQ'DWHQ DQVFKOLHHQGDXV]XZHUWHQVLQGXPGLHMHZHLOLJHQ)RUVFKXQJV]LHOH]XHUUHLFKHQ 'LH 6XPPH GLHVHU (QWVFKHLGXQJHQ LVW DOV )RUVFKXQJVGHVLJQ ]X EH]HLFKQHQ XQG LVW IU GLH *WH E]Z GHQ *UDG DQ *HZLVVKHLW GHU LP 5DKPHQ GHU 8QWHUVXFKXQJ JH]RJHQHQ 6FKOXVVIROJHUXQJHQ YRQ KRKHU 5HOHYDQ] =XQlFKVW LVW XQWHU 5FNJULII DXI GLH HQWVSUH FKHQGHQ)RUVFKXQJV]LHOHGLH)UDJHGHUVWDWLVWLVFKHQ$XVZHUWXQJ]XNOlUHQZHLOGLHVZLH GHUXP5FNZLUNXQJHQDXIGLH$UWXQG:HLVHGHU(UKHEXQJKDW $QNQSIHQGDQGLHHUVWH)RUVFKXQJV]LHOVHW]XQJXQGLQ$QEHWUDFKWGHU7DWVDFKHGDVVELVODQJ ZLHLQ$EVFKQLWW$DXIJH]HLJWHLQHDGlTXDWH0HVVYRUVFKULIW]XU0HVVXQJGHUZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ QLFKW H[LVWLHUW JLOW HV GLHVH 0HVVYRUVFKULIWIDNWRUHQDQDO\WLVFK]XHQWZLFNHOQ +LHUEHLZLUGKLQVLFKWOLFKGHU 2EMHNWVSH]LIL]LHUXQJGLH)UDJHYLUXOHQW ZDVDOV0HUNPDOV WUlJHUGLHVHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGVRPLWDOV2EMHNWGHU%HIUD JXQJLQ%HWUDFKWNRPPW3ULQ]LSLHOONRPPHQDOV0HUNPDOVWUlJHU GHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ HQWZHGHU HLQ]HOQH 0DUNHQIDPLOLHQ 3URGXNWH E]Z 3URGXNW
=XYHUVFKLHGHQHQ7\SHQZLVVHQVFKDIWOLFKHU+\SRWKHVHQYJO+XEHU 6 6FKQHOO+LOO(VVHU 6 9JO%DFNKDXVHWDO 6II 9JO&RRN&DPSEHOO 6II
JUXSSHQRGHU$UWLNHOLQ%HWUDFKW'DHVLP5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJGDV =LHOLVW$XVVDJHQEHUYHUKDOWHQVUHOHYDQWH*U|HQXQGGDV.DXIYHUKDOWHQVHOEVW]XWUHI IHQVROOWHGHU%H]XJVSXQNWGHUPHUNPDOVWUDJHQGHQ2EMHNWHHEHQIDOOVP|JOLFKVWNDXIYHU KDOWHQVQDKVSH]LIL]LHUWVHLQ'DKHUZHUGHQLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJH[LVWLHUHQGH $UWLNHODOV7UlJHUGHV0HUNPDOVÅ*HVXQGKHLWVSURILOLHUXQJ´KHUDQJH]RJHQ 'LH*HVXQGKHLWVSURILOLHUXQJHLQHV$UWLNHOVVROOGLH:DKUQHKPXQJGHVVHOEHQDXIHLQHULP 6NDOHQHQWZLFNOXQJVSUR]HVVLQ$EVFKQLWW&JHQDXHU]XGHILQLHUHQGHQ3URILOLHUXQJVGLPHQ VLRQ VHLWHQV GHU .RQVXPHQWHQ ZLGHUVSLHJHOQ :HLO HV MHGRFK DXV NRQVWUXNWLYLVWLVFKHU 6LFKWXQP|JOLFKLVWHLQREMHNWLYHV0DIUGLHMHZHLOVDUWLNHOEH]RJHQH*HVXQGKHLWVSURIL OLHUXQJIHVW]XOHJHQZLUGDXIGLH6XPPHGHU(LQGUFNHE]Z:DKUQHKPXQJHQYRQSR WHQWLHOOHQ .RQVXPHQWHQ ]XUFNJHJULIIHQ 'DKHU LVW YRQ HLQHU ZDKUJHQRPPHQHQ *H VXQGKHLWVSURILOLHUXQJ]XVSUHFKHQ'HQJUXQGVlW]OLFKHQ(QWVWHKXQJVSUR]HVVVROFKHURE MHNWEH]RJHQHQ:DKUQHKPXQJHQVROO$EELOGXQJ%YHUGHXWOLFKHQ
Objektbereich
Sinnesmodalität
Kognitiver Prozess
Gegenstände Vorgänge Beziehungen
sehen hören tasten schmecken riechen
Interpretation der Sinneseindrücke
4XHOOH,Q$QOHKQXQJDQ.URHEHU5LHO:HLQEHUJ 6
$EELOGXQJ%'DV6FKHPDGHV:DKUQHKPXQJVSUR]HVVHV 'LH:DKUQHKPXQJOlVVWVLFKDOVRDOVHLQÅ7UDQVIRUPDWLRQVSUR]HVVFKDUDNWHULVLHUHQGXUFK GHQHLQEORHUIDKUHQHV6HLQ]XHLQHP'HQNHQEHUGDV6HLQZLUG´'LH:DKUQHKPXQJ Å8QWHU :DKUQHKPXQJ NDQQ DOOJHPHLQ GHU 3UR]HVV GHU ,QIRUPDWLRQVJHZLQQXQJ DXV 8PZHOW XQG LQWHUQHQ5HL]HQHLQVFKOLHOLFKGHUGDPLWYHUEXQGHQHQHPRWLYHQ3UR]HVVHXQGGHU0RGLILNDWLRQGXUFK 7UDQVIRUPDWLRQVSUR]HVVHYHUVWDQGHQZHUGHQ´*U|SSHO.OHLQ 69JODXFK%HKUHQV 6 Å'LH SULPlUH 5HDOLWlW OLHJW GLH .RJQLWLRQ PDJ DXI VLFK UHIOHNWLHUHQ ZLH VLH ZLOO QLFKW LQ ÄGHU :HOW GUDXHQȧVRQGHUQLQGHQNRJQLWLYHQ2SHUDWLRQHQVHOEVW´/XKPDQQ 6I =XP7UDQVIRUPDWLRQVSUR]HVVYRQ6LQQHVHLQGUFNHQ]X:DKUQHKPXQJHQYJO6RORPRQ%DPRVV\$VNH JDDUG 6II +HUUPDQQ 6LP2ULJLQDOPLW+HUYRUKHEXQJHQ
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|HQ ]X EHDQWZRUWHQ 8P $QWZRUWHQ DXI GLHVH )UDJHQ ]X ILQGHQ ELHWHW VLFKHLQHQWVSUHFKHQGHVXQLYDULDWHV)HOGH[SHULPHQWDQLQGHPMHZHLOV]ZHL$UWLNHOEHL GHQHQ HLQH XQWHUVFKLHGOLFKH $XVSUlJXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DQ]XQHKPHQLVWLQHLQHPP|JOLFKVWUHDOLWlWVQDKHQ6HWWLQJJHJHQHLQDQGHUJHVWHOOWZHUGHQ 'LHVHV )HOGH[SHULPHQW ZLUG LQ $EVFKQLWW ( KLQVLFKWOLFK VHLQHV 'HVLJQV GHWDLOOLHUW GDUJH VWHOOWZHUGHQ =XGHPVROOHQLP5DKPHQGHU]ZHLWHQ)RUVFKXQJV]LHOVHW]XQJDXFK$QKDOWVSXQNWHIUGLH 6WlUNHGHV=XVDPPHQKDQJV]ZLVFKHQGHQJHQDQQWHQ*U|HQHUPLWWHOWZHUGHQ)UHLQH VROFKH)UDJHVWHOOXQJKDWVLFKHLQNDXVDODQDO\WLVFKHV9RUJHKHQEHZlKUWLQGHPGLH([LV WHQ]ODWHQWHUVR]LDOZLVVHQVFKDIWOLFKHU.RQVWUXNWHEHVRQGHUH%HDFKWXQJHUIlKUW 'LH GULWWH )RUVFKXQJV]LHOVHW]XQJ JUHLIW GLH )UDJH QDFK P|JOLFKHQ 6WHOOJU|HQ GHU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXI :HLO HLQH 8QDEKlQJLJNHLW GLHVHU 6WHOOJU|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|JOLFKH6W|UHLQIOVVHYJO5REVRQ 6II $XIJUXQG GHV VXEMHNWLYHQ &KDUDNWHUV JLOW HV GLHVH ]ZHL $UWLNHO MHZHLOV HLQHU 8QWHUVXFKXQJVSHUVRQ YRU]XOHJHQ ,QGHUYRUOLHJHQGHQ$UEHLWZLUGDXIJUXQGHLQHULPPHUQRFKJHEUlXFKOLFKHQ9HUZHQGXQJLQGHUHLQ VFKOlJLJHQ/LWHUDWXUGHU%HJULIIÅNDXVDODQDO\WLVFK´E]ZÅ.DXVDODQDO\VH´VWDWWGHVHLJHQWOLFKSUl]LVHUHQ %HJULIIVÅ.RYDULDQ]VWUXNWXUDQDO\VH´YHUZHQGHWZLHZRKOEHZXVVWLVWGDVVKLHUPLWDOOHLQNHLQH.DXVDOL WlWHQEHUHFKQHWE]ZEHOHJWZHUGHQN|QQHQ9JO%DFNKDXVHWDO 6II 9JO+LOGHEUDQGW 6S 9JO+RPEXUJ.URKPHU 6I 9JO%|LQJ 6
YHUP|JHQ VLFK LQ LKUHU 0HWKRGLN JHJHQVHLWLJ ]X HUJlQ]HQ ,P (LQ]HOQHQ VSUHFKHQ GLH IROJHQGHQ PHWKRGLVFKHQ *UQGH IU GLH $EVLFKHUXQJ GHU NDXVDODQDO\WLVFKHQ %HIXQGH GXUFKHLQ)HOGH[SHULPHQW ([SHULPHQWHOO NDQQ .HQQWQLV EHU GDV ]HLWSXQNWEH]RJHQH 1LYHDX GHU XQDEKlQJLJHQ XQGDEKlQJLJHQ9DULDEOHQEHLEHVWLPPWHQ0HUNPDOVWUlJHUQHUODQJWZHUGHQ (LQH .DXVDODQDO\VH NDQQ ZLH EHUHLWV DQJHGHXWHW HLQH .DXVDOLWlW GHU 9DULDEOHQEH]LH KXQJ LP HQJHUHQ 6LQQH QLFKW QDFKZHLVHQ 'LHV LVW GDULQ EHJUQGHW GDVV LQ GLHVHP 9HUIDKUHQOHW]WOLFK.RUUHODWLRQVNRHIIL]LHQWHQEHWUDFKWHWZHUGHQGLHGLH$EKlQJLJNHL WHQ ]ZLVFKHQ 9DULDEOHQ DXV]XGUFNHQ YHUP|JHQ Å'HU .RUUHODWLRQVNRHIIL]LHQW OlVVW MHGRFKNHLQH$XVVDJHGDUEHU]XZHOFKH9DULDEOHDOVYHUXUVDFKHQGIUHLQHDQGHUH9DUL DEOHDQ]XVHKHQLVW´.DXVDOH6FKOXVVIROJHUXQJHQN|QQHQGDKHUQXUDXI.ULWHULHQEH UXKHQ GLH DXHUKDOE GLHVHV 9HUIDKUHQV OLHJHQ 'LHV XQWHUVWUHLFKW HLQHUVHLWV GLH %H GHXWXQJGHUWKHRUHWLVFKHQ+\SRWKHVHQIXQGLHUXQJLQ$EVFKQLWW'DQGHUHUVHLWVVFKHLQW GDKHUDXIJUXQGGHU1HXDUWLJNHLWGHV8QWHUVXFKXQJVIHOGHVHLQHH[SHULPHQWHOOH(UJlQ ]XQJLQ$EVFKQLWW(QRWZHQGLJ 8PJHNHKUW ZLUG DXFK GLH *WH GHV EHDEVLFKWLJWHQ )HOGH[SHULPHQWV GXUFK HLQH NDXVDO DQDO\WLVFKH$EVLFKHUXQJYHUEHVVHUW(LQ ([SHULPHQWJLOW ]ZDU JHPHLQKLQDOVGLHK|FKVWH ,QVWDQ]GHV1DFKZHLVHVYRQ.DXVDOLWlW-HGRFKLVWGLH*WHGLHVHV.DXVDOLWlWVQDFKZHLVHV EHL )HOGH[SHULPHQWHQ GXUFK GLH 9LHO]DKO P|JOLFKHU XQG LQ GHU 5HJHO XQNRQWUROOLHUEDUHU 6W|UYDULDEOHQHLQJHVFKUlQNWZDVLQVEHVRQGHUHLPYRUOLHJHQGHQ)DOOGHUH[HPSODULVFKHQ $XVZDKO HLQ]HOQHU 0HUNPDOVWUlJHU ]XWULIIW ,P (LQ]HOQHQ VSUHFKHQ VRPLW GLH IROJHQGHQ 3XQNWHIUHLQHNDXVDODQDO\WLVFKH(UJlQ]XQJGHV)HOGH[SHULPHQWV ,Q HLQHP )HOGH[SHULPHQW N|QQHQ VHLWHQV GHU )RUVFKHQGHQ QXU VHKU ZHQLJH 8P ZHOW]XVWlQGHNRQWUROOLHUWE]ZUDQGRPLVLHUWZHUGHQ (VLVWHLQH=LHOVWHOOXQJGHUYRUOLHJHQGHQ8QWHUVXFKXQJP|JOLFKHPDUNHQSROLWLVFKH :HJH]XU%HHLQIOXVVXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDXI]X]HL JHQGULWWH)RUVFKXQJV]LHOVHW]XQJ 'LHVHPDUNHQSROLWLVFKHQ%HHLQIOXVVXQJVYDULDE
9JO%ROOHQ 6II %DFNKDXVHWDO 6+HUYRUKHEXQJHQLP2ULJLQDO 9JO+LOGHEUDQGW 6S =XGHQ*UXQGODJHQGHV.DXVDOLWlWVEHJULIIVXQGGHQ9RUDXVVHW]XQJHQIUHLQH$QQDKPHYRQ.DXVDOL WlWYJO&RRN&DPSEHOO 6II (V PXVV GDV =LHO GHU :DKO GHV 8QWHUVXFKXQJVGHVLJQV VHLQ DOWHUQDWLYH (UNOlUXQJVP|JOLFKNHLWHQ IU GLHGHVWLOOLHUWHQ=XVDPPHQKlQJHDXV]XVFKOLHHQ9JO6FKQHOO+LOO(VVHU 6 9JO+XEHU 6I%ROOHQ 6II 9JO&RRN&DPSEHOO 6I
OHQVLQGDEHUDSULRULQLFKWDOVXQDEKlQJLJYRQHLQDQGHU]XNHQQ]HLFKQHQXQGIHOG H[SHULPHQWHOO QLFKW LP (LQIOXVVEHUHLFK GHV )RUVFKHUV XP HLQ YROOVWlQGLJHV RGHU SDUWLHOOHV)DNWRUGHVLJQ]XHUP|JOLFKHQ .DXVDODQDO\WLVFK HUIROJW EHL GHU 0HVVXQJ ODWHQWHU .RQVWUXNWH PLWWHOV 0XOWL,WHP 6NDOHQHLQH7UHQQXQJ]ZLVFKHQ,QGLNDWRUHQXQGODWHQWHQ9DULDEOHQ'DGXUFKZLUG HLQH,QWHJUDWLRQGHV0HVVIHKOHUVLQGLH$QDO\VHE]Z6FKlW]XQJP|JOLFK
1DFKGHPGLH)UDJHGHUVWDWLVWLVFKHQ+HUDQJHKHQVZHLVHXQGGHU$XVZHUWXQJEHDQWZRUWHW LVWPXVVGLH$UWXQG:HLVHIHVWJHOHJWZHUGHQLQGHUGLH0HUNPDOVWUlJHUGHQ%HIUDJWHQ]X SUlVHQWLHUHQVLQGEHYRULQ$EVFKQLWW&GLHHQWVSUHFKHQGHQ9DULDEOHQLQKDOWOLFKEHVFKULH EHQXQGRSHUDWLRQDOLVLHUWZHUGHQXPGDUDXIDXIEDXHQGLQ$EVFKQLWW'XQG(HLQ+\SR WKHVHQV\VWHPIRUPXOLHUHQ]XN|QQHQ
'HU=XVDPPHQKDQJ]ZLVFKHQ8QWHUVXFKXQJVDEODXIXQG)RUVFKXQJVGHVLJQ
(LQH hEHUSUIXQJ GHU 2SHUDWLRQDOLVLHUXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLH UXQJVRZLHGLH3UIXQJLKUHU=XVDPPHQKlQJHPLW(LQIOXVVIDNWRUHQVRZLHLKUHQ(UIROJV ZLUNXQJHQ ZlUH PLW P|JOLFKVW YLHOHQ $UWLNHOQ DOV 0HUNPDOVWUlJHUQ LQ P|JOLFKVW YLHOHQ :DUHQJUXSSHQZQVFKHQVZHUWXPHLQHKRKH*HQHUDOLVLHUEDUNHLWGHU(UJHEQLVVH]XHUUHL FKHQ$XIJUXQGGHUMHGRFKDEVHKEDUHQ9LHO]DKOGHUIUGLH8QWHUVXFKXQJQRWZHQGLJHQ ,QGLNDWRUHQIUGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJVRZLHIUGLH0HVVXQJGHU HQWVSUHFKHQGHQ =LHOJU|HQ XQG (LQIOXVVYDULDEOHQ LVW HLQH %HVFKUlQNXQJ DXI ZHQLJH 0HUNPDOVWUlJHU $UWLNHO XQDXVZHLFKOLFK 0LW MHGHP ]XVlW]OLFK EHUFNVLFKWLJWHQ 0HUN PDOVWUlJHUYHUOlQJHUWHVLFKGLH%HIUDJXQJVGDXHUZDVOHW]WOLFKLQ'HVLQWHUHVVHGHU%HIUDJ WHQPQGHQNDQQXQGGDGXUFK]XIHKOHQGHQXQGEHVWHQIDOOVZHQLJ]XYHUOlVVLJHQ(UJHE QLVVHQIKUW 8PVRZRKOVLQQYROOLQWHUSUHWLHUEDUH8QWHUVXFKXQJVHUJHEQLVVH]XHUKDOWHQDOVDXFKGLHVH LP +LQEOLFN DXI LKUH P|JOLFKH 9HUDOOJHPHLQHUEDUNHLW DXI HLQH EUHLWHUH %DVLV VWHOOHQ ]X N|QQHQVROOHQGLH0HUNPDOVWUlJHUMHGHU8QWHUVXFKXQJMHZHLOV]ZHL:DUHQJUXSSHQHQW VWDPPHQ,P5DKPHQGHV6NDOHQHQWZLFNOXQJVSUR]HVVHVVROOWHQGLHDXVJHZlKOWHQ:DUHQ JUXSSHQ DXIJUXQG GHV KRKHQ ([SORUDWLRQVDQWHLOV GLHVHV 8QWHUVXFKXQJVVFKULWWHV QRFK )U HLQHQ V\VWHPDWLVFKHQ XQG XPIDQJUHLFKHQ hEHUEOLFN EHU YHUVFKLHGHQH $UWHQ H[SHULPHQWHOOHU 'HVLJQVYJO.LUN 6 9JO+LOGHEUDQGW 6S 9JO+XEHU 6I 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6
UHFKWlKQOLFKVHLQXQGHLQHU%HGUIQLVJUXSSH]%)UKVWFNVEHGDUI HQWVWDPPHQ,QGHU ]ZHLWHQ6WXGLHQVWXIHVROOGHU)RNXVGDQQDXIXQWHUVFKLHGOLFKHUH:DUHQJUXSSHQ]%HL QHUVHLWV 1DKUXQJVPLWWHO XQG DQGHUHUVHLWV *HWUlQNH HUZHLWHUW ZHUGHQ XP GHQ *UDG GHU 8QLYHUVDOLWlW GHU IRUPXOLHUWHQ +\SRWKHVHQ EHVVHU DEVFKlW]HQ ]X N|QQHQ ,P (LQ]HOQHQ VLQGGLHIROJHQGHQ$QIRUGHUXQJHQDQGLHDXV]XZlKOHQGHQ:DUHQJUXSSHQ]XVWHOOHQ 'LH %HIUDJWHQ VROOHQ HLQ DXVUHLFKHQG KRKHV 0D DQ .HQQWQLV GHU :DUHQJUXSSH VRZLHGHUGRUWUHOHYDQWHQ$UWLNHOKDEHQ8PGLHVVLFKHU]XVWHOOHQVROOWHQMHZHLOV $UWLNHOGHUMHZHLOLJHQ0DUNWIKUHULQWHJULHUWZHUGHQ 'LHIUMHGH8QWHUVXFKXQJDXVJHZlKOWHQ:DUHQJUXSSHQ VROOHQ ]XGHPHLQHP|J OLFKVWKRKH5HSUlVHQWDWLYLWl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
6WXGLHQ DEVFKQLWW
9RUJHKHQVZHLVH
6WLPXOL
Literaturgestützte Definition Vorläufige Itemgenerierung Qualitative Datenerhebung
6WXGLHQ VWXIH )RU VFKXQJV $EVFKQLWW ]LHO &
Artikel A
Artikel B
Warengruppe I
Artikel C
Artikel D
Warengruppe II
Itemdimensionierung
Quantitative Datenerhebung
Datenanalyse
9JO/RHYHQLFK 6 'DUDXV VROOWH MHGRFK QLFKW JHIROJHUW ZHUGHQ GDVV 9HUEUDXFKHU IU DOOH LP )RNXV GHU 8QWHUVXFKXQJ VWHKHQGHQ$UWLNHOHLJHQH9HUEUDXFKVHUIDKUXQJLPHQJHUHQ6LQQHYRUZHLVHQPVVHQZHLOLP3UR]HVV GHU:DKUQHKPXQJYRQ3URGXNWHLJHQVFKDIWHQQLFKWQXUGDVÅHUIDKUHQH6HLQ´VRQGHUQKLHULQVEHVRQ GHUHDXFKGDVÅ'HQNHQEHUGDV6HLQ´HLQHJURH5ROOHVSLHOW9JO+HUUPDQQ 6 $OV ,QGLNDWRU IU HLQH VROFKH 3RVLWLRQ GHU HQWVSUHFKHQGHQ :DUHQJUXSSH GUIWH EHLVSLHOVZHLVH LKUH 9HUZHQGXQJ DOV ([HPSHO LQ lKQOLFK JHODJHUWHQ 6WXGLHQ GLHQHQ )U )UKVWFNVEHGDUI YJO 6DWWOHU GHUHEHQVR%URWDXIVWULFKHXQGEHOlJHKHUDQ]LHKWXQG:HUWHQEURFK GHU-RJKXUWVXQGDO NRKROIUHLH(UIULVFKXQJVJHWUlQNHKLQVLFKWOLFKLKUHU(LQVWXIXQJDOV7XJHQGRGHU/DVWHUJWHUYRUQLPPW
Literaturgestützte Bestandsaufnahme zur Formulierung von
angenommene wahrg. Gesundheitsprofilierung
Forschungshypothesen
XQG 6WXGLHQ VWXIH )RU VFKXQJV $EVFKQLWW ]LHO '*
niedrig
hoch
Pretest Standardisierter Fragebogen
Artikel A
Artikel B
Warengruppe I
Artikel C
Artikel D
Warengruppe II
Datenerhebung
Ergebnisse des Feldexperiments
7DEHOOH%
Vorläufiger Fragebogen
Ergebnisse der Kausalanalyse
'HUhEHUEOLFNEHU9RUJHKHQVZHLVHXQG'HVLJQGHU8QWHUVXFKXQJ
6FKOLHOLFK JLOW HV LP 5DKPHQ GHV $XIEDXV HLQHV 6WXGLHQGHVLJQVIHVW]XOHJHQ LQ ZHOFKHU )RUP%HIUDJWHMHZHLOVPLWHQWVSUHFKHQGHQ,WHPVXQG0HUNPDOVWUlJHUQNRQIURQWLHUWZHU GHQVROOHQ(VOlVVWVLFKSULQ]LSLHOOHLQHJDQ]H5HLKHYRQ0HWKRGLNHQ]XU*HZLQQXQJHP SLULVFKHQ'DWHQPDWHULDOVKHUDQ]LHKHQ
Datengrundlage
Erhebung von Primärdaten
Befragung
eher qualitativ
Tiefeninterview Gruppendiskussion
Beobachtung
Verwendung von Sekundärdaten
interne Daten
eher quantitativ
standardisierte mündl. Befragung standardisierte schriftl. Befragung standardisierte telefonische Befragung Online-Befragung
externe Daten
öffentlich
kommerziell
Mischformen zwischen Befragung und Beobachtung
Experiment
Laborexperiment Feldexperiment
Panel Verbraucherpanel Handelspanel Spezialpanel
4XHOOH,Q$QOHKQXQJDQ+RPEXUJ.URKPHU 6
$EELOGXQJ% (LQhEHUEOLFNEHU0HWKRGHQ]XU*HZLQQXQJGHU'DWHQJUXQGODJH HLQHU 0DUNWIRU VFKXQJVVWXGLH )U HLQH hEHUVLFKW YJO EHLVSLHOVZHLVH 1LHVFKODJ'LFKWO+|UVFKJHQ 6 II %HUHNR YHQ(FNHUW(OOHQULHGHU 6II6FKQHOO+LOO(VVHU 6II
$XI %DVLV GHU VLFK ELVODQJ KHUDXVNULVWDOOLVLHUHQGHQ (FNSXQNWH GHV HPSLULVFKHQ 'HVLJQV VLQGGLHIROJHQGHQ$QIRUGHUXQJHQDQGLH)RUPGHU'DWHQHUKHEXQJ]XVWHOOHQ(VVROOHQ :LUNXQJVEH]LHKXQJHQ ]ZLVFKHQ ODWHQWHQ 9DULDEOHQ EHUSUIW ZHUGHQ 'D]X PVVHQ %H IUDJXQJVSHUVRQHQ LKUH VXEMHNWLYHQ (LQVFKlW]XQJHQ RIIHQEDUHQ 'LHV JHVFKLHKW LQ GHU :HLVHGLHVHODWHQWHQ9DULDEOHQ]XRSHUDWLRQDOLVLHUHQXQGGDQQGLH$UWGHU2SHUDWLRQDOL VLHUXQJHLQHU*WHSUIXQJKLQVLFKWOLFK5HOLDELOLWlWXQG9DOLGLWlW]XXQWHU]LHKHQ$XIJUXQG GHU1HXDUWLJNHLWGHV)RUVFKXQJVIHOGHVVLQGNHLQH6HNXQGlUGDWHQYHUIJEDUGLHGLHVH$Q IRUGHUXQJHQHUIOOHQ'DKHULVWDXIHLQH(UKHEXQJYRQ3ULPlUGDWHQ]XUFN]XJUHLIHQ8Q WHUGHQ0HWKRGHQGHU3ULPlUGDWHQHUKHEXQJYHUPDJDXFKGLH%HREDFKWXQJGLHJHQDQQWHQ $QIRUGHUXQJHQQLFKWHUIOOHQZHLOLQLKUGLH%HREDFKWHWHQLKUHVXEMHNWLYHQ(LQVFKlW]XQ JHQ QLFKW RIIHQEDUHQ XQG VR GLH )RUVFKXQJV]LHOH GHU YRUOLHJHQGHQ $UEHLW QLFKW HUUHLFKW ZHUGHQN|QQHQ 'LH YHUEOLHEHQHQ 0HWKRGHQ GHU 3ULPlUGDWHQHUKHEXQJ HLJQHQ VLFK LQ XQWHUVFKLHGOLFKHP *UDGIUYHUVFKLHGHQH 3KDVHQXQG6WXGLHQVWXIHQGHUYRUOLHJHQGHQ$UEHLW,QGHU HUVWHQ 3KDVHGHUHUVWHQ6WXGLHQVWXIHGLHYRUQHKPOLFKGHU.RQVWUXNWHQWZLFNOXQJGLHQWXQGVWDUN H[SORUDWLY JHSUlJW LVW ZLUG ]XU HUVWHQ 2ULHQWLHUXQJ LP )RUVFKXQJVIHOG DXI 7LHIHQLQWHU YLHZVPLW([SHUWHQDOVJHHLJQHWH0HWKRGH]XU6WUXNWXULHUXQJ]XUFNJHJULIIHQ,P0LWWHO SXQNWGHUZHLWHUHQ8QWHUVXFKXQJHQVWHKWGDQQMHGRFKGLHVWDQGDUGLVLHUWH%HIUDJXQJ'LHV LVW GDULQ EHJUQGHW GDVV HLQHV GHU ]XU (UUHLFKXQJ GHU )RUVFKXQJV]LHOH KHUDQJH]RJHQHQ 9HUIDKUHQQlPOLFKGLH.DXVDODQDO\VHHLQHYHUJOHLFKVZHLVHJURH6WLFKSUREHGLHPLWTXD OLWDWLY RULHQWLHUWHQ %HIUDJXQJHQ QLFKW LQ HLQHP ]HLWOLFK ZLH ILQDQ]LHOO IRUVFKXQJV|NRQR PLVFKYHUWUHWEDUHQ5DKPHQHUUHLFKWZHUGHQNDQQHUIRUGHUW)HUQHUEOHLEW]XNOlUHQDXI ZHOFKHP:HJGLHTXDQWLWDWLYRULHQWLHUWH%HIUDJXQJGXUFKJHIKUWZHUGHQVROO'D]XELHWHQ VLFKPQGOLFKHVFKULIWOLFKHWHOHIRQLVFKH%HIUDJXQJHQVRZLH2QOLQHEHIUDJXQJHQDQ(LQH 2QOLQHEHIUDJXQJ VFKHLGHW LP YRUOLHJHQGHQ 8QWHUVXFKXQJVNRQWH[W QRFK DXV REZRKO GLH IRUVFKXQJV|NRQRPLVFKHQ 9RUWHLOH QLFKW YRQ GHU +DQG ]X ZHLVHQ VLQG GD HV YRU GHP +LQWHUJUXQGGHU8QWHUVXFKXQJV]LHOHDQJHEUDFKWLVWHLQHP|JOLFKVWEUHLWHUHJLRQDOH6WUHX XQJVRZLHHLQHEUHLWH6WUHXXQJKLQVLFKWOLFKGHV$OWHUVGHU$XVNXQIWVSHUVRQHQ]XHU]LHOHQ 'LHVHP$QVSUXFKN|QQHQ2QOLQHEHIUDJXQJHQGXUFKGLHLPPHUQRFKQLFKWKLQUHLFKHQGH ,QWHUQHWGLIIXVLRQ XQG GXUFK ]XP 7HLO ZDFKVHQGH 9RUXUWHLOH KLQVLFKWOLFK GHU 'DWHQ 6LFKHUKHLWLP,QWHUQHWQLFKWLQYROOHP8PIDQJHQWVSUHFKHQ0QGOLFKHXQGWHOHIRQLVFKH %HIUDJXQJHQEHUJHQZLHGHUXPQHEHQYHUJOHLFKVZHLVHKRKHQ.RVWHQ GDV5LVLNRGDVVGLH ]XU $EOHLWXQJ YHUOlVVOLFKHU $XVVDJHQ DQ]XVWUHEHQGH 2EMHNWLYLWlW GHU *HZLQQXQJ XQG hEHUWUDJXQJYRQ(UJHEQLVVHQJHULQJLVW 'DKHUVSULFKWQDFKHLQHU$EZlJXQJYRQ9RUXQG1DFKWHLOHQDOOHVIUHLQHVWDQGDUGLVLHU WH VFKULIWOLFKH %HIUDJXQJ ZHLO GLHVH QHEHQ HLQHP DN]HSWDEOHQ .RVWHQQLYHDX DXFK HLQH
KRKH 2EMHNWLYLWlW GHU (UJHEQLVVH YHUVSULFKW )U GLH 'XUFKIKUXQJ GHU %HIUDJXQJ DQKDQGVWDQGDUGLVLHUWHU)UDJHE|JHQLQVFKULIWOLFKHU)RUPVSULFKWHEHQVRGDVVGHQ%HIUDJ WHQGDGXUFKPHKUhEHUOHJXQJV]HLW]XU9HUIJXQJVWHKWZDVLQVEHVRQGHUHEHLGHQLQGLH VHU 8QWHUVXFKXQJ ]XP 7HLO NRPSOH[HQ )UDJHQ ]X YHUJDQJHQHP .RQVXPYHUKDOWHQ YRQ HUKHEOLFKHU 5HOHYDQ] VHLQ GUIWH =XVlW]OLFK VSULFKW DXFK GLH YHUJOHLFKVZHLVH HLQIDFKH 'DWHQDXVZHUWXQJIUGLHVHV9HUIDKUHQ(LQHhEHUVLFKWEHUGLH9RU]JHXQG1DFKWHLOH GHULQV$XJHJHIDVVWHQVFKULIWOLFKHQ%HIUDJXQJLP9HUJOHLFK]XGHQDQJHIKUWHQ$OWHUQD WLYHQELHWHW7DEHOOH% %HIUDJXQJV 6FKULIWOLFKH%HIUDJXQJ .ULWHULXP IRUP
7HOHIRQLVFKH%HIUD JXQJ
,QWHUYLHZ
WHQGHQ]LHOOQLHGULJ
KRFK
HKHUKRFK
.RVWHQQLYHDX
PLWWHO
KRFK
VHKUKRFK
.RQWUROOLHUEDUNHLWGHU (UKHEXQJVVLWXDWLRQ
JHULQJ
JXW
VHKUJXW
$QWZRUWUDWH
2EMHNWLYLWlWGHU(U VHKUKRFK SUREOHPDWLVFK VHKUSUREOHPDWLVFK JHEQLVVH 4XHOOHQ,Q$QOHKQXQJDQ)XQN 6XQG%HUHNRYHQ(FNHUW(OOHQULHGHU 6II
7DEHOOH%
'LH9RUXQG1DFKWHLOHDOWHUQDWLYHU%HIUDJXQJVIRUPHQ
$EVFKOLHHQGLVW]XU9HUYROONRPPQXQJGHU(FNSXQNWHGHVHPSLULVFKHQ'HVLJQV]XHQW VFKHLGHQZLHGLHHQWVSUHFKHQGHQ0HUNPDOVWUlJHUGHQ%HIUDJWHQ]XSUlVHQWLHUHQVLQG'D HV ZLH EHUHLWV GDUJHOHJW GDV =LHO GHU 8QWHUVXFKXQJ LVW P|JOLFKVW NDXIYHUKDOWHQVQDKH 0HVVXQJHQ GXUFK]XIKUHQ ZlUH HV ZQVFKHQVZHUW GHQ %HIUDJWHQ GLH HQWVSUHFKHQGHQ $UWLNHO DOV UHDOH 3URGXNWPXVWHU ]X SUlVHQWLHUHQ XP HLQH P|JOLFKVW UHDOLVWLVFKH %HIUD JXQJVVLWXDWLRQ KHU]XVWHOOHQ 6FKRQ DXIJUXQG GHV GDPLW YHUEXQGHQHQ ORJLVWLVFKHQ XQG ILQDQ]LHOOHQ $XIZDQGV VFKHLQW HV XQWHU GHQ 5DKPHQEHGLQJXQJHQ GHV YRUOLHJHQGHQ )RU VFKXQJVYRUKDEHQV XQP|JOLFK GHQ %HIUDJWHQ MHZHLOV ]ZHL 3URGXNWPXVWHU GHU LP )RNXV GHU 8QWHUVXFKXQJ VWHKHQGHQ $UWLNHO ]X]XVWHOOHQ 'DKHU JLOW HV HLQH DOWHUQDWLYH $UW GHU 6WLPXOXVSUlVHQWDWLRQ]XILQGHQPLWGHUGLH8QWHUVXFKXQJV]LHOHHEHQIDOOVHUUHLFKWZHUGHQ N|QQHQ 1LFKWXQHUZlKQWEOHLEHQVROOHQMHGRFKDXFKP|JOLFKHUZHLVHHQWVWHKHQGH3UREOHPHGXUFKHLQHLQVJH VDPW]XJHULQJH5FNODXITXRWHRGHUV\VWHPDWLVFKH9HU]HUUXQJHQZHJHQ'HVLQWHUHVVHRGHU0LVVLQWHU SUHWDWLRQVHLWHQVGHU%HIUDJWHQ9JO6FKQHOO+LOO(VVHU 6I 9JO+DPPDQQ(ULFKVRQ 6 )UHLQHHQWVSUHFKHQGH8QWHUVXFKXQJYJO/DXHU 6II
(LQHP|JOLFKH$OWHUQDWLYHLVWLQGHUELOGOLFKHQ'DUVWHOOXQJGHU0HUNPDOVWUlJHU]XVHKHQ YHUEXQGHQPLWHUJlQ]HQGHQ$QJDEHQ]XP$UWLNHOGLHGHQ%HIUDJWHQDXFKDP3RLQWRI6DOH ]XU 9HUIJXQJ VWHKHQ (V EOHLEW MHGRFK ]XQlFKVW IUDJOLFK LQZLHIHUQ VLFK GLH GXUFK GLH OHGLJOLFKELOGOLFKH'DUVWHOOXQJLQ.DXIJHQRPPHQHQ9HUOXVWHDQ6LQQHVHLQGUFNHQDXIGLH 9DOLGLWlW GHU (UJHEQLVVH DXVZLUNHQ 8QWHU 5FNJULII DXI GLH EHUHLWV WKHPDWLVLHUWHQ (U NHQQWQLVVH ]XP 3UR]HVV GHU 0DUNHQZDKUQHKPXQJ YJO $EELOGXQJ % NDQQ DEJHOHLWHW ZHUGHQZHOFKH6LQQHVHLQGUFNHIUGLH(LQVFKlW]XQJYRQ$UWLNHOQJUXQGVlW]OLFKUHOHYDQW VHLQN|QQWHQ)UGHQ/HEHQVPLWWHOEHUHLFKVLQGGDEHLLQVEHVRQGHUHGDV6HKHQGDV7DV WHQGDV6FKPHFNHQXQGGDV5LHFKHQYRQJUXQGVlW]OLFKHU5HOHYDQ] :HLODEHUEHLDEJHSDFNWHQ.RQVXPJWHUQXPGLHHVVLFKEHLGHQKLHUXQWHUVXFKWHQ0DU NHQDUWLNHOQ KDQGHOW ZHGHU HLQ 5LHFKHQ QRFK HLQ 6FKPHFNHQ RGHU 7DVWHQ LP =HLWSXQNW GHU.DXIHQWVFKHLGXQJP|JOLFKLVWYHUEOHLEWGDV6HKHQDOVGLHLP8QWHUVXFKXQJVNRQWH[W UHOHYDQWH6LQQHVPRGDOLWlW,P)UDJHERJHQNDQQGHPPLW+LOIHHLQHU$EELOGXQJGHVHQW VSUHFKHQGHQ$UWLNHOVQDFKJHNRPPHQZHUGHQ (LQH$EELOGXQJGHUHQWVSUHFKHQGHQ$UWLNHOPLWHUJlQ]HQGHQ,QIRUPDWLRQHQNDQQ]XGHP DOV DXVUHLFKHQG YDOLGH DQJHVHKHQ ZHUGHQ ZHLO GDV $XJH QDFK QHXHUHQ )RUVFKXQJVHU NHQQWQLVVHQDOV6LQQHVRUJDQLP=XJHGHU0DUNHQE]Z3URGXNWZDKUQHKPXQJEHL*WHUQ GHVWlJOLFKHQ%HGDUIVHLQHGRPLQDQWH5ROOHVSLHOW.RQVXPHQWHQJUHLIHQEHLGHU0DUNHQ E]Z3URGXNWZDKUQHKPXQJQLFKWDOOHLQDXIVRJHQDQQWH:DKUQHKPXQJVELOGHU]XUFNGLH HQWVWHKHQ ZHQQ HLQ 2EMHNW E]Z GHVVHQ 5HSURGXNWLRQ GDUJHERWHQ ZLUG VRQGHUQ DXFK DXI *HGlFKWQLVELOGHU GLH DXI HULQQHUWHQ :DKUQHKPXQJVELOGHUQ EHUXKHQ =XVDPPHQ IDVVHQG HUVFKHLQW HV GDKHU OHJLWLP LP 5DKPHQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ LQ GHQ MHZHLOLJHQ)UDJHE|JHQ$EELOGXQJHQGHUDOV 0HUNPDOVWUlJHU KHUDQJH]RJHQHQ0DUNHQDUWL NHO]XYHUZHQGHQXPGLHVHDOV6WLPXOLHLQ]XVHW]HQ
(VJLOWGDUDXI]XDFKWHQGDVVGLHVH6LQQHVHLQGUFNHEHLGHU'HILQLWLRQGHUXQWHUVXFKWHQ:DUHQJUXS SHQLQGHQ$EVFKQLWWHQ&XQG)NHLQHKHUDXVUDJHQGH5ROOHVSLHOHQ 9JO*U|SSHO.OHLQ 6 9JO%HKUPDQQ0RVFRYLFK:LQRFXU 6II'LHVHWKHRUHWLVFKHQhEHUOHJXQJHQ]XU9DOLGLWlWYRQ 3URGXNWUHSUlVHQWDWLRQHQODVVHQVLFKLQGHQ*UXQG]JHQDXFKHPSLULVFKEHVWlWLJHQ9JO6DWWOHU 6
& 'LH (QWZLFNOXQJ HLQHU 6NDOD ]XU 0HVVXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQ
'LH=LHOVHW]XQJHQGHU(QWZLFNOXQJHLQHU0XOWL,WHP0HVVYRUVFKULIW
'LH$XVIKUXQJHQLQ$EVFKQLWW$GHUYRUOLHJHQGHQ$UEHLWKDEHQJH]HLJWGDVVHVDXV 6LFKWYRQ/HEHQVPLWWHOKHUVWHOOHUQPHKUHUH*UQGHJLEWVLFKPLWHLQHUVWlUNHUHQXQG]LHO JHULFKWHWHUHQ 3URILOLHUXQJ LKUHU 3URGXNWH DXI GHU 'LPHQVLRQ *HVXQGKHLW DXVHLQDQ GHU]XVHW]HQ(LQ%OLFNLQGLH3UD[LV]HLJWDXFKGDVVHLQHJDQ]H5HLKHYRQ/HEHQVPLWWHO SURGX]HQWHQLQHLQHPVWlUNHUHQ*HVXQGKHLWVEH]XJLKUHU3URGXNWHHLQQHXHV6WUDWHJLHIHOG JHZlKOWKDW *OHLFKZRKOZXUGHDXFKGHXWOLFKGDVVGLHVHP7UHQG]XU*HVXQGKHLWVSURILOLHUXQJE]Z ]XU 3URILOLHUXQJVDEVLFKW ELVODQJ NHLQH WKHRULHEDVLHUWHQ XQG HPSLULVFK EHUSUIWHQ E]Z EHUSUIEDUHQ$QVlW]H]XU0HVVXQJHLQHUVROFKHQ6WUDWHJLHJHJHQEHUVWHKHQ(LQHHUVWH )RUVFKXQJV]LHOVHW]XQJGHUYRUOLHJHQGHQ$UEHLWLVWHVGDKHUHLQHHQWVSUHFKHQGH0HVVYRU VFKULIW ]X HQWZLFNHOQ GDPLW JHVXQGKHLWVEH]RJHQH 3URILOLHUXQJVVWUDWHJLHQ LP /HEHQVPLW WHOEHUHLFKPHVVEDUJHPDFKWZHUGHQN|QQHQ =ZHFNGHU(QWZLFNOXQJHLQHU0HVVYRUVFKULIWE]Z6NDODLVWHVQLFKWGLUHNWEHREDFKWEDUH 3KlQRPHQHHLQHULQGLUHNWHQ%HREDFKWXQJ]XJlQJOLFK]XPDFKHQ8PGLHVP|JOLFKVWJXW ]X HUUHLFKHQ LVW HLQH 9LHOIDOW YRQ XQWHUVFKLHGOLFKHQ 3RVLWLRQHQ XQG =XJDQJVZHJHQ JH VXFKWXQGJHIXQGHQZRUGHQGHQHQHLQHVVWHWVJHPHLQLVWGDVÅ0HVVHQHUIROJWGXUFKGLH =XRUGQXQJ YRQ QXPHULVFKHQ *U|HQ =DKOHQ 9HNWRUHQ ]X 'LQJHQ GLH 7UlJHU GHU ]X PHVVHQGHQ (LJHQVFKDIW VLQG 0HVVHQ EHUXKW GDEHL DXI HLQHU KRPRPRUSKHQ $EELOGXQJ HLQHVHPSLULVFKHQ5HODWLYVLQHLQQXPHULVFKHV5HODWLY´ )U GHQ NRQNUHWHQ :HJ GLHVH hEHUOHLWXQJ GHV HPSLULVFKHQ 5HODWLYV LQ GDV QXPHULVFKH 5HODWLY]XJHVWDOWHQELHWHQVLFKYHUVFKLHGHQH:HJHDQ6RZLUGLQGHU/LWHUDWXUQLFKWQXU QDFKGHP6NDOHQE]Z0HVVQLYHDXXQWHUVFKLHGHQVRQGHUQDXFKQDFKGHP6NDOLHUXQJV 9JO$EVFKQLWW$ 9JO%ODQNVRQ.DODIDWLV 6II (LQH $XVQDKPH P|JHQ GLH YRQ GHU 86DPHULNDQLVFKHQ )'$ LQLWLLHUWHQ 8QWHUVXFKXQJHQ YRU XQG QDFK(LQIKUXQJGHV1/($GDUVWHOOHQEHLGHQHQ]%+HDOWK9DOXHDOVDEKlQJLJH6LQJOH,WHP9DULDEOH YHUVFKLHGHQHU 3URGXNWNHQQ]HLFKQXQJVDOWHUQDWLYHQ 9HUZHQGXQJ ILQGHW 9JO EHLVSLHOVZHLVH 5RH/HY\'HUE\ 6 9JOGLHHQWVSUHFKHQGHQ$XVIKUXQJHQLQ$EVFKQLWW$ 2UWK 6
YHUIDKUHQ VHOEVW %HWUDFKWHW PDQ GLH *UXSSH GHU HLQGLPHQVLRQDOHQ 6NDOLHUXQJVYHUIDK UHQVLQGGLHIROJHQGHQDOVJlQJLJ]XEH]HLFKQHQ5DQJRUGQXQJ3DDUYHUJOHLFK7KXUVWRQH 6NDOLHUXQJ*XWWPDQQ6NDOLHUXQJXQG5DWLQJ6NDOD,P=XJHGHUYRUOLHJHQGHQ$UEHLWZLUG EHUZLHJHQG DXI XQLSRODUH VWXILJH 5DWLQJ6NDOHQ ]XUFNJHJULIIHQ )U GLHVH $XVZDKO VSULFKWGDVV PDQ PLWWHOV5DWLQJ6NDOHQLP +LQEOLFNDXIGLHJHERWHQH )RUVFKXQJV|NRQR PLNYHUJOHLFKVZHLVHGLIIHUHQ]LHUWH,QIRUPDWLRQHQEHUGLH$XVSUlJXQJHQHLQHV0HUNPDOV HUKlOWXQGGLHHLQ]HOQHQ,WHPVJXWGHP%HIUDJXQJV]ZHFNVRZLHGHQ)lKLJNHLWHQGHU8Q WHUVXFKXQJVSHUVRQHQ DQJOHLFKHQ NDQQ 'HQ LP =XVDPPHQKDQJ PLW GLHVHP 6NDOLH UXQJVYHUIDKUHQJHl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|JOLFKHQ IXQGLHUWHUH 0DUNHWLQJ (QWVFKHLGXQJHQ GXUFKH[DNWH(QWVFKHLGXQJVJUXQGODJHQ 'XUFKTXDQWLIL]LHUEDUH(UJHEQLVVHODVVHQVLFKLQVSlWHUHQ8QWHUVXFKXQJVVFKULWWHQ $EKlQJLJNHLWHQHUNHQQHQXQGVRDOOJHPHLQH4XDVL*HVHW]PlLJNHLWHQSRVWXOLHUHQ (LQ 9HUJOHLFK YHUVFKLHGHQHU 8QWHUVXFKXQJVHUJHEQLVVH GLH ]X XQWHUVFKLHGOLFKHQ =HLWSXQNWHQHUKREHQZHUGHQZLUGP|JOLFK $OV0DVWDEIUGLH(UUHLFKXQJGLHVHU=LHOHILQGHQLQGHU5HJHOXQDEKlQJLJYRP8QWHU VXFKXQJV]XVDPPHQKDQJGUHL.ULWHULHQ9HUZHQGXQJ2EMHNWLYLWlW5HOLDELOLWlWXQG9DOLGL WlWGHUMHZHLOLJHQ0HVVHUJHEQLVVH
9JO%HUHNRYHQ(FNHUW(OOHQULHGHU 6II )U HLQH EHUVLFKWOLFKH 'DUVWHOOXQJ GHU (LJHQKHLWHQ GHU JHQDQQWHQ 6NDOLHUXQJVYHUIDKUHQ YJO 1LH VFKODJ'LFKWO+|UVFKJHQ 6II 'DV YHUZHQGHWH %HJULIIVSDDU LVW LQ GHU 5HJHO ÅVWLPPH YROO ]X´ YHUVXV ÅVWLPPH JDU QLFKW ]X´ 9JO $QKDQJ$ 9JO%KQHU 6 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6 9JO3HWHUPDQQ 6
'LH$QIRUGHUXQJHQDQ6NDOHQ
2EMHNWLYLWlW 9HUJOHLFKVZHLVH VHOWHQ ZLUG GLH )RUGHUXQJ QDFK JU|WP|JOLFKHU 2EMHNWLYLWlW GHU 0HVV YRUVFKULIWGHWDLOOLHUWEHKDQGHOW'LHVPDJGDUDQOLHJHQGDVVGXUFKGHQ5FNJULIIDXI5D WLQJ6NDOHQ ,QWHUSUHWDWLRQVVSLHOUlXPH SUDNWLVFK QLFKW YRUKDQGHQ VLQG 'DKHU JLOW DXFK LP.RQWH[W GHUYRUOLHJHQGHQ $UEHLWGLHVH$QIRUGHUXQJDOV ZHLWJHKHQGXQSUREOHPDWLVFK HUIOOEDU*HIRUGHUWZLUGGDVVÅGLH0HVVZHUWHXQDEKlQJLJYRQGHU3HUVRQGHV)RUVFKHUV ]XVWDQGHNRPPHQ´*HPHLQKLQZLUG]ZLVFKHQGHU'XUFKIKUXQJVGHU$XVZHUWXQJV XQGGHU,QWHUSUHWDWLRQVREMHNWLYLWlWXQWHUVFKLHGHQ(VVROOVLFKHUJHVWHOOWVHLQGDVVGLH(U JHEQLVVHGHU8QWHUVXFKXQJVRZRKOXQDEKlQJLJYRQGHU3HUVRQVLQGGLHGHQ7HVWYRUJLEW E]Z LQ ,QWHUDNWLRQ PLW GHQ 8QWHUVXFKXQJVSHUVRQHQ WULWW DOV DXFK XQDEKlQJLJ YRQ GHU 3HUVRQGLHGLH(UJHEQLVVHDXVZHUWHWXQGLQWHUSUHWLHUW 5HOLDELOLWlW 1DFK 3HWHU ÅUHOLDELOLW\ FDQ EH GHILQHG EURDGO\ DV WKHGHJUHH WR ZKLFK PHDVXUHV DUH IUHH IURP HUURU DQG WKHUHIRUH \LHOG FRQVLVWHQW UHVXOWV´ 5HOLDELOLWlW DOVR GLH =XYHUOlVVLJNHLW HLQHU 0HVVYRUVFKULIW LVW GDQQ JHJHEHQ ZHQQ VLH H[DNWH 0HVVZHUWH OLHIHUW 'LHVH ([DNW KHLWNDQQDXFKDOVGLHDGlTXDWH5HSURGX]LHUEDUNHLWYRQ0HVVHUJHEQLVVHQ]XP%HLVSLHO]X XQWHUVFKLHGOLFKHQ =HLWSXQNWHQ YHUVWDQGHQ ZHUGHQ ,P 5DKPHQ GHU 5HOLDELOLWlWV EHVWLPPXQJJLEWHVYHUVFKLHGHQH9RUJHKHQVZHLVHQYRQGHQHQGHULQWHUQH.RQVLVWHQ] WHVW GLH DP ZHLWHVWHQ HQWZLFNHOWH XQG PLWWOHUZHLOH PHLVWYHUZHQGHWH 9DULDQWH GDUVWHOOW 'DEHLZHUGHQGLH,QGLNDWRUHQLQ]ZHL+lOIWHQJHWHLOWXQGGLH.RUUHODWLRQ]ZLVFKHQGLHVHQ +lOIWHQ JHPHVVHQ 6FKOLHOLFK ZHUGHQ LQ $EKlQJLJNHLW YRQ GHU ,WHPDQ]DKO P|JOLFKVW YLHOH +lOIWHQ JHELOGHW XP GLH PLWWOHUH .RUUHODWLRQ ]ZLVFKHQ GLHVHQ LQ HLQHU 0D]DKO &URQEDFKV$OSKD]XVDPPHQ]XIDVVHQ 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6%RUW]'|ULQJII 1LHVFKODJ'LFKWO+|UVFKJHQ 6 9JO5RVW 6 3HWHU 6 9JO5RVW 6 9JOGD]XGHWDLOOLHUWHU%HUHNRYHQ(FNHUW(OOHQULHGHU 6 9JO'H9HOOLV 6 9JO&URQEDFK =XU9HUEUHLWXQJGLHVHV0DHVYJO+RJDQ%HQMDPLQ%UH]LQVNL 6VR ZLH5DPPVWHGW 6
9DOLGLWlW 'LH9DOLGLWlWHLQHU0HVVYRUVFKULIWJLEWGHQ*UDGGHU*HQDXLJNHLWDQPLWGHPHLQH0HVV YRUVFKULIW GDV PLVVW ZDV VLH ]X PHVVHQ EHDEVLFKWLJW GLHV LVW EHL GHU (QWZLFNOXQJ HLQHU 0HVVYRUVFKULIWEHVRQGHUVUHOHYDQW0LWDQGHUHQ:RUWHQ(VÅJHKWGDEHLXPGHQ*UDGGHU *OWLJNHLW GHU 0HVVXQJ RGHU GHU $XVVDJHIlKLJNHLW GHV >«@ (UJHEQLVVHV EH]JOLFK GHU 0HVVLQWHQWLRQ´=XU)HVWVWHOOXQJGHU9DOLGLWlWHLQHVQHXHQWZLFNHOWHQ0HVVLQVWUXPHQWD ULXPV ELHWHQ VLFK YHUVFKLHGHQH 0HWKRGHQ DQ GLH VLFK DXFK DOV $UWHQ GHU 9DOLGLWlW EH ]HLFKQHQODVVHQ ,QKDOWVYDOLGLWlW .ULWHULXPVYDOLGLWlW .RQVWUXNWYDOLGLWlW $PHLQIDFKVWHQIHVW]XVWHOOHQMHGRFK]XJOHLFKDXFKDPVFKZLHULJVWHQQDFK]XZHLVHQLVWGLH ,QKDOWVYDOLGLWlWGLHDOVHUIOOWDQ]XVHKHQLVWZHQQGHU,WHPSRROGHUHQWZLFNHOWHQ0HVVYRU VFKULIW GHQ ]X PHVVHQGHQ 0HUNPDOVEHUHLFK GHV .RQVWUXNWV KLQUHLFKHQG HUIDVVW 'LHV NDQQ HQWZHGHU RIIHQNXQGLJ IU MHGHUPDQQ VHLQ RGHU GXUFK ([SHUWHQ IHVWJHVWHOOW ZHU GHQ 'D VR HUKHEOLFKH GLVNUHWLRQlUH ,QWHUSUHWDWLRQVVSLHOUlXPH EHVWHKHQ LVW JHJHQEHU HLQHUVROFKHUPDHQIHVWJHVWHOOWHQ,QKDOWVYDOLGLWlWGLH.ULWHULXPVYDOLGLWlWYRU]X]LHKHQ'LHVH EH]LHKWVLFKDXIGHQ*UDGGHU.RUUHODWLRQGHU:HUWHGHUQHXHQWZLFNHOWHQ0HVVYRUVFKULIW PLW HLQHP $XHQNULWHULXP ZHOFKHV DOV YRQ GHU QHX HQWZLFNHOWHQ 0HVVYRUVFKULIW XQDE KlQJLJHU,QGLNDWRUIUGHQ]XPHVVHQGHQ6DFKYHUKDOWJHOWHQNDQQ'LH.RQVWUXNWYDOLGLWlW GLHDOVGDVDQVSUXFKVYROOVWH.ULWHULXP]XUhEHUSUIXQJJLOWÅOLHJWGDQQYRUZHQQHPSLUL VFKH.RQVWUXNWHXQGHPSLULVFKH5HODWLRQHQ]ZLVFKHQGHQ.RQVWUXNWHQGHU7KHRULHHQW VSUHFKHQ´ 'LH 3UIXQJ DQKDQG HPSLULVFKHU (UNHQQWQLVVH EHVFKUlQNW VLFK GDEHL QLFKW DOOHLQ DXI HLQ $XHQNULWHULXP VRQGHUQ HV ZLUG HLQH 9LHO]DKO YRQ +\SRWKHVHQ EHU GLH 5HODWLRQ]XDQGHUHQ.RQVWUXNWHQHLQEH]RJHQ
5RVW 6)UZHLWHUH)DFHWWHQGHV9DOLGLWlWVEHJULIIVLQ%H]XJDXIH[SHULPHQWHOOH'HVLJQVVHL DXI$EVFKQLWW(YHUZLHVHQ 9JO%DOGHUMDKQ 6 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6XQG5RVVLWHU 6I 9JO3HWHU&KXUFKLOO 6XQG1LHVFKODJ'LFKWO+|UVFKJHQ 6:LUGGDV$XHQNULWHULXP ]HLWJOHLFKPLWGHUQHXHQWZLFNHOWHQ0HVVYRUVFKULIWHUKREHQVRKDQGHOWHVVLFKLPHQJHUHQ6LQQHXP HLQH.RQNXUUHQ]YDOLGLWlW9JO%DOGHUMDKQ 6 %DOGHUMDKQ 6
'HU3UR]HVVGHU6NDOHQHQWZLFNOXQJ
'HUhEHUEOLFNEHUGHQ3UR]HVVGHU6NDOHQHQWZLFNOXQJ 'HQHLQ]HOQHQ6FKULWWHQGLHLP5DKPHQGHUYRUOLHJHQGHQ$UEHLW]XU(QWZLFNOXQJHLQHU REMHNWLYHQ UHOLDEOHQ XQG YDOLGHQ 0HVVYRUVFKULIW IU GLH ZDKUJHQRPPHQH *HVXQGKHLWV SURILOLHUXQJYRQ/HEHQVPLWWHOQ]XGXUFKODXIHQVLQGOLHJHQKDXSWVlFKOLFKGLHhEHUOHJXQ JHQXQG$QUHJXQJHQYRQ&KXUFKLOO]XJUXQGHGLHHLQNRQVLVWHQWHV%H]XJVV\VWHP]XU(QW ZLFNOXQJYRQ6NDOHQELOGHQ'LHVHQJUXQGOHJHQGHQXQGELVKHXWHJHEUlXFKOLFKHQ5DK PHQJLOWHVDEHULQVRIHUQLQKDOWOLFK]XHUJlQ]HQDOVPLWWOHUZHLOHQHXHXQGEHUGLHYRQ &KXUFKLOOJHIRUGHUWHQKLQDXVJHKHQGHVWDWLVWLVFKH9HUIDKUHQ]XU(QWZLFNOXQJXQG*WHEH XUWHLOXQJQHXHUUHIOH[LYHU0HVVPRGHOOHH[LVWLHUHQGLHGLHVHUVHLQHU]HLWQLFKWEHUFNVLFKWL JHQ NRQQWH 'DKHU ZHUGHQ HUJlQ]HQG QHXHUH $QUHJXQJHQ ]XU $XVJHVWDOWXQJ GHV RSWL PDOHQ 3UR]HVVHV GHU (QWZLFNOXQJ YRQ 0HVVYRUVFKULIWHQ DXIJHJULIIHQ XQG HQWVSUHFKHQG LQWHJULHUW (LQHQ GHWDLOOLHUWHQ hEHUEOLFN EHU GLH $EIROJH GHU HLQ]HOQHQ 3KDVHQ LQ GHU YRUOLHJHQGHQ8QWHUVXFKXQJELHWHW$EELOGXQJ&
9JO&KXUFKLOO 6 9JO6DXHU 6 9JO0DOKRWUD XQGEHLVSLHOVZHLVHDXFK2·&RQQRU 8QWHUDQGHUHPYRQ1XQQDOO\%HUQVWHLQ VRZLH&ODUN:DWVRQ XQG+RPEXUJ*LHULQJ
Prozess nach Churchill (1979)
Umsetzung
Spezifizierung der Domäne des Konstrukts
Literatur-Screening zum relevanten Themengebiet
Ø
Ø
Generierung des Itempools
Theoriegeleitete tentative Itemgenerierung
Ø
Ø
Datenerhebung I
Explorative qualitative Verbraucherbefragung
Ø
Ø
Aufbereitung des vorläufigen Messinstrumentes
Vorläufige Itemdimensionierung durch Experten
Ø
Ø
Datenerhebung II
Explorative quantitative Verbraucherbefragung
Ø
Ø
Reliabilität
Interner Konsistenztest
Ø
Ø
Validitätsprüfung
Diskriminanzvalidität
4XHOOH,Q$QOHKQXQJDQ&KXUFKLOO 6
$EELOGXQJ& 3KDVHQGHV3UR]HVVHVGHU6NDOHQHQWZLFNOXQJ 'LHLQKDOWOLFKH)HVWOHJXQJGHU'RPlQHGHV.RQVWUXNWV 'HUHUVWH6FKULWWGHV3UR]HVVHVGHU6NDOHQHQWZLFNOXQJXPIDVVWGLHJHQDXH6SH]LIL]LHUXQJ GHU'RPlQHGHV]XHQWZLFNHOQGHQ.RQVWUXNWV'DPLWVROOGHU%HUHLFKGHQGDV0HVVNRQ ]HSWDEGHFNHQVROONODUJHJHQEHUGHQ%HUHLFKHQEHVWHKHQGHU.RQ]HSWHDEJHVWHFNWZHU GHQ'LHVH$EJUHQ]XQJPXVVLQVEHVRQGHUHLQ]ZHLHUOHL+LQVLFKWJHVFKHKHQ (UVWHQVLVWGD]XGLHELVODQJYRUOLHJHQGHWKHRUHWLVFKH/LWHUDWXUDXI]XDUEHLWHQGDPLWIHVWJH VWHOOW ZHUGHQ NDQQ DXI ZHOFKHQ 'HILQLWLRQHQ XQG ZHOFKHQ DQGHUZHLWLJHQ WKHRUHWLVFKHQ 9JO&KXUFKLOO 6
hEHUOHJXQJHQDXIJHEDXWZHUGHQNDQQ'DEHLVROOWH]XQlFKVWHLQUHFKWEUHLWHU7KHRULH )RNXVJHZlKOWZHUGHQXP(QWZLFNOXQJHQLQEHQDFKEDUWHQ)RUVFKXQJVGLV]LSOLQHQZUGL JHQ]XN|QQHQ=ZHLWHQVVLQGDEHUDXFKUHOHYDQWHSUDNWLVFKHE]ZHPSLULVFKH(UIDKUXQ JHQXQG(UJHEQLVVHEHUHLWVLQGLHVHJUXQGOHJHQGH3KDVHGHU6NDOHQHQWZLFNOXQJHLQ]XEH ]LHKHQ 1XUGXUFKHLQVROFKHUPDHQJHVWW]WHV9RUJHKHQNDQQVLFKHUJHVWHOOWZHUGHQGDVVHVVLFK EHL GHU DQJHVWUHEWHQ 1HXHQWZLFNOXQJ HLQHV .RQVWUXNWV WDWVlFKOLFK XP HLQH VROFKH KDQ GHOW 1HXH .RQVWUXNWH E]Z QHXH 'HILQLWLRQHQ IU H[LVWLHUHQGH .RQVWUXNWH VROOHQ QXU GDQQHLQJHIKUWZHUGHQZHQQGDIUQDFKYROO]LHKEDUH*UQGHYRUOLHJHQXQGGLHVH*UQ GHHQWVSUHFKHQGGDUJHOHJWZHUGHQ6RVROOHLQHUEORHQ'RJPDWLVLHUXQJZHLOLGHQWLVFKH 6DFKYHUKDOWHPLWYHUVFKLHGHQHQ%HJULIIHQEHOHJWZHUGHQYRUJHEHXJWZHUGHQ 'LHYRQYRUQKHUHLQH[DNWH'HILQLWLRQGHV]XPHVVHQGHQ.RQVWUXNWVLVW]XGHPDXFKGHV KDOE YRQ HQWVFKHLGHQGHU %HGHXWXQJ ZHLO VLH HLQH ZLFKWLJH *UXQGODJH IU VHLQH VSlWHUH 9DOLGLWlWVSUIXQJ ELOGHW ,Q GHU VR]LDOZLVVHQVFKDIWOLFKHQ 0HWKRGRORJLH ZHUGHQ DQ GLH 'HILQLWLRQVR]LDOZLVVHQVFKDIWOLFKHU%HJULIIHJHPHLQKLQ]ZHL$QIRUGHUXQJHQJHVWHOOW3Ul ]LVLRQXQG(LQGHXWLJNHLW 'LH3Ul]LVLRQHLQHV%HJULIIHVLVWXDGDGXUFKGHILQLHUWGDVV3HUVRQHQHQWVFKHLGHQN|QQHQ REJHZLVVHEHVFKULHEHQHE]ZEHVFKUHLEEDUH(UHLJQLVVH]XGHQ'HVLJQDWDHLQHVEHVWLPP WHQ%HJULIIHVGKHLQHV3KlQRPHQVLQGHU5HDOLWlW JHK|UHQRGHUQLFKW$XIGHQYRUOLH JHQGHQ )DOO DQJHZHQGHW EHGHXWHW GLHV HV VROOWH P|JOLFK VHLQ GLH LQ GHU 8QWHUVXFKXQJ DXIJHJULIIHQHQ 8QWHUVXFKXQJVJHJHQVWlQGH PLW UHDOHQ 8QWHUVXFKXQJVJHJHQVWlQGHQ ]X YHUNQSIHQ+LQVLFKWOLFKGHU(LQGHXWLJNHLWHLQHV%HJULIIHVVROOHUUHLFKWZHUGHQGDVV3HU VRQHQHLQHQZLVVHQVFKDIWOLFKHQ6DW]E]ZHLQHSULQ]LSLHOOEHUSUIEDUH$XVVDJHEHU2E MHNWH GHUHQ %HGHXWXQJ EHNDQQW LVW DOV ZDKU RGHU IDOVFK NHQQ]HLFKQHQ N|QQHQ 'LHV EHGHXWHW LP YRUOLHJHQGHQ .RQWH[W %HIUDJWH PVVHQ SULQ]LSLHOO HQWVFKHLGHQ N|QQHQ RE VLHHLQ3URGXNWDOV%HLWUDJ]XHLQHUJHVXQGHQ(UQlKUXQJDQVHKHQRGHUQLFKW'DEHLLVW]X EHDFKWHQGDVVHVLQGHU5HJHOQLFKWP|JOLFKLVWEHLGH=LHOH3Ul]LVLRQXQG(LQGHXWLJNHLW YROOVWlQGLJ]XHUUHLFKHQ(VJLOWYLHOPHKUHLQHQDN]HSWDEOHQ*UDGGHU3Ul]LVLRQXQG(LQ GHXWLJNHLWGHUDXFKDOV.RQVLVWHQ]EH]HLFKQHWZLUGDQ]XVWUHEHQ'LHVEHGHXWHWLPKLHU]X 9JO+RPEXUJ*LHULQJ 6 9JO&KXUFKLOO 6 9JO1XQQDOO\%HUQVWHLQ 6 9JO2SS 6I $QGLHVHU6WHOOHVHLDXIGDV3UREOHPHLQHVP|JOLFKHUZHLVHLQILQLWHQ5HJUHVVHVYHUZLHVHQGDGLHH[DNWH 2SHUDWLRQDOLVLHUXQJ]ZDUYRQGHUH[DNWHQ'HILQLWLRQGLHVHDEHUZLHGHUXPYRQGHU2SHUDWLRQDOLVLH UXQJDEKlQJLJLVW 9JO2SS 6
EHKDQGHOQGHQ 8QWHUVXFKXQJVNRQWH[W GDVV ]% .RQVXPHQWHQ ]XPLQGHVW KLQUHLFKHQG JHQDX EHVWLPPWH /HEHQVPLWWHO DOV HKHU JHVXQG E]Z HKHU XQJHVXQG HLQRUGQHQ N|QQHQ PVVHQ (QWVSUHFKHQGH H[SHULPHQWHOOH 8QWHUVXFKXQJHQ EHL GHQHQ .RQVXPHQWHQ XQWHU KLQUHLFKHQG UHDOLVWLVFKHQ 5DKPHQEHGLQJXQJHQ LQ XQWHUVFKLHGOLFKHQ :DUHQJUXSSHQ HLQ ]HOQH3URGXNWHEH]JOLFKGHV 9HUKlOWQLVVHVLKUHUODQJIULVWLJHQ]XLKUHQ NXU]IULVWLJHQ JH VXQGKHLWOLFKHQ :LUNXQJHQJUXSSLHUHQVROOHQODVVHQHUNHQQHQGDVVHV.RQVXPHQWHQWDW VlFKOLFK UHODWLY JXW JHOLQJW HLQ]XVFKlW]HQ ZHOFKH 3URGXNWH DXV LKUHU 6LFKW HKHU DOV 7X JHQGJWHU DOVR DOV JHVXQGKHLWVYHUWUlJOLFK JHOWHQ N|QQHQ XQG ZHOFKHQ GLHVH (LJHQVFKDIW DXV .RQVXPHQWHQVLFKW QLFKW ]XJHVSURFKHQ ZLUG 'LHVH KDEHQ VRPLW DOV /DVWHUJWHU ]X JHOWHQ'LH(UNHQQWQLVVHYRQ:HUWHQEURFKVSUHFKHQGDIUGDVVHVSHUVRQHQEHUJUHLIHQG UHODWLY NRQJUXHQWH 9RUVWHOOXQJHQ GDUEHU JLEW ZDV JHVQGHUH XQG XQJHVQGHUH /HEHQV PLWWHO LQ YHUVFKLHGHQHQ :DUHQJUXSSHQ VLQG XQG VRPLW GLH HUIRUGHUOLFKH (LQGHXWLJNHLW JHJHEHQLVW 'DV .RQVWUXNW GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ VROO HLQH (LQVWHOOXQJ JH JHQEHUHLQHPEHVWLPPWHQ$UWLNHODXVGUFNHQ'LH'LVNXVVLRQXPHLQHDGlTXDWH0HV VXQJ GHU (LQVWHOOXQJ NDQQ DXI HLQH YHUJOHLFKVZHLVH ODQJH )RUVFKXQJVWUDGLWLRQ XQG GLVNXVVLRQ ]XUFNEOLFNHQ GLH PLW GHQ JUXQGOHJHQGHQ $UEHLWHQ YRQ 7KRPDV=QDPLHFNL XQGGHQLQGHUEHWULHEVZLUWVFKDIWOLFKHQ/LWHUDWXUZHVHQWOLFKKlXILJHUUH]LSLHUWHQ$XVIK UXQJHQYRQ7KXUVWRQHEHJLQQWXQGELVLQXQVHUH=HLWDQGDXHUW 'HQ$XIIDVVXQJHQYRQ)LVKEHLQ$M]HQXQG3HWW\&DFLRSSRIROJHQGOlVVWVLFKHLQHSRVLWLYH (LQVWHOOXQJDOOJHPHLQDOVHLQDQGDXHUQGHVSRVLWLYHVRGHUQHJDWLYHV*HIKOIURGHUJHJHQ HLQH 3HUVRQ HLQ 2EMHNW RGHU HLQHQ 6DFKYHUKDOW E]Z HLQH +DQGOXQJ EHVFKUHLEHQ 2E VLFK(LQVWHOOXQJHQGHUDUWHLQGLPHQVLRQDONRQ]HSWLRQDOLVLHUHQODVVHQZDUODQJHXPVWULWWHQ ,P/DXIHGHUVHFK]LJHU-DKUHNULVWDOOLVLHUWHVLFKZLHZRKOHPSLULVFK]XQlFKVWNDXPEHU SUIW DXI GHQ hEHUOHJXQJHQ YRQ .DW]6WRWODQG VRZLH 5RVHQEHUJ+RYODQG EDVLHUHQG GLH $XIIDVVXQJKHUDXVGDVVHLQH(LQVWHOOXQJGUHL.RPSRQHQWHQLQVLFKYHUHLQHHLQHDIIHNWL YH HLQH NRJQLWLYH XQG HLQH NRQDWLYH .RPSRQHQWH 8QWHUVXFKXQJHQ LQ GHQ IROJHQGHQ 9JO:HUWHQEURFK 6 9JO3XGHO:HVWHQK|IHU 6 9JO=LPEDUGR*HUULJ 6 9JOEHLVSLHOVZHLVH6L[(FNHV 6IIXQG6L[ 6GHVVHQ$XVIKUXQJHQVLFKDXFKIU WLHIHUH(LQEOLFNHLQGLH)UKJHVFKLFKWHGHV(LQVWHOOXQJVNRQVWUXNWVHPSIHKOHQ 9JO)LVKEHLQ$M]HQ XQG3HWW\&DFLRSSR 6 $M]HQEHVFKUHLEW(LQVWHOOXQJDOVÅWKHGHJUHHWRZKLFKDSHUVRQKDVDIDYRUDEOHRUXQIDYRUDEOHHYDOXD WLRQRUDSSUDLVDORIWKHEHKDYLRXULQTXHVWLRQ´$M]HQ 6 %HL GHU DIIHNWLYHQ .RPSRQHQWH KDQGHOW HV VLFK XP GLH HPRWLRQDOH %HZHUWXQJ EHL GHU NRJQLWLYHQ .RPSRQHQWHXPGDV:LVVHQGHV,QGLYLGXXPVZHOFKHVHVGHPEHZHUWHWHQ2EMHNW]XRUGQHWXQGEHL GHU NRQDWLYHQ .RPSRQHQWH VFKOLHOLFK XP VHLQH %HUHLWVFKDIW EHVWLPPWH +DQGOXQJHQ LQ %H]XJ DXI
-DKUHQ ]HLJWHQ MHGRFK GDVV VLFK GLHVH 'UHL.RPSRQHQHQ(LQVWHOOXQJV.RQ ]HSWLRQDOLVLHUXQJHPSLULVFKQLFKWLPPHUKDOWHQOlVVW (LQ%OLFNEHUQHXHUH.RQ]HSWLRQDOLVLHUXQJHQ]HLJWGDVV²YRUGHP+LQWHUJUXQGGHUHP SLULVFKYHUPHKUW ]XWDJHJHWUHWHQHQ6FKZlFKHQ GHV 'UHL.RPSRQHQWHQ$QVDW]HV² QXQ PHKU HLQGLPHQVLRQDOH .RQ]HSWLRQDOLVLHUXQJHQ GHV (LQVWHOOXQJVNRQVWUXNWV EHLQDKH DXV QDKPVORV LP 9RUGHUJUXQG VWHKHQ YRUQHKPOLFK GLH DIIHNWLYH .RPSRQHQWH GHV 'UHL .RPSRQHQWHQ$QVDW]HV GHU DXFK GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ ]X]X UHFKQHQ LVW ZHLO VLH ZHGHU DXI ]XJUXQGH OLHJHQGH hEHU]HXJXQJHQ %HOLHIV QRFK UHVXOWLH UHQGH9HUKDOWHQVDEVLFKWHQ,QWHQWLRQV IRNXVVLHUW 1HEHQGHU)UDJHGHUHLQ]XEH]LHKHQGHQ.RPSRQHQWHQYHUGLHQWKLHUDXFKGLH)UDJHQDFK GHP%H]XJVSXQNWGHU(LQVWHOOXQJ%HDFKWXQJ(LQVWHOOXQJHQN|QQHQHQWZHGHUKDQGOXQJV RGHU REMHNWEH]RJHQ NRQ]HSWLRQDOLVLHUW ZHUGHQ ,P YRUOLHJHQGHQ )RUVFKXQJVNRQWH[W HU VFKHLQWHV VLQQYROOGLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ²LP*HJHQVDW] ]XHL QHUKDQGOXQJVEH]RJHQHQ²DOVHLQHREMHNWEH]RJHQH(LQVWHOOXQJ]XYHUVWHKHQZHLOQLFKW GLH )UDJH LP 9RUGHUJUXQG VWHKW RE /HEHQVPLWWHO JHNDXIW ZHUGHQ +DQGOXQJ VRQGHUQ YLHOPHKUZHOFKHGLHVVLQGE]ZZLHGLHVHLQGLYLGXHOOZDKUJHQRPPHQZHUGHQ2EMHNW .URHEHU5LHO:HLQEHUJVWHOOHQQRFKVWlUNHUGHQ1XW]HQLQGHQ)RNXVXQGEHVFKUHLEHQ(LQ VWHOOXQJHQDOVHLQHMHZHLOVZDKUJHQRPPHQH(LJQXQJHLQHV*HJHQVWDQGHV]XU%HIULHGLJXQJ HLQHV%HGUIQLVVHVXQG7HLOEHUHLFKHLQHVXPIDVVHQGHQ3URGXNWE]Z0DUNHQLPDJHV 6RVROODOV ÅZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQ´LQGHU)ROJH DXFK NXU] DOV ÅZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ´ RGHU Å*HVXQGKHLWVSURILOLH UXQJ´ EH]HLFKQHW HUIDVVW ZHUGHQ LQ ZHOFKHP $XVPD .RQVXPHQWHQ EHVWLPPWH /H EHQVPLWWHO0DUNHQSURGXNWH E]Z DUWLNHO DOV %HLWUDJ ]X HLQHU DOV JHVXQG HLQJHVFKlW]WHQ (UQlKUXQJEHWUDFKWHQ
GDV EHZHUWHWH 2EMHNWGXUFK]XIKUHQ 9JO IU HLQH GHWDLOOLHUWH'DUVWHOOXQJ 0OOHU+DJHGRUQ 6 9JO2VWURP XQG.RWKDQGDSDQL GLHLKUH$XVVDJHQPLW+LOIHHLQHV0XOWL7UDLW0XOWL0HWKRG 9HUIDKUHQVXQWHUPDXHUQ 9JO3HWHUPDQQ 6 9JO/RHYHQLFK 6 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6 9JO%HDUGHQ:RRGVLGH 6 9JO.URHEHU5LHO:HLQEHUJ 6$M]HQ XQG3HWW\8QQDYD6WUDWKPDQ 6
'LH*HQHULHUXQJHLQHVYRUOlXILJHQ,WHPSRROV 'HU DXI]XEDXHQGH ,WHPSRRO VROO GDV LP YRUKHULJHQ $EVFKQLWW VSH]LIL]LHUWH .RQVWUXNW P|JOLFKVWYROOVWlQGLJXQGH[DNWHUIDVVHQ8PGLHVHV=LHO]XHUUHLFKHQLVWHVQRWZHQGLJ LQHLQHPHUVWHQ6FKULWW:LVVHQVFKDIWHQE]Z7KHRULHIHOGHU]XLGHQWLIL]LHUHQGLHHLQHQ%HL WUDJ]XU(UNOlUXQJOHLVWHQN|QQHQ ,P +LQEOLFN DXI GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ DOV .RQVWUXNW DXI GHU 6FKQLWWVWHOOH ]ZLVFKHQ YHUVFKLHGHQHQ :LVVHQVFKDIWVEHUHLFKHQ ELHWHW VLFKHLQH5HLKHYRQWKHRUHWLVFKHQ$QNQSIXQJVSXQNWHQIUHLQH8QWHUVXFKXQJDQ'LHV LVWHUVWHQVGLHgNRWURSKRORJLHDOV'LV]LSOLQGHU(UQlKUXQJVZLVVHQVFKDIWHQZHLOGLHZDKUJH QRPPHQH *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ JHPl GHU LP YRUKHULJHQ $E VFKQLWWJHWURIIHQHQLQKDOWOLFKHQ6SH]LIL]LHUXQJGHV.RQVWUXNWVVHKUHQJPLWGHULQGLYLGXHO OHQ(UQlKUXQJGHU.RQVXPHQWHQYHUNQSIWLVWXQGJHQDXGLHVH9HUELQGXQJVHLWHQVGLHVHV :LVVHQVFKDIWV]ZHLJHVJHQDXHUEHOHXFKWHWZLUG =ZHLWHQV VLQG GLHV GLH $JUDUZLVVHQVFKDIWHQ GLH VLFK VFKZHUSXQNWPlLJ PLW GHU $UW XQG :HLVH GHU 3ULPlUSURGXNWLRQ YRQ 1DKUXQJVPLWWHOQ DXVHLQDQGHUVHW]HQ $XFK ZHQQ *UXQGSURGXNWH JHPl GHU REHQ JHWURIIHQHQ 'HILQLWLRQ VHOEVW QLFKW LP )RNXV GHU %H WUDFKWXQJ VWHKHQ VFKHLQW HV GHQQRFK VLQQYROO GLHVHQ :LVVHQVFKDIWVEHUHLFK HLQ]XEH]LH KHQ GD ]XP %HLVSLHO EHVWLPPWH 3URGXNWLRQVPHWKRGHQ GLUHNWH $XVZLUNXQJHQ DXI GHQ KLHU]XEHWUDFKWHQGHQ%HLWUDJVSH]LILVFKHU0DUNHQDUWLNHO]XHLQHUDOVJHVXQGHLQJHVFKlW] WHQ(UQlKUXQJKDEHQN|QQWHQ 'ULWWHQV VLQG GLHV GLH :LUWVFKDIWVZLVVHQVFKDIWHQ KLHUEHL LVW LQVEHVRQGHUH GDV 0DUNHWLQJ ]X QHQQHQ ZHOFKHV VLFK DQJHVLFKWV GHV DOOVHLWV NRQ]HGLHUWHQ :DQGHOV GHU .QDSSKHLWV ]XU hEHUIOXVVZLUWVFKDIW PLW GHP V\VWHPDWLVFKHQ (UVFKOLHHQ XQG 3IOHJHQ YRQ 0lUNWHQ EH VFKlIWLJW ZDV LP .RQWH[W GHU /HEHQVPLWWHOLQGXVWULH HLQH EHVRQGHUH +HUDXVIRUGHUXQJ EHGHXWHW 6FKOLHOLFKLVWDOVHLQYLHUWHU7KHRULHEHUHLFKGLH3V\FKRORJLHKHUYRU]XKHEHQGLHIUGLHYRU OLHJHQGH$UEHLWLQVRIHUQUHOHYDQWHUVFKHLQWDOVVLHVLFKPLWÅGHU$UWXQG:HLVHLQGHU*H GDQNHQ*HIKOH:DKUQHKPXQJHQ0RWLYHXQG9HUKDOWHQVZHLVHQGXUFK,QWHUDNWLRQXQG 7UDQVDNWLRQHQ ]ZLVFKHQ 0HQVFKHQ EHHLQIOXVVW ZHUGHQ´ EHVFKlIWLJW ,QVEHVRQGHUH GLH )UDJH QDFK GHP 0RGXV GHU (LQVWHOOXQJVELOGXQJ XQG YHUlQGHUXQJ JHJHQEHU $UWLNHOQ 9JO&KXUFKLOO 6 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6I 9JO$EVFKQLWW$ =LPEDUGR*HUULJ 6
VROOWH KLHUEHL LP 0LWWHOSXQNW VWHKHQ $XV 7DEHOOH & N|QQHQ EHLVSLHOKDIW HQWZLFNHOWH ,WHPVDXVMHGHP7KHRULHIHOGHQWQRPPHQZHUGHQ 3V\FKRORJLH
'HU$UWLNHOQZLUNWIULVFK ,FKYHUELQGHPLWGHU9HUSDFNXQJVIRUP*HVXQGKHLW ,FKDVVR]LLHUHPLWGHU9HUSDFNXQJVIDUEH*HVXQGKHLW
0DUNHWLQJ
$UWLNHOQLVWPLUDXVGHU:HUEXQJDXIJUXQGVHLQHUJHVXQGKHLWOLFKHQ :LUNXQJEHNDQQW ,FKHQWQHKPHGHU3URGXNWZHUEXQJIU$UWLNHOQHLQHJHVXQGKHLWOL FKH:LUNXQJ
gNRWURSKRORJLH
,FKJODXEHGDVVGHUUHJHOPlLJH9HU]HKUYRQ$UWLNHOQPHLQH*H VXQGKHLWYHUEHVVHUQNDQQ ,FKJODXEHGDVVGHUUHJHOPlLJH9HU]HKUYRQ$UWLNHOQPHLQ,P PXQV\VWHPVWlUNW ,FKJODXEHGDVVGHUUHJHOPlLJH9HU]HKUYRQ$UWLNHOQ]XHLQHP JXWHQ.|USHUEDXIKUW
$JUDUZLVVHQVFKDIW
,FKJODXEHGDVV$UWLNHOQE]ZVHLQH=XWDWHQQLFKWPLW3HVWL]LGHQ EHKDQGHOWZXUGHQ ,FKJODXEHGDVV$UWLNHOQE]ZVHLQH=XWDWHQDXVELRORJLVFKHP $QEDXVWDPPHQ ,FKJODXEHGDVV$UWLNHOQE]ZVHLQH=XWDWHQQLFKWJHQHWLVFKYHU lQGHUWZXUGHQ
7DEHOOH& (LQLJHEHLVSLHOKDIWH,WHPIRUPXOLHUXQJHQXQGLKUHMHZHLOLJH+HUNXQIWDXVHLQ]HOQHQ:LVVHQ VFKDIWV]ZHLJHQ 'LHH[SORUDWLYHTXDOLWDWLYH'DWHQHUKHEXQJ :HLO*HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQHLQHYHUJOHLFKVZHLVHQHXH3URILOLHUXQJV GLPHQVLRQ GHV /HEHQVPLWWHOPDUNHWLQJ GDUVWHOOW NDQQ XQG VROO LP 5DKPHQ GHU *HQHULH UXQJHLQHV,WHPSRROVQLFKWQXUDXIEHVWHKHQGHWKHRUHWLVFKH$QVlW]HXQG.RQ]HSWHUHNXU ULHUWZHUGHQ9LHOPHKUJLOWHVGDUEHUKLQDXVGLHHLQOHLWHQGXQGLP5DKPHQGHU'HILQLWL RQEHUHLWVKLQVLFKWOLFKLKUHU%HGHXWXQJGHXWOLFKKHUYRUJHKREHQH.RQVXPHQWHQSHUVSHNWL YH HEHQIDOOV LQ GHQ (QWZLFNOXQJVSUR]HVV GHU 0HVVYRUVFKULIW HLQ]XEH]LHKHQ ,QVRIHUQ NRPPWGLHVHU%HIUDJXQJHLQHK\SRWKHVHQJHQHULHUHQGH)XQNWLRQ]X 'LH DQJHIKUWHQ 7KHRULHIHOGHU VLQG QLFKW EHUVFKQHLGXQJVIUHL GDKHU ZXUGH HLQH =XRUGQXQJ QDFK 6FKZHUSXQNWHQYRUJHQRPPHQ .XUVLY JHVHW]WH $EVFKQLWWH GHU H[HPSODULVFKHQ ,WHPIRUPXOLHUXQJHQ VLQG DOV 3ODW]KDOWHU IU GLH HQW VSUHFKHQGHQ$UWLNHOGLH$EELOGXQJ&HQWQRPPHQZHUGHQN|QQHQ]XYHUVWHKHQ 9JO.HSSHU 6I
,P 5DKPHQ GLHVHU HUVWHQ HPSLULVFKHQ 8QWHUVXFKXQJ GHV 6NDOHQHQWZLFNOXQJVSUR]HVVHV ZXUGHQLQVJHVDPW9HUEUDXFKHUVFKULIWOLFKEHIUDJW'DYRQVWHKHQYROOVWlQGLJH$QW ZRUWHQIUGLHIROJHQGHTXDOLWDWLYH$XVZHUWXQJ]XU9HUIJXQJ(VZHUGHQGLH$QWZRUWHQ YRQPlQQOLFKHQXQGZHLEOLFKHQ%HIUDJWHQLP$OWHUYRQELV-DKUHQLQGLH8Q WHUVXFKXQJHLQEH]RJHQGLHGLHIROJHQGHQVHFKVRIIHQHQTXDOLWDWLYHQ)UDJHVWHOOXQJHQEH DQWZRUWHWKDEHQ :DVDVVR]LLHUHQ6LHPLWJHVXQGHQ/HEHQVPLWWHOQ" :DVPDFKWIU6LHHLQJHVXQGHV/HEHQVPLWWHODXV" :DVLVWHLQ3URGXNWZHQQHVDOVÅJHVXQG´JHNHQQ]HLFKQHWLVW" :DVEULQJHQ,KQHQJHVXQGH/HEHQVPLWWHO" :HOFKH/HEHQVPLWWHOVLQGIU6LHJHVXQGH/HEHQVPLWWHO" :HOFKH/HEHQVPLWWHOVLQGIU6LHXQJHVXQGH/HEHQVPLWWHO" 'LH$EIROJHGHU)UDJHQRULHQWLHUWVLFKDQHLQHU)UDJHERJHQJHVWDOWXQJGLHGHPVRJHQDQQ WHQ)UDJHWULFKWHUHQWVSULFKWXPGHQ6SLHOUDXPGHU%HIUDJWHQEHLGHU%HDQWZRUWXQJP|J OLFKVW QLFKW YRQ YRUQKHUHLQ HLQ]XVFKUlQNHQ -HGH )UDJH EHOHXFKWHW GDEHL MHZHLOV HLQHQ HLJHQHQ6FKZHUSXQNW'LHHUVWH)UDJH]LHOW]XQlFKVWJl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
%HLGHU)RUPXOLHUXQJGLHVHU)UDJHVWHOOXQJZXUGHEHZXVVWDXIGLH%HJULIIHÅ*HVXQGKHLWVSURILOLHUXQJ´ XQGGDV]XJHK|ULJH$GMHNWLYÅJHVXQGKHLWVSURILOLHUW´YHU]LFKWHWGDQLFKWDSULRULVLFKHUJHVWHOOWZHUGHQ NDQQGDVVGLHKLHU%HIUDJWHQPLWGHUJHQDXHQ%HGHXWXQJGLHVHU%HJULIIHZLUNOLFKYHUWUDXWVLQGXQGGLH 4XDOLWlWGHU$QWZRUWHQLQ%H]XJDXIGLH8QWHUVXFKXQJV]LHOHGXUFKGDQQQRWZHQGLJH(UOlXWHUXQJHQ GHXWOLFK HLQJHVFKUlQNW ZRUGHQ ZlUH 'HVKDOE ZXUGH KLHU DXI GHQJHOlXILJHUHQ JOHLFKZRKO DXFK XQ VFKlUIHUHQ%HJULIIÅJHVXQGH/HEHQVPLWWHO´]XUFNJHJULIIHQ9JO:HUWHQEURFK 6 =XU)UDJHERJHQNRQVWUXNWLRQIU,WHPVDPPOXQJHQYJO0XPPHQGH\ 6II
JHVXQGKHLWVSURILOLHUWDQJHVHKHQZHUGHQXPHLQHQ$QKDOWVSXQNWGDIU]XHUKDOWHQZHOFKH NRQNUHWHQ3URGXNWHKLQVLFKWOLFKLKUHU*HVXQGKHLWVSURILOLHUXQJZLHHLQJHVFKl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lQ]HQG HQWVSUHFKHQGH,WHPV]XJHQHULHUHQXPGDVYRUOlXILJH0HVVLQVWUXPHQWDULXPDXI]XEDXHQ
Gütesiegel
Vitamine
Geruch
Haltbarkeit
Inhaltsstoffe
Art der Verpackung
Farbe Hoher Preis
ohne Konserv.Stoffe
Vertrauenseigenschaften
keine Geschmacksverstärker
Ballaststoffe
keine Kalorien
gut verdaulich, verträglich
Bio/Öko
naturbelassen
zuckerarm
fettarm
Sucheigenschaften
keine Genmanipulation
guter Geschmack
Erfahrungseigenschaften
fader, langweiliger Geschmack
gutes Gewissen
Kognitive Aspekte
ausgewogene Ernährung
Fitness Schönheit
Lebensfreude Physische Wirkungen
langes Leben
Jugend Wohlbefinden
$EELOGXQJ& 'LH*UXSSLHUXQJGHU$QWZRUWHQGHUH[SORUDWLYHQTXDOLWDWLYHQ9HUEUDXFKHUEHIUDJXQJ 'LH $XVZDKO GLHVHU ([SHUWHQ RULHQWLHUW VLFK HLQHUVHLWV DQ GHU 9HUWUDXWKHLW PLW GHP 8QWHUVXFKXQJV NRQWH[WGD]XZXUGHQOHLWHQGH0LWDUEHLWHUGHU)RUVFKXQJVDEWHLOXQJHLQHVLQWHUQDWLRQDOHQ/HEHQVPLW WHONRQ]HUQV JHZRQQHQ $QGHUHUVHLWV VWHKW GLH 9HUWUDXWKHLW PLW GHU 0HWKRGLN GHU 6NDOHQHQWZLFNOXQJ LP )RNXV ZHVKDOE 0LWDUEHLWHU GHV 0DUNHWLQJOHKUVWXKOV GHU 3KLOLSSV8QLYHUVLWlW XQWHUVWW]HQG WlWLJ ZXUGHQ
'HU$XIEDXGHVYRUOlXILJHQ0HVVLQVWUXPHQWV 'LH .RQVWUXNWLRQ HLQHV ,QVWUXPHQWV ]XU 0HVVXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWV SURILOLHUXQJ VWHOOW VLFK DXI GLHVHQ (UJHEQLVVHQ IXHQG VRPLW IROJHQGHUPDHQ GDU 'HQ %HIUDJWHQZHUGHQDXVGHQEHUHLWVJHVFKLOGHUWHQhEHUOHJXQJHQXQG8QWHUVXFKXQJVVFKULW WHQ KHUDXV LQVJHVDPW VHFK]LJ ,WHPV YRUJHOHJW 'LHVH ,WHPV VROOHQ MHZHLOV DQKDQG HLQHU /LNHUW6NDODPLWGHQ([WUHPSXQNWHQÅ6WLPPHYROO]X´ELVÅ6WLPPHJDUQLFKW]X´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lFKVWGDV9RUJHKHQLP5DKPHQGHUH[SORUDWLYHQTXDQWLWDWLYHQ'D WHQHUKHEXQJXQGGDVLKU]XJUXQGHOLHJHQGH'HVLJQGDUJHVWHOOW,QHLQHPZHLWHUHQ6FKULWW ZLUGGDQQGDV3UR]HGHUHGHU'DWHQDXVZHUWXQJGLHVHU(UKHEXQJWKHPDWLVLHUW 'LH$XVZDKOGHU:DUHQJUXSSHQXQGGHU$UWLNHO ,P5DKPHQGHU.RQ]HSWLRQGHUH[SORUDWLYHQTXDQWLWDWLYHQ'DWHQHUKHEXQJYHUGLHQHQGLH .ULWHULHQGHU6HOHNWLRQGHUXQWHUVXFKWHQ:DUHQJUXSSHQ XQGGHUXQWHUVXFKWHQ3URGXNWH HLQHEHVRQGHUH%HDFKWXQJ%HUHLWVDXVIRUVFKXQJV|NRQRPLVFKHQ(UZlJXQJHQKHUDXVXQG DXFKLP+LQEOLFNDXIGLHIUHLQHH[SORUDWLYH(UKHEXQJKRKH$Q]DKOYRQ,WHPVLPYRU OlXILJHQ ,WHPSRRO ]XU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ VRZLH HLQHU 5HLKH HUJlQ]HQGHU .RQVWUXNWH LVW HLQH .RQ]HQWUDWLRQ DXI HLQH JHULQJH =DKO YRQ:DUHQJUXSSHQXQG3URGXNWHQXQXPJlQJOLFKXPGDV(UKHEXQJVLQVWUXPHQWLQHLQHP IUGLH%HIUDJWHQKDQGKDEEDUHQ8PIDQJ]XKDOWHQ %HL GHU $XVZDKO GHU LP 5DKPHQ GLHVHU 8QWHUVXFKXQJ IRNXVVLHUWHQ 3URGXNWH VROOHQ GLH IROJHQGHQ DEVWUDNWHQ $QIRUGHUXQJHQ DQ MHQH :DUHQJUXSSHQ E]Z GLH LQ LKU MHZHLOV DXV JHZlKOWHQ3URGXNWHGLH/HLWOLQLHELOGHQ )UHLQHGHWDLOOLHUWHhEHUVLFKWEHUGLHLQGHUHUVWHQ6WXGLHQVWXIHYHUZHQGHWHQ,WHPVYJO$QKDQJ$ GHUYRUOLHJHQGHQ$UEHLW
%HLGH:DUHQJUXSSHQVROOHQ]ZDUSULQ]LSLHOOJHULQJHhEHUVFKQHLGXQJHQDXIZHLVHQ MHGRFKJOHLFKZRKODXFKLQHLQHUHQJHQ9HUZHQGXQJVEH]LHKXQJ]XHLQDQGHUVWHKHQ XP HLQH ZDUHQJUXSSHQEHUJUHLIHQGH 9HUJOHLFKEDUNHLW GHU (UJHEQLVVH ]X JHZlKU OHLVWHQ ,Q GHQ :DUHQJUXSSHQ VROO GLH 0DUNHQSROLWLN XQG SURILOLHUXQJ HLQH KRKH %HGHX WXQJKDEHQ0DUNHQUHOHYDQ] 'LH:DUHQJUXSSHQVROOHQHLQHKLQUHLFKHQGKRKH5HSUlVHQWDWLYLWlWXQGVRPLWHLQHQ JHZLVVHQ6WHOOYHUWUHWHU&KDUDNWHUIUDQGHUH:DUHQJUXSSHQDXIZHLVHQ %HLGH:DUHQJUXSSHQXQGGLHLQLKQHQDXVJHZlKOWHQ3URGXNWHVROOHQGHQ%HIUDJ WHQSULQ]LSLHOOEHNDQQWVHLQ 'LH%HIUDJWHQVROOHQLGHDOHUZHLVHEHUHLWV.RQVXPHUIDKUXQJPLWGLHVHQ3URGXNWHQ EHVLW]HQ
$XI%DVLVGLHVHU$QIRUGHUXQJHQILHOGLH:DKODXIGLHDXFKLQDQGHUHQOHEHQVPLWWHOEH]R JHQHQ8QWHUVXFKXQJHQYHUZHQGHWH%HGUIQLVNDWHJRULHÅ)UKVWFN´]XGHUEHLVSLHOVZHLVH QHEHQ .DIIHH7HH VRZLH %URW E]Z %U|WFKHQ DXFK HQWVSUHFKHQGH %URWDXIVWULFKH XQG 0VOLV E]Z Å)UKVWFNV&HUHDOLHQ´ ]X ]lKOHQ VLQG ZHLO VLH VlPWOLFKH JHQDQQWHQ $Q IRUGHUXQJHQKLQUHLFKHQGHUIOOHQ'LHLQ$EELOGXQJ&GDUJHVWHOOWHQ$UWLNHOZXUGHQLQ GLH8QWHUVXFKXQJHLQEH]RJHQ $UWLNHO$
$UWLNHO%
)HUUHUR1XWHOOD
6FKZDUWDX([WUD:HOOQHVV
1XVV1RXJDW%URWDXIVWULFK
)UXFKWNRQILWUHPLWKRKHP)UXFKWDQWHLOXQGUHGX ]LHUWHU6HOW+HUVWHOOHUDQJDEHZHQLJHU .DORULHQDOVYHUJOHLFKEDUH.RQILWUHQ
$UWLNHO& 'U2HWNHU9LWDOLV)UFKWHPVOL
$UWLNHO' .HOORJ·V6PDFNV
)UFKWHPVOLPLW)UXFKWDQWHLORKQH=XFNHU .QXVSULJH*HWUHLGHNRVWPLW9LWDPLQHQ&DOFLXP ]XVDW] XQG(LVHQ
$EELOGXQJ& 'HUhEHUEOLFNEHUGLHIUGLHH[SORUDWLYHTXDQWLWDWLYH8QWHUVXFKXQJKHUDQJH]RJHQHQ $UWLNHO 9JO%DODVXEUDPDQLDQ&ROH 6II 'DIUVSULFKWGDVVGLHVH%HGUIQLVNDWHJRULHLQYLHOHQ8QWHUVXFKXQJHQDOV5HIHUHQ]LP/HEHQVPLWWHO EHUHLFKKHUDQJH]RJHQZLUG9JO]%)LVFKHU0HIIHUW3HUUH\ 6II6DWWOHU :HUWHQEURFK
'LH$XVZDKOGHU$XVNXQIWVSHUVRQHQ (LQhEHUEOLFNEHUGLH/LWHUDWXU]XU6NDOHQHQWZLFNOXQJ²XQGKlXILJDXFKGDUEHUKLQDXV ² ]HLJW GDVV EHL lKQOLFK JHODJHUWHQ H[SORUDWLYHQ )UDJHVWHOOXQJHQ GLH 'DWHQHUKHEXQJ PLW *UXQGJHVDPWKHLWHQGLHVLFKDXV6WXGLHUHQGHQUHNUXWLHUHQGXUFKDXVEOLFKLVWhEHUGLH QRUPDWLYH.UDIWGHUIDNWLVFKHQ([LVWHQ]HLQHVVROFKHQ9RUJHKHQVLQGHU/LWHUDWXUKLQDXV HUVFKHLQW GLHVHV 9RUJHKHQ GHQQRFK UHFKWIHUWLJXQJVEHGUIWLJ (V LVW GDV =LHO YLHOHU )RU VFKXQJVYRUKDEHQHLQHJHZLVVH*HQHUDOLVLHUEDUNHLWGHU(UJHEQLVVHYRUZHLVHQ]XN|QQHQ ZREHLHLQH'DWHQHUKHEXQJGXUFKHLQVWXGHQWLVFKHV&RQYHQLHQFH6DPSOH]XQlFKVWSUREOHPD WLVFK HUVFKHLQW ZHLO HEHQ MHQH JHZQVFKWH *HQHUDOLVLHUEDUNHLW GDGXUFK HLQJHVFKUlQNW ZHUGHQN|QQWH 'D]XOlVVWVLFKLQ%H]XJDXIGLHYRUOLHJHQGH8QWHUVXFKXQJ]XQlFKVWHQWJHJQHQGDVVEH UHLWVLQGLHH[SORUDWLYHTXDOLWDWLYH'DWHQHUKHEXQJLQGHUGLH,WHPVHQWZLFNHOWZXUGHQGLH QXQ *HJHQVWDQG GHU ZHLWHUHQ IDNWRUHQDQDO\WLVFKHQ 8QWHUVXFKXQJ VLQG 5HSUlVHQWDQWHQ DXIEUHLWHUHU%DVLVDXVJHZlKOWZXUGHQ)HUQHUODVVHQVLFKZLHQRFK]X]HLJHQVHLQZLUG PLW GHU HQWZLFNHOWHQ 6NDOD 4XHUEH]JH ]X EHVWHKHQGHQ 8QWHUVXFKXQJHQ LQ GHU (UQlK UXQJVZLUWVFKDIW PLW EUHLWHUHU 'DWHQEDVLV ]LHKHQ GLH HLQH SRVLWLYH 3ODXVLELOLWlWVDEVFKl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ÅZDKUHQ:HOW´HQW
(VZLUGLQGLHVHP=XVDPPHQKDQJXQGLP+LQEOLFNDXIGLHIRUVFKXQJV|NRQRPLVFKH9RUWHLOKDIWLJNHLW DXFKYRQ&RQYHQLHQFH6DPSOHVJHVSURFKHQ1DFKHLQHUhEHUVLFKWYRQ+DJHUVWHKHQLP%HUHLFKGHU3V\ FKRORJLHLQGHQ-DKUHQXQGÅLQGHXWVFKVSUDFKLJHQ=HLWVFKULIWHQÄ*HOHJHQKHLWVVWLFK SUREHQȧQXU=XIDOOVVWLFKSUREHQJHJHQEHU´+DJHU 6 'LHVWXGHQWLVFKH*UXQGJHVDPWKHLWXQGGDKHUDXFKHLQVWXGHQWLVFKHV&RQYHQLHQFH6DPSOHXQWHUVFKHLGHQ VLFK]%LQ$OWHU%LOGXQJVVWDQG)DPLOLHQVWDQGYRP%HY|ONHUXQJVGXUFKVFKQLWW9JO%XQGHVPLQLVWHULXP IU%LOGXQJXQG)RUVFKXQJ 6I 9JO$EVFKQLWW&GHUYRUOLHJHQGHQ$UEHLW 9JO 3XGHO:HVWHQK|IHU 6 (V LVW LQ GLHVHP =XVDPPHQKDQJ DXFK GDUDXI KLQ]XZHLVHQ GDVV IUHLQHIDNWRUDQDO\WLVFKH$XVZHUWXQJHLQHLQVLFKP|JOLFKVWKRPRJHQH6WLFKSUREHYRUWHLOKDIWLVW9JO %DFNKDXVHWDO 6 9JO&DOGHU3KLOOLSV7\ERXW 6
VSULFKWXPGLH(UJHEQLVVHJHQHUDOLVLHUHQ]XN|QQHQ,P *HJHQVDW]GD]XYHUIROJWHLQH 7KHRULH$QZHQGXQJGDV$QOLHJHQZLVVHQVFKDIWOLFKHV:LVVHQEHU9RUJlQJH]XJHQHULH UHQGLH9RUJlQJHLQGHUUHDOHQ:HOWEHVFKUHLEHQXQGHUNOlUEDUPDFKHQ'DVHQWZLFNHO WH9HUVWlQGQLVEHU9RUJlQJHLQGHUUHDOHQ:HOW²GLH(QWZLFNOXQJHLQHU6NDOD]XUZDKU JHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ JHK|UW XQPLWWHOEDU GD]X ² PXVV VLFK GDQQ LQ HL QHP ZHLWHUHQ 6FKULWW HLQHU P|JOLFKHQ )DOVLILNDWLRQ LQ DQGHUHQ 6HWWLQJV XQG =XVDPPHQ KlQJHQDXVVHW]HQ$XFKGLHVHU$QIRUGHUXQJZLUGGXUFKGLHLP$QVFKOXVVGXUFKJHIKUWH XQGLPIROJHQGHQ$EVFKQLWWEHVFKULHEHQHHPSLULVFKH8QWHUVXFKXQJHQWVSURFKHQLQGHU GLHHQWZLFNHOWH6NDODDXIEUHLWHUHUHPSLULVFKHU%DVLVJHWHVWHWZLUG 8QWHU:UGLJXQJGHUDXIJH]HLJWHQ(LQVFKUlQNXQJHQGHU*HQHUDOLVLHUEDUNHLWZLUGIUGLH H[SORUDWLYHTXDQWLWDWLYH'DWHQHUKHEXQJGHUHUVWHQ6WXGLHQVWXIHDXIHLQ&RQYHQLHQFH6DPSOH ]XUFNJHJULIIHQ 'LHVHV 6DPSOH ZLUG DXV 6WXGLHUHQGHQ GHU 3KLOLSSV8QLYHUVLWlW 0DUEXUJ LP5DKPHQHLQHU*UXQGVWXGLXPVYRUOHVXQJLP)DFK0DUNHWLQJUHNUXWLHUW 'HU$EODXIGHUVFKULIWOLFKHQ%HIUDJXQJ ,QVJHVDPW VLQG LP )UDJHERJHQ IU GLH H[SORUDWLYH TXDQWLWDYH 'DWHQHUKHEXQJ ,WHPV HQWKDOWHQ'DKHUHUVFKHLQWHVPLW%OLFNDXIGLH)UDJHERJHQOlQJHGLH%HDUEHLWXQJV]HLWXQG GLHGDUDXVUHVXOWLHUHQGH$QWZRUWEHUHLWVFKDIWXQG$QWZRUWTXDOLWlWDQJHUDWHQQLFKWEHLGH 3URGXNWJUXSSHQPLWMH]ZHL3URGXNWHQYRQMHGHU8QWHUVXFKXQJVSHUVRQEHZHUWHQ]XODV VHQ'HVKDOENRPPHQ]ZHLXQWHUVFKLHGOLFKH)UDJHERJHQYHUVLRQHQ]XP(LQVDW],Q)UD JHERJHQYHUVLRQ , ZHUGHQ GLH SURGXNWEH]RJHQHQ 0HUNPDOH XD GLH 5RKYHUVLRQ GHU 0HVVYRUVFKULIW GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LQ %H]XJ DXI GLH ]ZHL $UWLNHOGHU3URGXNWJUXSSHÅ%URWDXIVWULFK´:DUHQJUXSSH, XQGHUJlQ]HQGHSHUVRQHQEH ]RJHQH 0HUNPDOH DEJHIUDJW LQ )UDJHERJHQYHUVLRQ ,, GLHVHOEHQ SURGXNWEH]RJHQHQ 0HUNPDOHZLHLQ9HUVLRQ,MHGRFKLQ%H]XJDXI]ZHL$UWLNHOGHU3URGXNWJUXSSHÅ)UK VWFNVIORFNHQ´ :DUHQJUXSSH ,, XQG LQ LGHQWLVFKHU :HLVH GLH SHUVRQHQEH]RJHQHQ 0HUNPDOH'LH=XRUGQXQJGHU)UDJHERJHQYHUVLRQHQ]XGHQMHZHLOLJHQ8QWHUVXFKXQJV SHUVRQHQHUIROJW]XIlOOLJ $XFK ZHQQ GLHVHU $QVSUXFK VFKZHUOLFK HLQ]XO|VHQ LVW ZHQQ DOOHLQ GLH 7DWVDFKH GHV 0HVVHQV GHQ *HJHQVWDQG GHU 0HVVXQJ YHUlQGHUQ NDQQ ZDV DXFK DOV 5HIOH[LYLWlW HLQHV 0HVVYRUJDQJV EH]HLFKQHW ZLUG Å7KHSULPDU\JRDORIVXFKUHVHDUFK>«@LVWRLGHQWLI\VFLHQWLILFWKHRULHVWKDWSURYLGHDJHQHUDOXQGHU VWDQGLQJRIWKHUHDOZRUOG´&DOGHU3KLOOLSV7\ERXW 6 9JO$EVFKQLWW)GHUYRUOLHJHQGHQ$UEHLW 9JO%LGPRQ6SDW]O 6 :DVLP3UHWHVW]XHLQHU%HDQWZRUWXQJV]HLWYRQPD[LPDO0LQXWHQIKUW (LQHYROOVWlQGLJH$XIOLVWXQJGHULP)UDJHERJHQHQWKDOWHQHQ.RQVWUXNWHILQGHWVLFKLQ$QKDQJ%GHU YRUOLHJHQGHQ$UEHLW
1DFKGHU'XUFKIKUXQJHLQHV3UHWHVWHVDQ5HSUlVHQWDQWHQGHV6DPSOHVVLQGDQEHLGHQ 9HUVLRQHQ GHV )UDJHERJHQV QXU PDUJLQDOH XQG QLFKW EHGHXWXQJVYHUlQGHUQGH $QSDVVXQ JHQ ]% HLQIDFKHUH RGHU YHUVWlQGOLFKHUH )RUPXOLHUXQJ YRQ ,WHPV E]Z GDV (LQIJHQ YRQ %HLVSLHOHQ DOV +LOIH ]XU OHLFKWHUHQ %HDQWZRUWXQJ QRWZHQGLJ 'LHVH $QSDVVXQJHQ EHUKUHQQLFKWGLHJUXQGOHJHQGH%HGHXWXQJGHUHLQ]HOQHQ,WHPV 'LH H[SORUDWLYHTXDQWLWDWLYH %HIUDJXQJ ZLUG LP 5DKPHQHLQHU *UXQGVWXGLXPVOHKUYHUDQ VWDOWXQJ]X*UXQGODJHQGHU$EVDW]ZLUWVFKDIWDQJHNQGLJWXQG$QIDQJ0DLGXUFKJH IKUW8PGLH$QWZRUWEHUHLWVFKDIWGHU8QWHUVXFKXQJVSHUVRQHQ]XI|UGHUQZHUGHQYRUDE LQHLQHU3UlVHQWDWLRQLQDOOJHPHLQHU)RUPGHU+LQWHUJUXQGXQGGLH=LHOVWHOOXQJGHU8Q WHUVXFKXQJHUOlXWHUWVRZLHGLHGXUFKIKUHQGHQ3HUVRQHQYRUJHVWHOOW=XGHPQHKPHQDOOH YROOVWlQGLJDXVJHIOOWHQ)UDJHE|JHQDQGHU9HUORVXQJYRQ*XWVFKHLQHQWHLO ,QVJHVDPWZHUGHQ)UDJHE|JHQDXVJHWHLOWXQPLWWHOEDUQDFKGHU%HIUDJXQJE]Z]HLW QDK ZHUGHQ GDYRQ LQVJHVDPW %|JHQ ]XPLQGHVW WHLOZHLVH DXVJHIOOW ]XUFNJHJHEHQ 9RQ GLHVHQ N|QQHQ ]HKQ %|JHQ ZHJHQ WHLOV JUDYLHUHQGHU $QWZRUWYHUZHLJHUXQJ IU GLH ZHLWHUHQ $XVZHUWXQJHQ QLFKW EHUFNVLFKWLJW ZHUGHQ 'HQQRFK HQWVSULFKW GLHV HLQHU KR KHQZHQQJOHLFKDXIJUXQGGHV%HIUDJXQJVVHWWLQJVQLFKWXQJHZ|KQOLFKKRKHQ %UXWWRUFN ODXITXRWHYRQE]ZQDFK$E]XJGHUQLFKWDXVZHUWEDUHQ5FNOlXIH HLQHU1HWWR UFNODXITXRWHYRQ(VVWHKHQVRPLWLQVJHVDPW)UDJHE|JHQIUGLH$XVZHU WXQJ ]XU 9HUIJXQJ GDYRQ GHU :DUHQJUXSSH , %URWDXIVWULFK XQG GHU :DUHQ JUXSSH ,, )UKVWFNVIORFNHQ (LQHQ ]XVDPPHQIDVVHQGHQ hEHUEOLFN EHU GLH 6WUXNWXU GHV5FNODXIVELHWHW7DEHOOH& 'HU3UHWHVWIDQGHLQH:RFKHYRUGHUHLJHQWOLFKHQ(UKHEXQJVWDWWXQGXPIDVVWH6WXGLHUHQGHGLHHLQH GHUEHLGHQ)UDJHERJHQYHUVLRQHQXQWHU$XIVLFKWDXVIOOWHQ (V ZLUG GHQ 8QWHUVXFKXQJVSHUVRQHQ LQ GHU 9RUVWHOOXQJ GHV .RQWH[WHV QXU HUNOlUWGDVV HV VLFK XP HLQH 8QWHUVXFKXQJ ]XP 0DUNHQPDQDJHPHQW YRQ .RQVXPJWHUQ KDQGHOW GHU %H]XJ ]XU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ ZLUG DXV *UQGHQ GHV GDPLW YLHOOHLFKW YHUEXQGHQHQ %LDV GHU $QWZRUWHQQLFKWGDUJHVWHOOW
:DUHQJUXSSH
5FNODXI1
%URWDXIVWULFK
)UKVWFNVIORFNHQ
*HVDPW
*HVFKOHFKW
0lQQOLFK
:HLEOLFK
NHLQH$QJDEH 6XPPH $OWHU
ELV-DKUH
hEHUELV-DKUH
hEHUELV-DKUH
hEHU-DKUH
NHLQH$QJDEH
'XUFKVFKQLWWVDOWHU
-DKUH
-DKUH
-DKUH
6XPPH
7DEHOOH&
'LH6WUXNWXUGHV5FNODXIVGHUH[SORUDWLYHQTXDQWLWDWLYHQ%HIUDJXQJ
'LH9RUJHKHQVZHLVHLP5DKPHQGHU$XVZHUWXQJGHUHUKREHQHQ'DWHQ 'LHH[SORUDWLYHIDNWRUHQDQDO\WLVFKH$XVZHUWXQJ )U GLH H[SORUDWLYH IDNWRUHQDQDO\WLVFKH $XVZHUWXQJ GHU JHZRQQHQHQ 'DWHQ ZXUGH DXV GHQ 5FNOlXIHQ IU MHGH :DUHQJUXSSH HLQH =XIDOOVDXVZDKO YRQ MHZHLOV 'DWHQVlW]HQ JH]RJHQGLHDOV.DOLEULHUXQJVVWLFKSUREHYHUZHQGHWZLUG)UGLHVSlWHUH9DOLGLHUXQJGHU PLW GHU .DOLEULHUXQJVVWLFKSUREH JHZRQQHQHQ (UJHEQLVVH VWHKHQ DOVR LQVJHVDPW YHU EOLHEHQH )UDJHE|JHQ PLW LQVJHVDPW 'DWHQVlW]HQ ]XU ZDKUJHQRPPHQHQ *HVXQG KHLWVSURILOLHUXQJ]XU9HUIJXQJ+LQWHUJUXQGIUGLHVH$XIWHLOXQJGHU6WLFKSUREHLVWGHU :XQVFKDQKDQG]ZHLHUJOHLFK]HLWLJJHZRQQHQHU6WLFKSUREHQGDVPLWWHOVGHUH[SORUDWLYHQ )DNWRUHQDQDO\VH JHZRQQHQH0HVVPRGHOOGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ ]XU$EVLFKHUXQJGHU(UJHEQLVVH]XEHUSUIHQ9DOLGLHUXQJVVWLFKSUREH
(VJLOWDQGLHVHU6WHOOHDQ]XPHUNHQGDVVGLH6WLFKSUREHQJU|HGHU9DOLGLHUXQJVVWLFKSUREHSUREOHPD WLVFKLVW*OHLFKZRKOVROOGLH9DOLGLHUXQJGHVSRVWXOLHUWHQ0HVVPRGHOOVDQGLHVHU6WHOOHLQGHUHUVWHQ 6WXGLHQVWXIH OHGLJOLFK+LQZHLVHDXIGLH6WDELOLWlWGHU.RQVWUXNWVWUXNWXUOLHIHUQ
=XQl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lOOLJYRQHLQHU(LQKHLWVPDWUL[ DEZHLFKW $XI %DVLV GHU YRUOLHJHQGHQ 'DWHQ OlVVW VLFK IHVWVWHOOHQ GDVV LQ VlPWOLFKHQ 3URGXNWVWLFKSUREHQGLH1XOO+\SRWKHVHPLWHLQHP6LJQLILNDQ]QLYHDXYRQDE]XOHK QHQ LVW 'LHV EHGHXWHW GDVV GLH 9DULDEOHQ GHU (UKHEXQJVJHVDPWKHLWHQ PLW DQ 6LFKHUKHLW JUHQ]HQGHU:DKUVFKHLQOLFKNHLWDOVNRUUHOLHUWXQGVRPLWHLQHU)DNWRUHQDQDO\VH]XJlQJOLFK VLQG ,Q GLH JOHLFKH 5LFKWXQJ GHXWHW GDV.DLVHU0DLHU2ONLQ.ULWHULXP GLH .RUUHODWLRQVPDWUL[ ZHLVW 06$:HUWH YRQ ELV DXI hEOLFKHUZHLVH ZLUG HLQH 'DWHQEDVLV GLH 06$:HUWH YRQ EHU DXIZHLVW DOV JUXQGVlW]OLFK IU HLQH )DNWRUHQDQDO\VH JHHLJQHW DQJHVHKHQ 'DKHU HUVFKHLQW GLH 'DWHQEDVLV DXFK QDFK GHP .DLVHU0H\HU2ONLQ .ULWHULXPIUHLQHIDNWRUHQDQDO\WLVFKH8QWHUVXFKXQJJHHLJQHW 1DFKGHPGLHJUXQGVlW]OLFKH(LJQXQJGHU'DWHQEDVLVIUHLQHIDNWRUHQDQDO\WLVFKH8QWHU VXFKXQJIHVWJHVWHOOWZXUGHJLOWHVQXQLQHLQHPZHLWHUHQ8QWHUVXFKXQJVVFKULWWGLH$Q]DKO GHU ]X H[WUDKLHUHQGHQ )DNWRUHQ IHVW]XOHJHQ +lXILJ DQJHZHQGHW ZHUGHQ GDV .DL VHU*XWWPDQ.ULWHULXP XQG GHU 6FUHHWHVW QHXHUH 9HUIDKUHQ VLQG GHU 0$37HVW XQG GLH 3DUDOOHODQDO\VH
)UHLQHQhEHUEOLFNEHUGLH]XU9HUIJXQJVWHKHQGHQ9HUIDKUHQYJO%DFNKDXVHWDO 6 9JO']LXEDQ6KLUNH\ 6II 9JO.DLVHU5LFH 6II 9JO%DFNKDXVHWDO 6 9JO-DQQVVHQ/DDW] 6+DJHU 6I 'LHVH:HUWHOLHJHQLPXQWHUHQZQVFKHQVZHUWHQ%HUHLFK9JO.DLVHU5LFH 6 9JO&XUHWRQ'·$JRVWLQR 6 9JO]XGLHVHU9RUJHKHQVZHLVH%DFNKDXVHWDO 6II 9JO2·&RQQRU 6
1DFK GHP .DLVHU*XWWPDQ.ULWHULXP ZHUGHQ DOOH )DNWRUHQ H[WUDKLHUW GHUHQ (LJHQZHUW JU|HUHLQVLVW'LHLQ7DEHOOH&KHUYRUJHKREHQHQ:HUWHHQWVSUHFKHQGHU]XH[WUDKLH UHQGHQ)DNWRU]DKO
(PSLULVFKH(LJHQZHUWH
)DNWRUDQ]DKO
$UWLNHO$
$UWLNHO%
$UWLNHO&
$UWLNHO'
«
«
«
«
«
+LQZHLV 'LHHPSLULVFKHQ(LJHQZHUWHZHUGHQDXV*UQGHQGHUhEHUVLFKWOLFKNHLWGHU'DUVWHOOXQJOHGLJOLFK ELV]XP8QWHUVFKUHLWHQGHU6FKUDQNHHLQHV(LJHQZHUWHVYRQGDUJHVWHOOWGLHQDFKGHP.DLVHU .ULWHULXP]XH[WUDKLHUHQGH$Q]DKOYRQ)DNWRUHQLVWLQGHU7DEHOOHMHZHLOVKHUYRUJHKREHQGLHV JLOWDQDORJIU7DEHOOH&XQG7DEHOOH&
7DEHOOH&
'LHHPSLULVFKHQ(LJHQZHUWHIUGLHXQWHUVXFKWHQ$UWLNHO$ELV'
(EHQIDOOV DXI GHQ (LJHQZHUWHQ GHU (LJHQYHNWRUHQ GHU HPSLULVFKHQ .RUUHODWLRQVPDWUL[ EDXWGDV ]ZHLWH 9HUIDKUHQ]XU%HVWLPPXQJGHU$Q]DKOGHU]XH[WUDKLHUHQGHQ)DNWRUHQ GHU6FUHHWHVWDXI)UGHQ6FUHHWHVWZHUGHQLQHLQHP]ZHLGLPHQVLRQDOHQRUWKRJRQDOHQ.RRU GLQDWHQV\VWHPGLH(LJHQZHUWHQDFKDEQHKPHQGHU*U|HDQJHRUGQHWGDUJHVWHOOW=LHOLVWHV QXQXQDEKlQJLJYRQHLQHUH[DNWHQ6FKUDQNH(LJHQZHUWH! ZLHVLHGDV.DLVHU*XWWPDQ 'HU(LJHQZHUWLVWGLHDXIJHNOlUWH9DULDQ]HLQHV)DNWRUVEHUDOOH,WHPVXQGVSLHJHOWVRPLWGLHÅ:LFK WLJNHLW´LQ%H]XJDXIGLH9DULDQ]HUNOlUXQJHLQHV)DNWRUVZLGHU9JO%KQHU 6
.ULWHULXP HUIRUGHUW EHXUWHLOHQ ]X N|QQHQ ZHOFKH )DNWRUHQ HLQHQ HUKHEOLFK JHULQJHUHQ (UNOlUXQJVEHLWUDJOHLVWHQN|QQHQDOVDQGHUH /HLGHUVLQGGLHVH EHLGHQLQGHU ZLVVHQVFKDIWOLFKHQ/LWHUDWXUSRSXOlUHQ(QWVFKHLGXQJVUH JHOQ.DLVHU*XWWPDQ.ULWHULXPXQG6FUHHWHVWXQJHDFKWHWLKUHUZHLWHQ9HUEUHLWXQJLQPDQ FKHU +LQVLFKW SUREOHPDWLVFK 'DV .DLVHU*XWWPDQ.ULWHULXP VFKHLQW LQ GHU 5HJHO GLH =DKOGHU]XH[WUDKLHUHQGHQ.RPSRQHQWHQ]XEHUVFKlW]HQ'DV(UJHEQLVN|QQHQGDQQ )DNWRUVWUXNWXUHQPLWJHULQJHU6WDELOLWlWVHLQ $OVLQJOHLFKHU:HLVHSUREOHPDWLVFKOlVVWVLFKDXFKGHU6FUHHWHVWEHXUWHLOHQZDVLQVEHVRQ GHUHGDQQJLOWZHQQNHLQGHXWOLFKHU$EIDOOGHV(LJHQZHUWHV]ZLVFKHQ]ZHL)DNWRUHQZLH EHLVSLHOVZHLVHEHL$UWLNHO'LPYRUOLHJHQGHU)DOO IHVWVWHOOEDULVWVLFKDOVRPHKUHUH(OERZV DQELHWHQZDV]XHLQHUJHULQJHQ5HOLDELOLWlWGHU6FUHH3ORW,QWHUSUHWDWLRQ²VRJDUXQWHU([ SHUWHQ ² IKUW )ROJW PDQ GHU YHUEUHLWHWHQ $XIIDVVXQJ YRQ %RUW] ZRQDFK GHU )DNWRU QDFK GHP (OERZ QLFKW PLW]X]lKOHQ LVW PVVWHQ LQ YRUOLHJHQGHQ )lOOHQ PLWWHOV GHV 6FUHH WHVWV]ZHLPDOYLHU$UWLNHO$XQG' HLQPDOIQI$UWLNHO% XQGHLQPDOVHFKV$UWLNHO& )DNWRUHQH[WUDKLHUWZHUGHQ $XIJUXQG GHU JHQDQQWHQ 6FKZlFKHQ GHU ELVODQJ DQJHZDQGWHQ 9HUIDKUHQ XQG GHU GDPLW YHUEXQGHQHQ 8QVLFKHUKHLW EHL GHU %HVWLPPXQJ GHU ]X H[WUDKLHUHQGHQ )DNWRU]DKO VROOHQ GLHVHLQGHUYRUOLHJHQGHQ$UEHLWGXUFKQHXHUH9HUIDKUHQ]XU%HVWLPPXQJGHU]XH[WUDKLH UHQGHQ .RPSRQHQWHQ]DKO HUJlQ]W ZHUGHQ XP JHQDXHUH $XVVDJHQ WUHIIHQ ]X N|QQHQ 'D]XELHWHQVLFKLQVEHVRQGHUH]ZHLQHXHUH9HUIDKUHQDQGHUVRJHQDQQWH0LQLPXP$YHUD JH 3DUWLDO7HVW 0$37HVW XQG GLH VRJHQDQQWH 3DUDOOHODQDO\VH ZHOFKH EHLGH DOV VWlUNHU VWDWLVWLNEDVLHUWJHOWHQXQGGDGXUFKZHQLJHU,QWHUSUHWDWLRQGHV)RUVFKHUVHUIRUGHUQ 'HU 0$37HVW EHVWHKW DXV HLQHP ]ZHLVWXILJHQ 3UIYHUIDKUHQ ,Q HLQHP HUVWHQ 6FKULWW ZLUG ]XQlFKVW QXU HLQH .RPSRQHQWH DXV GHQ .RUUHODWLRQHQ ]ZLVFKHQ GHQ EHWUDFKWHWHQ 9DULDEOHQ KHUDXVSDUWLDOLVLHUW XQG GLH PLWWOHUH TXDGULHUWH 3DUWLDONRUUHODWLRQ EHUHFKQHW ,P ]ZHLWHQ6FKULWWZHUGHQGLHHUVWHQEHLGHQ.RPSRQHQWHQKHUDXVSDUWLDOLVLHUWXQGHUQHXWGLH PLWWOHUH TXDGULHUWH 3DUWLDONRUUHODWLRQ EHUHFKQHW 'LHVH 3UR]HGXU ZLUG IU DOOH 9DULDEOHQ 9JO%DFNKDXVHWDO 6I 9JO2·&RQQRU 6 9JO=ZLFN9HOLFHU 6&RUWLQD I 9JO&OLII 6I 9JO2·&RQQRU 6=XGHPH[LVWLHUHQLQGHU/LWHUDWXUXQWHUVFKLHGOLFKH$XIIDVVXQJHQGDUEHU REGHU)DNWRUQDFKGHP(OERZPLWJH]lKOWZHUGHQVROOWHRGHUQLFKW)UHLQ0LW]lKOHQVSULFKWVLFKEHL VSLHOVZHLVH.OLQH DXVDQGHUVKLQJHJHQ%RUW] 9JO:RRG7DWDU\Q*RUVXFK 6 'LHVHV9HUIDKUHQJHKW]XUFNDXI9HOLFHU 6
ZDVDXFKGHUPD[LPDOP|JOLFKHQ)DNWRU]DKOHQWVSULFKW GXUFKJHIKUW$XVGHU$XIOLV WXQJGHUMHZHLOLJHQ3DUWLDONRUUHODWLRQHQLVWGDQQGLHRSWLPDOH)DNWRUDQ]DKODEOHVEDU'LH $Q]DKO GHU ]X H[WUDKLHUHQGHQ )DNWRUHQ EHPLVVW VLFK GDEHL QDFK GHU QLHGULJVWHQ 3DUWLDO NRUUHODWLRQ]ZLVFKHQGHQ,WHPVQDFK$XVSDUWLDOLVLHUXQJGHUHQWVSUHFKHQGHQ.RPSRQHQ WH 'LH IROJHQGH 7DEHOOH & JLEW GLH HQWVSUHFKHQGHQ :HUWH IU GLH YLHU XQWHUVXFKWHQ 3URGXNWHXQGGLH=DKOGHUMHZHLOVDXI%DVLVGHV0$37HVWV]XH[WUDKLHUHQGHQ)DNWRUHQ ZLGHU
0LWWOHUHTXDGULHUWH3DUWLDONRUUHODWLRQHQ
3DUWLDOLVLHUWH )DNWRUDQ]DKO
$UWLNHO$
$UWLNHO%
$UWLNHO&
$UWLNHO'
«
«
«
«
«
7DEHOOH&
'LH'DUVWHOOXQJGHUPLWWOHUHQTXDGULHUWHQ3DUWLDONRUUHODWLRQHQDXI%DVLVGHUHPSLUL VFKHQ.RUUHODWLRQVPDWUL[0$37HVW IU$UWLNHO$ELV'
,P=XJHGHU3DUDOOHODQDO\VHDOV]ZHLWHUVWDWLVWLNEDVLHUWHU3UR]HGXU]XU(QWVFKHLGXQJEHU GLH$Q]DKOGHU]XH[WUDKLHUHQGHQ)DNWRUHQZHUGHQ]XIlOOLJH(LJHQZHUWH²EHUHLQH9LHO ]DKO YRQ +DXSWNRPSRQHQWHQDQDO\VHQ KLQZHJ ² JHQHULHUW GLH GHQ ]X XQWHUVXFKHQGHQ
9JO2·&RQQRU 6 9JO%KQHU 6 9JO2·&RQQRU 6 'LH PLWWOHUHQ TXDGULHUWHQ 3DUWLDONRUUHODWLRQHQ ZHUGHQ KLHU DXV *UQGHQ GHU hEHUVLFKWOLFKNHLW GHU 'DUVWHOOXQJOHGLJOLFKELV]XUHOIWHQ3DUWLDONRUUHODWLRQGDUJHVWHOOWGLHQDFKGHP0$37HVW]XH[WUDKLH UHQGH$Q]DKOYRQ)DNWRUHQLVWMHZHLOVKHUYRUJHKREHQ
WDWVlFKOLFK HUKREHQHQ 'DWHQ KLQVLFKWOLFK )DOO XQG 9DULDEOHQDQ]DKO JOHLFKHQ $XV GHU 9HUWHLOXQJGHU]XIlOOLJHQ(LJHQZHUWHSUR)DNWRUZLUGGDV3HU]HQWLODOV*UHQ]HKH UDQJH]RJHQ DE GHP ]XIlOOLJH (LJHQZHUWH H[WUHP XQZDKUVFKHLQOLFK ZHUGHQ $XV GHP 9HUJOHLFK ]ZLVFKHQ GHQ 3HU]HQWLOHQ XQG GHQ HPSLULVFKHQ (LJHQZHUWHQ HUJLEW VLFK GLH$Q]DKOGHU]XH[WUDKLHUHQGHQ)DNWRUHQ(VVROOHQGLHMHQLJHQ)DNWRUHQH[WUDKLHUWZHU GHQGHUHQHPSLULVFKHU(LJHQZHUWYJO7DEHOOH& EHUGHP3HU]HQWLOGHU]XIlOOL JHQ(LJHQZHUWHOLHJW)UGLHYRUOLHJHQGHQ'DWHQVlW]HHUJLEWVLFKVRPLWGDVLQ7DEHOOH &GDUJHVWHOOWH%LOG(VZHUGHQIU$UWLNHO'YLHUIU$UWLNHO%IQIXQGIU$UWLNHO$ XQG&MHVHFKV)DNWRUHQHPSIRKOHQ ([WUDKLHUWH )DNWRUDQ]DKO
3HU]HQWLOH
(PSLULVFKH (LJHQZHUWH $UWLNHO$
(PSLULVFKH (LJHQZHUWH $UWLNHO%
(PSLULVFKH (LJHQZHUWH $UWLNHO&
(PSLULVFKH (LJHQZHUWH $UWLNHO'
«
«
«
«
«
«
7DEHOOH&
'LHhEHUVLFKWEHU3HU]HQWLOHXQG(LJHQZHUWHDXI%DVLVGHU3DUDOOHODQDO\VHIU GLHXQWHUVXFKWHQ$UWLNHO$ELV'
$EVFKOLHHQGODVVHQVLFKQXQDOOH(UJHEQLVVHGHUYHUVFKLHGHQHQ9HUIDKUHQGHU)DNWRUH[ WUDNWLRQ LQ HLQHU hEHUVLFKW GLH DXV 7DEHOOH & KHUYRUJHKW GDUVWHOOHQ 'DEHL VFKHLQW HV DXIJUXQG GHU GDUJHVWHOOWHQ XQWHUVFKLHGOLFKHQ VWDWLVWLVFKHQ %DVLV GHU HLQ]HOQHQ 9HUIDKUHQ QLFKW XQJHZ|KQOLFK GDVV GLH YHUVFKLHGHQHQ YHUZHQGHWHQ 9HUIDKUHQ ]X GLYHUJLHUHQGHQ /|VXQJHQKLQVLFKWOLFKGHU)UDJHQDFKGHU]XH[WUDKLHUHQGHQ)DNWRUDQ]DKONRPPHQ (LQLJH $XWRUHQ EH]HLFKQHQ GLHVHV 9RUJHKHQ LP 9HUJOHLFK ]X DQGHUHQ $UWHQ GHU %HVWLPPXQJ GHU $Q]DKOGHU]XH[WUDKLHUHQGHQ)DNWRUHQJDUDOVEHVWJHHLJQHW9JO=ZLFN9HOLFHU 6IXQG )DEULJDUHWDO 6 9JO%KQHU 6
([WUDNWLRQVYHUIDKUHQ
$UWLNHO$
$UWLNHO%
$UWLNHO&
$UWLNHO'
.DLVHU.ULWHULXP
6FUHHWHVW
0$37HVW
3DUDOOHODQDO\VH
7DEHOOH&
'LHhEHUVLFKWEHUGLH(UJHEQLVVHGHUDQJHZDQGWHQ9HUIDKUHQ]XU)DNWRUH[WUDNWLRQ
'HU$UJXPHQWDWLRQYRQ=ZLFN9HOLFHUXQG)DEULJDUHWDOZLUGLP=XJHGHUYRUOLHJHQGHQ 8QWHUVXFKXQJ GLH JU|WH %HGHXWXQJ ]XJHPHVVHQ XQG GDV 9HUIDKUHQ GHU 3DUDOOHODQDO\VH IDYRULVLHUW 8P QLFKW YRQ YRUQKHUHLQ HLQHQ ,QIRUPDWLRQVYHUOXVW GXUFK HLQH ]X JHULQJH )DNWRUDQ]DKO]XLQGX]LHUHQZLUGGLHPLWWHOVGHU3DUDOOHODQDO\VHEHUHFKQHWHPD[LPDOH)DN WRUDQ]DKOYRQVHFKV)DNWRUHQIUGLHZHLWHUHQ$QDO\VHQDQJHQRPPHQ 1DFKGHU)HVWOHJXQJGHUDQIDQJV]XH[WUDKLHUHQGHQ)DNWRUHQ]DKOJLOWHVQXQGLH)DNWRUHQ VHOEVWGDVKHLWGLH=XRUGQXQJYRQ 9DULDEOHQ]XGHQ HLQ]HOQHQ)DNWRUHQ]XHUPLWWHOQ +LHUEHL LVW ]XQlFKVW HLQH (QWVFKHLGXQJ GDUEHU ]X WUHIIHQ RE HLQH +DXSWDFKVHQ RGHU +DXSWNRPSRQHQWHQDQDO\VHGXUFKJHIKUWZHUGHQVROO'DV=LHOGHU+DXSWDFKVHQDQDO\VH OLHJWLQGHU(UNOlUXQJGHU9DULDQ]GHU9DULDEOHQZRKLQJHJHQEHLHLQHU+DXSWNRPSRQHQ WHQDQDO\VHQDFKHLQHUXPIDVVHQGHQ$EELOGXQJGHU'DWHQVWUXNWXUGXUFKHLQHJHULQJH=DKO YRQ)DNWRUHQJHWUDFKWHWZLUG)UGDVLPYRUOLHJHQGHQ)DOOYHUIROJWH=LHOGHU5HGXNWLRQ GHU$Q]DKOGHU9DULDEOHQDXIHLQLQLQVJHVDPWXPIDQJUHLFKHUHQ%HIUDJXQJVLQVWUXPHQWHQ KDQGKDEEDUHV0DHUVFKHLQWGHVKDOEGLH+DXSWNRPSRQHQWHQDQDO\VHDOVDPEHVWHQJHHLJ QHW ,Q HLQHP PHKUVWXILJHQ LWHUDWLYHQ 3UR]HVV ZHUGHQ QXQ EHJLQQHQG PLW DOOHQ ,WHPV +DXSWNRPSRQHQWHQDQDO\VHQ IU MHGHQ $UWLNHO VRZLH 9HUJOHLFKH ]ZLVFKHQ DOOHQ $UWLNHOQ GXUFKJHIKUW 9DULDEOHQ GLH DXI %DVLV LKUHU HPSLULVFKHQ )DNWRUODGXQJHQ LP 9HUJOHLFK ]ZLVFKHQGHQHLQ]HOQHQ$UWLNHOQQLFKWHLQGHXWLJHLQHP)DNWRU]X]XRUGQHQVLQGZHUGHQ LP=XJHGLHVHV9RUJHKHQVVXN]HVVLYHHOLPLQLHUW'XUFKGLHVHQ3UR]HVVVROOHQGLH)DN WRUPDWUL]HQDOOHUYLHU$UWLNHOGXUFK(OLPLQDWLRQYRQQLFKWHLQGHXWLJ]XJHRUGQHWHQ9DULDE OHQVFKULWWZHLVHLQHLQHVRJHQDQQWHNRQJUXHQWH(LQIDFKVWUXNWXUEHUIKUWE]ZGLHVHULWH UDWLY DQJHQlKHUW ZHUGHQ =LHO LVW HV GDVV DOOH 9DULDEOHQ LPPHU GK EHL DOOHQ LQ GHU 9JO=ZLFN9HOLFHU 6II)DEULJDUHWDO 6I 9JO%KQHU 6 9JO%DFNKDXVHWDO 6 9JO7KRPSVRQ 6I 9JO%KQHU 6XQG+RPEXUJ*LHULQJ 6
EHWUHIIHQGHQ6WXGLHXQWHUVXFKWHQ$UWLNHOQ DXIHLQHQ)DNWRUKRFKODGHQDXIDOOHDQGHUHQ )DNWRUHQ KLQJHJHQ P|JOLFKVW QLHGULJ ,QVJHVDPW ZXUGHQ DFKW ,WHUDWLRQVVFKULWWH PLW MH YLHUDOVRLQVJHVDPWHLQ]HOQH)DNWRUHQDQDO\VHQGXUFKJHIKUW%HLGLHVHQXPIDQJUHLFKHQ %HUHFKQXQJHQ ZLUG HLQ RUWKRJRQDOHV 5RWDWLRQVYHUIDKUHQ GLH 9DULPD[5RWDWLRQ ]XJH ODVVHQ'HQ$XVVFKODJIUGLH9HUZHQGXQJHLQHVRUWKRJRQDOHQ5RWDWLRQVYHUIDKUHQVZHO FKHV GDYRQ DXVJHKW GDVV GLH ]X H[WUDKLHUHQGHQ )DNWRUHQ QLFKW NRUUHOLHUHQ JLEW GLH QXU GDPLWHUUHLFKEDUHEHVWP|JOLFKHLQKDOWOLFKH(UNOlUEDUNHLWGHUH[WUDKLHUWHQ)DNWRUHQ(U JHEQLVLVWGLHLQ$EELOGXQJ&GDUJHVWHOOWH)DNWRUE]Z.RQVWUXNWVWUXNWXUPLWLQVJHVDPW YLHU)DNWRUHQGLHIUDOOHYLHULQGLHVHU8QWHUVXFKXQJVVWXIHKHUDQJH]RJHQHQ$UWLNHOKLQ VLFKWOLFKLKUHU,WHPVWUXNWXU*OWLJNHLWEHVLW]HQ
Faktor 2: • Ich glaube, die Verpackung ist insgesamt geeignet, um den Gesundheitsbeitrag des Artikels n dauerhaft zu erhalten. • Ich assoziiere mit der Verpackungsfarbe Gesundheit. • Ich verbinde mit der Verpackungsform Gesundheit. • Mit der Farbe des Artikels n verbinde ich Gesundheit. • Das Verpackungsdesign weckt bei mir Assoziationen zu Gesundheit.
Faktor 1: • Ich glaube, dass Artikel n bzw. seine Zutaten nicht mit Pestiziden behandelt werden. • Ich glaube, dass Artikel n bzw. seine Zutaten aus biologischem Anbau stammen. • Ich glaube, dass Artikel n bzw. seine Zutaten nicht genetisch verändert wurden.
Gesundheitsprofilierung
Faktor 3: • Ich denke, dass der regelmäßige Verzehr des Artikels n mein Leben verlängern kann. • Ich denke, dass der regelmäßige Verzehr des Artikels n meiner Schönheit dient. • Ich denke, dass der Verzehr von Artikel n mich attraktiver macht.
Faktor 4: • Ich glaube, dass Artikel n im Vergleich zu ähnlichen Artikeln viele künstliche Zusatzstoffe enthält. (umkodiert) • Ich glaube, dass Artikel n im Vergleich zu ähnlichen Artikeln viele künstliche Farbstoffe enthält. (umkodiert) • Ich glaube, dass Artikel n im Vergleich zu ähnlichen Artikeln viele Konservierungsmittel enthält. (umkodiert)
$EELOGXQJ&'LHSRVWXOLHUWH)DNWRUE]Z.RQVWUXNWVWUXNWXUGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURIL OLHUXQJDXI%DVLVGHUH[SORUDWLYHQIDNWRUHQDQDO\WLVFKHQ$XVZHUWXQJ
9JO%DFNKDXVHWDO 6 9JO7KRPSVRQ 6II ,P *HJHQVDW] ]X RUWKRJRQDOHQ ELHWHQ REOLTXH VFKLHIZLQNOLJH 5RWDWLRQVYHUIDKUHQ GLH 0|JOLFKNHLW GDVV9DULDEOHQDXFKDXIPHKUHUH)DNWRUHQODGHQXQGGLHVHVRPLWXQWHUHLQDQGHUNRUUHOLHUHQ'LHVUH VXOWLHUW]ZDULQGHU5HJHOLQHLQHUZHVHQWOLFKVWLPPLJHUHQ$XIWHLOXQJGHU9DULDEOHQDXI)DNWRUHQXQ WHUJUlEWJOHLFK]HLWLJDEHUVRDXFKGHQ*UXQGJHGDQNHQGHU)DNWRUDQDO\VHDOV6XFKHQDFKP|JOLFKVWXQ DEKlQJLJHQ)DNWRUHQ9JO%DFNKDXVHWDO 6II
'LH5HOLDELOLWlWVSUIXQJDXI)DNWRUHEHQH 'LH SRVWXOLHUWH 6WUXNWXU XQG 2SHUDWLRQDOLVLHUXQJ GHV .RQVWUXNWV ÅZDKUJHQRPPHQH *H VXQGKHLWVSURILOLHUXQJ´ LVW LP QlFKVWHQ 8QWHUVXFKXQJVVFKULWW DXI %DVLV GHU ELVODQJ ]X UFNJHVWHOOWHQ9DOLGLHUXQJVVWLFKSUREH KLQVLFKWOLFKLKUHU5HOLDELOLWlW]XEHUSUIHQ=LHOLVW HV GLH LQWHUQH .RQVLVWHQ] GHU 9DULDEOHQJUXSSHQ ]X HUPLWWHOQ GLH LP YRUKHULJHQ $E VFKQLWWHLQHP)DNWRU]XJHRUGQHWZHUGHQNRQQWHQ=XGLHVHP=ZHFNZLUGLQHLQHPHUVWHQ 6FKULWWHLQ*WHNULWHULXPGHUHUVWHQ*HQHUDWLRQ&URQEDFKV$OSKDKHUDQJH]RJHQGHVVHQ :HUWHEHUHLFKVLFKYRQQXOOELVHLQVHUVWUHFNW(LQHKLQUHLFKHQGKRKH5HOLDELOLWlWZLUGLQ GHU 5HJHO DE HLQHP :HUW YRQ DQJHQRPPHQ EHL H[SORUDWLY DXVJHULFKWHWHQ 6WXGLHQ JHOWHQDEHUDXFK:HUWHJU|HUDOVDOVDXVUHLFKHQG:LHDXV7DEHOOH&HUVLFKWOLFKLVW OLHJHQGLH:HUWHGXUFKJlQJLJLQHLQHPDN]HSWDEOHQELVJXWHQ%HUHLFKYRQELV :DUHQJUXSSH
%URWDXIVWULFK
)UKVWFNVIORFNHQ
)DNWRU
$UWLNHO$
$UWLNHO%
$UWLNHO&
$UWLNHO'
)DNWRU
)DNWRU
)DNWRU
)DNWRU
7DEHOOH& 'LH5HOLDELOLWlWHQGHUSRVWXOLHUWHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQG KHLWVSURILOLHUXQJ´DXI%DVLVGHU9DOLGLHUXQJVVWLFKSUREH 'LH9DOLGLWlWVSUIXQJ =LHO GHU 'XUFKIKUXQJ HLQHU NRQILUPDWRULVFKHQ )DNWRUHQDQDO\VH LVW HV QXQ GLH 3DVVXQJ GHUSRVWXOLHUWHQ6WUXNWXUGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJYRQ /HEHQVPLWWHOQ´ PLW GHQ 'DWHQ GHU H[SORUDWLYHQ TXDQWLWDWLYHQ 'DWHQHUKHEXQJ ]X WHVWHQ GK HLQH .UHX]YDOLGLHUXQJ YRU]XQHKPHQ 'D]X ZLUG LP 5DKPHQ HLQHV 0RGHOOWHVWV EHUSUIW RE GDV PLWWHOV GHU H[SORUDWLYHQ )DNWRUHQDQDO\VH DXI %DVLV GHU .DOLEULHUXQJV
9JO&URQEDFK 6IIVRZLH3HWHU 6IIXQG3HWHUVRQ 6II (V JLOW DQ GLHVHU 6WHOOH GDUDXI KLQ]XZHLVHQ GDVV GLH LQWHUQH .RQVLVWHQ] ]XQlFKVW DXI )DNWRUHEHQH EHVWLPPWZLUG 9JO1XQQDOO\ 6 0LWZHLWHUHQ1DFKZHLVHQ9JO0DOKRWUD VRZLH%DJR]]L
VWLFKSUREH SRVWXOLHUWH XQG LQ $EELOGXQJ & GDUJHVWHOOWH 0RGHOO GHQ HPSLULVFK ]X EHR EDFKWHQGHQ.RYDULDQ]HQLQGHU9DOLGLHUXQJVVWLFKSUREHHQWVSULFKW 'DEHLPXVVEHDFKWHWZHUGHQGDVVDXFKKLHUGLH)DNWRUVWUXNWXUEHUDOOHYLHUEHWUDFKWHWHQ $UWLNHOXQWHUVXFKWZHUGHQVROO0LWDOOHQLQVJHVDPWYHUEOLHEHQHQ'DWHQVlW]HQ]HLJW VLFKLQ7DEHOOH&XQG7DEHOOH&DQKDQGJOREDOHUXQGORNDOHU*WHNULWHULHQHLQHDN ]HSWDEOHELVJXWH0RGHOODQSDVVXQJ
*WHNULWHULHQ
$QVSUXFKVQLYHDXJOREDOHU *WHNULWHULHQ
:HUWHGHV0HVVPRGHOOV ÅZDKUJHQRPPHQH*HVXQG KHLWVSURILOLHUXQJ´
ƷGI
7/,
&),
,),
1),
506($
*WHNULWHULHQ
$QVSUXFKVQLYHDXORNDOHU *WHNULWHULHQ
:HUWHGHV0HVVPRGHOOV ÅZDKUJHQRPPHQH*HVXQG KHLWVSURILOLHUXQJ´
,QGLNDWRUUHOLDELOLWlW
)DNWRUUHOLDELOLWlW
9JO7DEHOOH&
'XUFKVFKQLWWOLFKHUIDVVWH9DUL DQ]IUMHGHQ)DNWRU'(9 4XHOOH,Q$QOHKQXQJDQ+RPEXUJ*LHULQJ 6
7DEHOOH& 'LHYHUZHQGHWHQJOREDOHQXQGORNDOHQ*WHNULWHULHQ]XU%HXUWHLOXQJGHU$QSDVVXQJVJWH GHV0HVVPRGHOOVGHUÅZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ´ 9JO)DEULJDUHWDO 6(VLVWDQGLHVHU6WHOOHDQ]XPHUNHQGDVVGLH9DOLGLHUXQJVVWLFKSUREH PLWNQDSSEHU'DWHQVlW]HQYHUJOHLFKVZHLVHNOHLQDXVIlOOW+LQWHUJUXQGIUGLHhEHUOHJXQJHLQHU ]X$XIWHLOXQJJHJHQEHUHLQHUVRQVWEOLFKHQ]X$XIWHLOXQJGHU*HVDPWVWLFK SUREHGHQ9RU]XJ]XJHEHQZDUGLH7DWVDFKHGDVVVRQVWDXIJUXQGHLQHUJHJHEHQHQ*HVDPWVWLFKSUR EHQJU|HYRQ'DWHQVlW]HQGLH.DOLEULHUXQJVVWLFKSUREHHEHQIDOOVHLQHQP|JOLFKHUZHLVH]XJHULQ JHQ8PIDQJDXIZLHVH'LHVHV9RUJHKHQYHUVW|WSULPDIDFLH]ZDUJHJHQ)DXVWIRUPHOQGLHHLQ9HUKlOW QLVYRQ$Q]DKOGHU'DWHQVlW]H]XU9DULDEOHQDQ]DKOYRQPLQGHVWHQVELV]XIRUGHUQ9JO*RU VXFK (LQH5HLKHYRQ$XWRUHQYHUWULWWMHGRFKGLH$QVLFKWGDVVIUVROFKHUOHL5HJHOQNHLQHVROLGH WKHRUHWLVFKHXQGHPSLULVFKH%DVLVH[LVWLHUHXDYJO)OR\G:LGDPDQ 6 ,Q0RQWH&DUOR 6WXGLHQOlVVWVLFKHLQKRKHU(LQIOXVVGHU+|KHGHU)DNWRUODGXQJHQDXIGLH6WDELOLWlWYRQ)DNWRU]XRUG QXQJHQ ]HLJHQ 9JO *XDGDJQROL9HOLFHU 6 )HUQHU VROO GLH DQ GLHVHU 6WHOOH GXUFKJHIKUWH NRQILUPDWRULVFKH)DNWRUDQDO\VHOHGLJOLFKHUVWH+LQZHLVHDXIGLH*WHGHUSRVWXOLHUWHQ2SHUDWLRQDOLVLH UXQJ JHEHQ HLQH HLQJHKHQGHUH 8QWHUVXFKXQJ GHU SRVWXOLHUWHQ )DNWRUVWUXNWXU HUIROJW PLW HLQHU ZH VHQWOLFKJU|HUHQ6WLFKSUREHYRQE]Z'DWHQVlW]HQ LQ$EVFKQLWW)GHUYRUOLHJHQGHQ $UEHLW :LHDXV$EVFKQLWW&KHUYRUJHKWZHUGHQ)UDJHE|JHQIUGLH.UHX]YDOLGLHUXQJ]XUFNEHKDO WHQ'DLQMHGHP)UDJHERJHQ]ZHL$UWLNHOHQWKDOWHQVLQGHUJLEWGLHV'DWHQVlW]H]XUZDKUJHQRP PHQHQ*HVXQGKHLWVSURILOLHUXQJ 9JO+RPEXUJ3IOHVVHU 6II
)DNWRU )DNWRU
)DNWRU
)DNWRU
)DNWRU
,QGLNDWRU UHOLDELOLWlWHQ
)DNWRUUHOLDELOLWlW
'(9
*WH NULWHULXP
7DEHOOH& 'LH*WHNULWHULHQDXI)DNWRUHQHEHQH]XU%HXUWHLOXQJGHU$QSDVVXQJVJWH ,P 5DKPHQ GHU 8QWHUVXFKXQJ GHU .RQYHUJHQ]YDOLGLWlW PLWWHOV JOREDOHU *WHNULWHULHQ ZLUG GLH VLFK HPSLULVFK HUJHEHQGH .RYDULDQ]PDWUL[ PLW GHU PRGHOOWKHRUHWLVFKHQ .RYDULDQ] PDWUL[ YHUJOLFKHQ XQG VRPLW JHSUIW LQZLHIHUQ GLH HPSLULVFKHQ 'DWHQ GDV SRVWXOLHUWH 0RGHOOUHSUlVHQWLHUHQ'LHKlXILJLQYHUJOHLFKEDUHQ6WXGLHQDXVJHZLHVHQHQJOREDOHQ)LW ,QGLFHV*),XQG$*),JHOWHQEHLNOHLQHQ6WLFKSUREHQVRZLHEHLP9RUOLHJHQNRPSOH[HU 0RGHOOHDXIJUXQGLKUHU8QWHUVFKlW]XQJGHV0RGHOILWVDOVXQJHHLJQHW'DKHUVROOGHU$U JXPHQWDWLRQ YRQ %DXPJDUWQHU+RPEXUJ IROJHQG EHVRQGHUHV $XJHQPHUN DXI NRPSDUDWLYH E]ZLQNUHPHQWHOOH$QSDVVXQJVPDHZLH 7/, &),XQG,),JHOHJWZHUGHQ'LHVHKlQ JHQ ZHLWZHQLJHUYRQGHU*U|H GHUXQWHUVXFKWHQ6WLFKSUREHDEZHLOVLHHLQ5HIHUHQ] PRGHOO LQ GLH $QDO\VH HLQEH]LHKHQ ]X GHP GDV LQWHUHVVLHUHQGH 0RGHOO LQ %H]LHKXQJ JH VHW]WZLUG,QVEHVRQGHUHLQH[SORUDWLYHQ6WXGLHQJLOWHV]XGHPDOVDN]HSWDEHOZHQQHLQ ]HOQH*WHNULWHULHQGDVZQVFKHQVZHUWH1LYHDXQLFKWHUUHLFKHQ %H]RJHQDXIGDVLP5DKPHQGHUYRUOLHJHQGHQ$UEHLW]XWHVWHQGH0RGHOO]XU2SHUDWLRQD OLVLHUXQJGHV.RQVWUXNWVNDQQPLW%OLFNDXIGLHLQ7DEHOOH&DXIJH]HLJWHQ$QVSUXFKVQL YHDXVIHVWJHVWHOOWZHUGHQGDVVQDKH]XVlPWOLFKHEHWUDFKWHWHQNRPSDUDWLYHQ)LW,QGLFHVLQ 7DEHOOH & EHU GHP JHIRUGHUWHQ MHZHLOLJHQ 6FKZHOOHQZHUW OLHJHQ ZDV IU HLQH KLQUHL FKHQGH 0RGHOODQSDVVXQJ VSULFKW XQG HV ]XOlVVLJ HUVFKHLQW GLHYRUOLHJHQGH .RQVWUXNWR SHUDWLRQDOLVLHUXQJEHL]XEHKDOWHQ
9JO+RPEXUJ3IOHVVHU 6 Å'DKHULVWYRQGHU9HUZHQGXQJYRQ*),XQG$*),GULQJHQGDE]XUDWHQ´LP2ULJLQDOPLW+HUYRU KHEXQJHQ %KQHU 6 Å*), DQG $*), KDG PRVW VHULRXV GRZQZDUG ELDV´ )DQ:DQJ7KRPSVRQ 69JO+X%HQWOHU 6 9JO%DXPJDUWQHU+RPEXUJ 6XQG+XOODQG&KRZ/DP 6 9JO:LHVHNH PLW9HUZHLVDXI3HWHU 6 9JO.URKPHU 6
=XUhEHUSUIXQJGHU'LVNULPLQDQ]YDOLGLWlWGHVHQWZLFNHOWHQPHKUIDNWRULHOOHQ2SHUDWLRQDOL VLHUXQJVDQVDW]HV ILQGHW GDV DOV YHUJOHLFKVZHLVH VWUHQJ DQJHVHKHQH )RUQHOO/DUFNHU .ULWHULXP $QZHQGXQJ8PYRQHLQHUDXVUHLFKHQGKRKHQ'LVNULPLQDQ]YDOLGLWlWDXVJH KHQ]XN|QQHQIRUGHUWGLHVHV.ULWHULXPGLHGXUFKGLHHLQ]HOQHQ)DNWRUHQGXUFKVFKQLWW OLFK HUIDVVWH 9DULDQ] VROO JU|HU DOV GLH TXDGULHUWH .RUUHODWLRQ GHU MHZHLOLJHQ )DNWRUHQ XQWHUHLQDQGHUVHLQ'LHVH$QIRUGHUXQJLVWHUIOOWGLHV]HLJHQGLHLQ7DEHOOH&DQJHJH EHQHQ:HUWHZHOFKHIUHLQHKRKH 'LVNULPLQDQ]YDOLGLWlW VSUHFKHQ6LHXQWHUPDXHUQGLH SRVWXOLHUWH)DNWRUVWUXNWXUGHV0HVVPRGHOOVGHUÅZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLH UXQJ´GXUFKGLHLQ$EVFKQLWW&GXUFKJHIKUWHQIDNWRUHQDQDO\WLVFKHQ$QDO\VHQ
'(9
)DNWRU
)DNWRU
)DNWRU
)DNWRU
)DNWRU
)DNWRU
'(9
7DEHOOH& 'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWGHU)DNWRUHQGHV.RQVWUXNWVÅZDKUJH QRPPHQH*HVXQGKHLWVSURILOLHUXQJ´ 'LHWKHRUHWLVFKH(LQRUGQXQJGHU6WUXNWXUGHVHQWZLFNHOWHQ.RQVWUXNWV (LQHQHXHQWZLFNHOWHLQVEHVRQGHUHHLQHPHKUIDNWRULHOOH0HVVYRUVFKULIWEHGDUIQHEHQGHU EHUHLWVHUIROJWHQHUVWHQHPSLULVFKHQhEHUSUIXQJHLQHULQKDOWOLFKHQ,QWHUSUHWDWLRQ%DVLH UHQGDXIGHQLQ$EVFKQLWW&JHZRQQHQHQ(UNHQQWQLVVHQELHWHWLPYRUOLHJHQGHQ)DOO GHULQIRUPDWLRQV|NRQRPLVFKH$QVDW]]XU(UNOlUXQJGHV.lXIHUYHUKDOWHQVHLQHQWKHRUHWL VFKHQ$QNQSIXQJVSXQNW 'LHVHU$QVDW]IXWDXIGHU(UNHQQWQLVGDVV.RQVXPHQWHQ.DXIHQWVFKHLGXQJHQDXIJUXQG XQYROOVWlQGLJHU (QWVFKHLGXQJHQ WUHIIHQ XQG NDWHJRULVLHUW GLH GDUDXV UHVXOWLHUHQGHQ ,Q IRUPDWLRQVEHGDUIHYRQ.RQVXPHQWHQDXI%DVLVGHUPLWGHP.DXI]XVDPPHQKlQJHQGHQ 8QVLFKHUKHLWVSUREOHPH'LH8QVLFKHUKHLWGHU.RQVXPHQWHQEH]LHKWVLFKGDEHLDXIIRO JHQGHGUHL$UWHQYRQ(LJHQVFKDIWHQ 6XFKHLJHQVFKDIWHQ.RQVXPHQWHQVLQGLQGHU/DJH/HLVWXQJVHLJHQVFKDIWHQEHUHLWVYRU GHP.DXIYROOVWlQGLJ]XEHXUWHLOHQ 9JO:LHVHNH 6 9JO]XGHQ*UXQGODJHQVFKRQ1HOVRQ XQG'DUE\.DUQL 6II 9JO)RVFKW6ZRERGD 6
(UIDKUXQJVHLJHQVFKDIWHQ.RQVXPHQWHQN|QQHQ/HLVWXQJVHLJHQVFKDIWHQ]ZDUEHXUWHL OHQMHGRFKHUVWQDFKGHP.DXI 9HUWUDXHQVHLJHQVFKDIWHQ .RQVXPHQWHQ N|QQHQ /HLVWXQJVHLJHQVFKDIWHQ ]X NHLQHP =HLWSXQNWZHGHUYRUQRFKQDFKGHP.DXIEHXUWHLOHQ
5HDOLWHU H[LVWLHUHQ GLHVH MHZHLOLJHQ $UWHQ YRQ 3URGXNW$UWLNHO(LJHQVFKDIWHQ MHGRFK QLFKWDOV$UFKHW\SHQE]Z,GHDOW\SHQGKLQ5HLQIRUPVRQGHUQYLHOPHKUSDUDOOHOZREHL VLFKGLH$QWHLOHDQ6XFK(UIDKUXQJVXQG9HUWUDXHQVHLJHQVFKDIWHQMHQDFKEHWUDFKWHWHP 3URGXNW E]Z $UWLNHOXQWHUVFKLHGOLFKVWDUNDXVJHSUlJWGDUVWHOOHQN|QQHQ'LHIROJHQGH $EELOGXQJ & LOOXVWULHUW GHQ 0|JOLFKNHLWVUDXP GHU 9HURUWXQJ YRQ $UWLNHOQ VRZLH /HLV WXQJHQ XQG GHU GDPLW YHUEXQGHQHQ .DXISUR]HVVH LQ HLQHP LQIRUPDWLRQV|NRQRPLVFKHQ 7HWUDHGHUDXI Anteil Vertrauenseigenschaften 100%
(3)
(4) (2) 100%
Anteil Erfahrungseigenschaften
(1) Reine Suchkäufe
100% (1)
(2) Reine Erfahrungskäufe
Idealtypen
(3) Reine Vertrauenskäufe Anteil Sucheigenschaften
(4) reale Ausprägung als Kombination aller Dimensionen
Realtypus
4XHOOH,Q$QOHKQXQJDQ:HLEHU$GOHU 6
$EELOGXQJ& 'LH$XVSUlJXQJHQLQIRUPDWLRQV|NRQRPLVFKHU(LJHQVFKDIWHQLPLQIRUPDWLRQV|NRQRPL VFKHQ'UHLHFN 0LW+LOIHGHVVNL]]LHUWHQLQIRUPDWLRQV|NRQRPLVFKHQ$QVDW]HVODVVHQVLFKVRPLW]ZHLYRQ YLHUGHVWLOOLHUWHQ)DNWRUHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJGLH)DNWRUHQ XQGKLQVLFKWOLFKLKUHU%H]XJQDKPHDXIGLH.DWHJRULHQGHVLQIRUPDWLRQV|NRQRPLVFKHQ 9JO:HLEHU$GOHU
'UHLHFNVHUNOlUHQ)DNWRUEHOHXFKWHW9HUWUDXHQVHLJHQVFKDIWHQ9HUZHQGXQJYRQ3HVWL ]LGHQELRORJLVFKHU$QEDXXQGJHQWHFKQLVFKH9HUlQGHUXQJHQ EHLGHQ,WHPVGHV)DNWRUV VWHKHQ6XFKHLJHQVFKDIWHQ9HUSDFNXQJVJHVWDOWXQJXQG)DUEHGHV,QKDOWV LP)RNXV 'HU GULWWH )DNWRU VFKOLHOLFK EHWULIIW ZHQLJHU GLH NRQNUHWHQ 3URGXNWHLJHQVFKDIWHQ DOV YLHOPHKUGLHPLWGHP.RQVXPHLQHVJHVXQGKHLWVSURILOLHUWHQ3URGXNWHVYHUEXQGHQHQE]Z HUKRIIWHQ :LUNXQJHQ $OV WKHRUHWLVFKHU %H]XJVUDKPHQ IU GLHVHQ YLHUWHQ )DNWRU ELHWHW VLFKLQVEHVRQGHUHGLHDXFKLP/HEHQVPLWWHOEHUHLFKEHUHLWVKlXILJHUKHUDQJH]RJHQH0HDQV (QG7KHRULH DQ $XFK LP 5DKPHQ GHV 0HDQV(QG$QVDW]HV ZLUG DXI GHQ 8PJDQJ PLW XQYROOVWlQGLJHQ ,QIRUPDWLRQHQ GHU .RQVXPHQWHQ EHVWLPPWH 3URGXNWHLJHQVFKDIWHQ EH WUHIIHQGDEJHVWHOOW(VKDQGHOWVLFKDOVRHEHQVRXPHLQHQ$QVDW]LP)HOGGHU,QIRUPDWL RQV|NRQRPLHGLHDXFK]XULQKDOWOLFKHQ,QWHUSUHWDWLRQGHUHUVWHQGUHL)DNWRUHQKHUDQJH ]RJHQZXUGH ,P 5DKPHQ GHU 0HDQV(QG7KHRULH ZLUG EH]RJHQ DXI GDV .DXIYHUKDOWHQ LP /HEHQVPLW WHOEHUHLFKXQWHUVWHOOWGDVV.RQVXPHQWHQEHVWLPPWH$WWULEXWHYRQ/HEHQVPLWWHOQ0HDQV PLW LKUHP SHUV|QOLFKHQ :LVVHQ XP 9HUKDOWHQVNRQVHTXHQ]HQ (QGV GLH DXV GHP .DXI E]Z 9HUZHQGXQJVYHUKDOWHQ UHVXOWLHUHQ YHUELQGHQ 0HDQV(QG.HWWH 'DEHL ZHUGHQ YHUVFKLHGHQH=ZLVFKHQVWXIHQXQWHUVFKLHGHQ
Produktattribute
Konsequenzen
Werte
4XHOOH.XVV 6
$EELOGXQJ& 'DV*UXQGPRGHOOHLQHU0HDQV(QG.HWWH %H]RJHQ DXI GHQ YRUOLHJHQGHQ 8QWHUVXFKXQJVNRQWH[W EHGHXWHW GLHV GDVV .RQVXPHQWHQ HLQHEHVWLPPWH(LQVWHOOXQJDQGHQ7DJOHJHQ]%JHJHQEHUHLQHPEHVWLPPWHQ%URWDXI VWULFKRGHUHLQHPNDORULHQUHGX]LHUWHQ-RJKXUW XPPLWGLHVHPDOV0LWWHOHLQHQEHVWLPP WHQ =ZHFN ]X YHUIROJHQ $QDORJ ]X DQGHUHQ $WWULEXWHQ NDQQ GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ DOV HQWVSUHFKHQGHV 3URGXNWDWWULEXW YHUVWDQGHQ ZHUGHQ ZHOFKHV GDV(UUHLFKHQZQVFKHQVZHUWHU]XNQIWLJHU=XVWlQGHI|UGHUW 9JO)LVFKHU0HIIHUW3HUUH\ 6 Å7KHPHDQVHQGDSSURDFKWRXQGHUVWDQGLQJWKHFRJQLWLYHVWUXFWXUHRIFRQVXPHUVKROGVWKDWSURGXFW LQIRUPDWLRQLVUHWDLQHGLQPHPRU\DWVHYHUDOOHYHOVRIDEVWUDFWLRQ´=HLWKDPO 6 9JO+HUUPDQQ 6=DQROL1DVSHWWL 6 9JO5H\QROGV:KLWODUN 6II 9JO7DEHOOH$
,Q 8QWHUVXFKXQJHQ GLH GXUFK TXDOLWDWLYH 7LHIHQLQWHUYLHZV XQG GDV /DGGHULQJ9HUIDKUHQ HEHQ MHQHU 9HUELQGXQJ ]ZLVFKHQ JHVXQGKHLWVEH]RJHQHQ 0HDQV XQG (QGV LP /HEHQVPLW WHOEHUHLFK QDFKVSUHQ NDQQ DXIJH]HLJW ZHUGHQ GDVV .RQVXPHQWHQ HLQH GLUHNWH 9HUELQ GXQJYRQJHVXQGHQ/HEHQVPLWWHOQ]XJHVXQGKHLWVRULHQWLHUWHP.DXIYHUKDOWHQHEHQVR]LH KHQZLH]XGHQDXVGHP.DXIYHUKDOWHQUHVXOWLHUHQGHQSRVLWLYHQ.RQVHTXHQ]HQZLHSK\ VLVFKHP:RKOEHILQGHQRGHUODQJHPXQGJHVXQGHP/HEHQ,QVRIHUQOlVVWVLFKGHUGULWWH )DNWRUGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJGLHPLWGHP3URGXNWNDXIYHUEXQ GHQHQSK\VLVFKHQ:LUNXQJHQDXIMHQH0HDQV(QG.HWWH]XUFNIKUHQ 'HUYLHUWH)DNWRULVWQLFKWHLQGHXWLJHLQ]HOQHQLQIRUPDWLRQV|NRQRPLVFKHQ(LJHQVFKDIWV GLPHQVLRQHQ]X]XRUGQHQZHLOHU,QKDOWVVWRIIHNQVWOLFKH=XVDW]VWRIIHVRZLH)DUEXQG .RQVHUYLHUXQJVVWRIIH LQGHQ0LWWHOSXQNWVWHOOW'DGLHVHMHQDFKNRQNUHWHP,QKDOWVVWRII XQG $UWLNHO E]Z :DUHQJUXSSH VHLWHQV GHU .RQVXPHQWHQ LQ XQWHUVFKLHGOLFKHP $XVPD EHLP.DXIRGHUEHLGHU9HUZHQGXQJIHVWVWHOOEDUVLQGN|QQHQVLHQXUMHZHLOVLQ$EKlQ JLJNHLWYRPNRQNUHWHQ,QKDOWVVWRIIGHQREHQJHQDQQWHQ)DNWRUHQ]XJHZLHVHQZHUGHQ6R LVW EHLVSLHOVZHLVH GHU =XVDW]VWRIIJHKDOW HKHU DOV 9HUWUDXHQVHLJHQVFKDIW DQ]XVHKHQ GHU )DUEVWRIIJHKDOW KLQJHJHQDXIJUXQGRIWOHLFKW ZDKUQHKPEDUHU8QWHUVFKLHGHHKHUDOV(U IDKUXQJVHLJHQVFKDIW(VLVWGDKHULQHLQHPZDUHQJUXSSHQEHUJUHLIHQGHQ8QWHUVXFKXQJV NRQWH[WYRQHLQHUJHULQJHQ6WDELOLWlWGLHVHV)DNWRUVDXV]XJHKHQ'DV(UJHEQLVGHULQKDOW OLFKHQ ,QWHUSUHWDWLRQ GHU YLHU )DNWRUHQ GHV .RQVWUXNWV ÅZDKUJHQRPPHQH *HVXQGKHLWV SURILOLHUXQJ´NDQQ$EELOGXQJ&HQWQRPPHQZHUGHQ
Faktor 2: Sucheigenschaften
Faktor 1: Vertrauenseigenschaften
Gesundheitsprofilierung
Faktor 3: Physische Wirkungen
Faktor 4: Inhaltsstoffe
$EELOGXQJ& )DNWRUVWUXNWXUGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´ 9JO=DQROL1DVSHWWL 6I
2IIHQ EOHLEW GLH )UDJH GHU .RQVWUXNWVSH]LILNDWLRQ DOV UHIOH[LYHV RGHU IRUPDWLYHV .RQ VWUXNW 'LH ,QGLNDWRUHEHQH LVW DXIJUXQG GHU GXUFKJHIKUWHQ 6NDOHQSXULILNDWLRQVSUR]HVVH ZHLWHUKLQ DOV UHIOH[LY DXI]XIDVVHQ (LQH hEHUVLFKW EHU GLH 6SH]LILNDWLRQVDOWHUQDWLYHQ EHL .RQVWUXNWHQ]ZHLWHU2UGQXQJYHUPLWWHOW$EELOGXQJ& Typ I: 1. Ordnung reflexiv, 2. Ordnung reflexiv
Dimension 2
…
Konstrukt
Dimension n
Dimension 1
Indikator 2 Indikator 3
Konstrukt Indikator 4
Dimension 2
…
Dimension 1
Typ II: 1. Ordnung reflexiv, 2. Ordnung formativ
Indikator 1
Indikator 5
Dimension n
Indikator 6 Indikator 7
Dimension n
Indikator 3 Indikator 4 Indikator 5 Indikator 6
Typ IV: 1. Ordnung formativ, 2. Ordnung formativ
Indikator 1
Dimension 1
Indikator 2 Indikator 3
Konstrukt Indikator 4
Dimension 2
…
Dimension 2
…
Konstrukt
Indikator 2
Indikator 7
Typ IV: 1. Ordnung formativ, 2. Ordnung reflexiv
Dimension 1
Indikator 1
Indikator 5
Dimension n
Indikator 6 Indikator 7
Indikator 1 Indikator 2 Indikator 3 Indikator 4 Indikator 5 Indikator 6 Indikator 7
+LQZHLV$XV*UQGHQGHUhEHUVLFKWOLFKNHLWZXUGHQ)HKOHUWHUPHQLFKWDXVJHZLHVHQ 4XHOOH-DYLVHWDO 6
$EELOGXQJ& (LQHhEHUVLFKWEHUGLH6SH]LILNDWLRQVDOWHUQDWLYHQYRQ0HVVPRGHOOHQ]ZHLWHU2UG QXQJ 'LH(QWVFKHLGXQJREHLQHUHIOH[LYHRGHUIRUPDWLYH6SH]LILNDWLRQDXIGHU)DNWRUHQHEHQH DQJHUDWHQHUVFKHLQWGKRELQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJHLQ.RQ VWUXNWGHV7\SV,RGHU,,YRUOLHJWOlVVWVLFKDXIHLQH5HLKHYRQ+HXULVWLNHQ]XU(QWVFKHL GXQJEHUGLHJHHLJQHWH6SH]LILNDWLRQVDUWVWW]HQ(UVWHQVNDQQGD]XDXIGLH(PSIHKOXQ
JHQ YRQ ([SHUWHQ ]XUFNJHJULIIHQ ZHUGHQ =ZHLWHQV N|QQHQ .DWDORJH YRQ )UDJHVWHO OXQJHQGLHVXEMHNWLYH(QWVFKHLGXQJGHV)RUVFKHUVOHQNHQ'ULWWHQVVLQG9HUIDKUHQGHU VWDWLVWLVFKJHVWW]WHQ6SH]LILNDWLRQVSUIXQJ]%GHU7HWUDG7HVW]XQHQQHQGHUDQKDQG YRQ'LIIHUHQ]HQYRQ3URGXNWHQGHU.RYDULDQ]HQSUIHQVROOREHLQ0HVVPRGHOOUHIOH[LY VSH]LIL]LHUWVHLQPVVWH 9RUGHP+LQWHUJUXQGGHULQKDOWOLFKHQ9DOLGLWlWGHUDXILKQHQEDVLHUHQGHQ6SH]LILNDWLRQV HQWVFKHLGXQJ VLQG GLH HUVWHQ EHLGHQ 9HUIDKUHQ DOV SUREOHPDWLVFK DQ]XVHKHQ ÅZHLO YLHOH (LQVWHOOXQJV .RQVWUXNWHMHQDFK.RQWH[WVRZRKOIRUPDWLYDOVDXFKUHIOH[LYVSH]LIL]LHU EDU VLQG´ 'DV JHQDQQWH 9HUIDKUHQ ]XU VWDWLVWLVFKHQ 8QWHUVWW]XQJ GHU 6SH]LILNDWLRQV HQWVFKHLGXQJ VFKHLQW LP YRUOLHJHQGHQ )DOO HEHQIDOOV QLFKW ]LHOIKUHQG ZHLO VLFK GLHVHV DXVVFKOLHOLFKDXIGLH,QGLNDWRUHQHEHQHEH]LHKWXQGQLFKWRKQHZHLWHUHVDXIGLH)DNWRUHQ HEHQHEHUWUDJHQOlVVW 'DVLFKGDUEHUKLQDXVDXFKGLH)UDJHVWHOOWZLHEHLHLQHU(QWVFKHLGXQJ]XJXQVWHQHLQHU IRUPDWLYHQ6SH]LILNDWLRQZHLWHUYHUIDKUHQZHUGHQVROOWHGD.RQVWUXNWH]ZHLWHU2UGQXQJ PLWHLQHUIRUPDWLYHQ6SH]LILNDWLRQDXIGHU)DNWRUHQHEHQHÅELVKHUQXULQ$XVQDKPHIlOOHQ DQJHZDQGW ZXUGHQ´ ZLUG HLQ GXDOHU $QVDW] JHZlKOW $XIJUXQG GHU JHVFKLOGHUWHQ VFKOHFKWHQ %HIXQGODJH ]XU %DVLHUXQJ GHU 6SH]LILNDWLRQVHQWVFKHLGXQJ ZLUG LQ GHU YRUOLH JHQGHQ $UEHLW ]XQlFKVW GDYRQ DXVJHJDQJHQ GDVV GDV .RQVWUXNW JHPl GHP EOLFKHQ 9RUJHKHQLQlKQOLFKJHODJHUWHQ6WXGLHQUHIOH[LY]XVSH]LIL]LHUHQXQGGHQEOLFKHQ*WH SUIXQJHQIUUHIOH[LYH.RQVWUXNWH]XXQWHU]LHKHQVHL$QKDQGHLQHV0HWKRGHQYHUJOHLFKV LQ$EVFKQLWW)ZLUGGDQQH[HPSODULVFK JHSUIWZHUGHQZHOFKHQ(LQIOXVVGLHVH(QW VFKHLGXQJ]XJXQVWHQHLQHUGXUFKJlQJLJUHIOH[LYHQ2SHUDWLRQDOLVLHUXQJDXIGLH(UJHEQLVVH GHU8QWHUVXFKXQJKDW 9JO5RVVLWHU 6 9JO-DUYLVHWDO 6 9JO%ROOHQ7LQJ 6II %LQGHU(EHUO 6 $OEHUV*|W] 6
' 'LH WKHRULHJHOHLWHWH 0RGHOOHQWZLFNOXQJ ]XU $QDO\VH GHU 'HWHUPL QDQWHQ XQG (UIROJVZLUNXQJHQ HLQHU *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ =LHOGHVIROJHQGHQ.DSLWHOVLVWHVHLQWKHRULHEDVLHUWHVXQGHLQHUHPSLULVFKHQhEHUSUIXQJ ]XJlQJOLFKHV 0RGHOO ]X HQWZLFNHOQ ZHOFKHV P|JOLFKH PDUNHQSROLWLVFKH (LQIOXVVJU|HQ VRZLH HUIROJVUHOHYDQWH .RQVHTXHQ]HQ GHU LQ $EVFKQLWW & PHVVEDU JHPDFKWHQ ÅZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ´ EHLQKDOWHW 8P HLQ )XQGDPHQW ]XP $XIEDX HLQHV 8QWHUVXFKXQJVPRGHOOV]XHUKDOWHQLVW]XQlFKVWLQ$EVFKQLWW'GHU3UREOHPO|VXQJVEHL WUDJGHU9HUKDOWHQVZLVVHQVFKDIWHQLQVEHVRQGHUHGHU.DXIYHUKDOWHQVIRUVFKXQJ]XU6WUXN WXULHUXQJGHV)RUVFKXQJVPRGHOOVKHUYRU]XKHEHQ (VHUIROJWGDQQQDFK3UIXQJGHU(LJQXQJGHUÅZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLH UXQJ´DOV9HUKDOWHQVSUlGLNWRU$EVFKQLWW' GLH6SH]LILNDWLRQGHU=LHOJU|HQGHV)RU VFKXQJVPRGHOOV $EVFKQLWW ' XQG ' EHYRU GDQQ LQ $EVFKQLWW ' P|JOLFKH (LQ IOXVVIDNWRUHQXQGLKUHMHZHLOLJHQ%H]JH ]XUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ GLVNXWLHUWZHUGHQ8PGLH%H]JH]XXQWHUPDXHUQZHUGHQGDEHLMHZHLOVHLQVFKOlJLJH(U JHEQLVVHEHVWHKHQGHU)RUVFKXQJKHUDQJH]RJHQJJIDXFKNULWLVFKEHOHXFKWHWVRZLHMHZHLOV DEVFKOLHHQG DXI LKUHQ 3UREOHPO|VXQJVEHLWUDJ KLQ EHZHUWHW 'LH VR JHZRQQHQHQ (U NHQQWQLVVHZHUGHQ]X)RUVFKXQJVK\SRWKHVHQYHUGLFKWHWXQGLQGDV+\SRWKHVHQV\VWHP]X (LQIOXVVJU|HQ XQG (UIROJVZLUNXQJHQ HLQHU *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ LQWHJULHUW
(LQYHUKDOWHQVZLVVHQVFKDIWOLFKEDVLHUWHV)RUVFKXQJVPRGHOO]XUJHVXQGKHLWV SURILOLHUHQGHQ0DUNHQSROLWLN
'LH1RWZHQGLJNHLWXQGGLH*HIDKUHQHLQHVWKHRUHWLVFKHQ3OXUDOLVPXV %HLPhEHUEOLFNEHUGHQ6WDWXVTXRGHU)RUVFKXQJ]X'LPHQVLRQHQGHU0DUNHQSURILOLH UXQJ LVW IHVW]XVWHOOHQ GDVV HV VLFK EHL JHVXQGKHLWVEH]RJHQHU 0DUNHQSURILOLHUXQJ XP HLQ YHUJOHLFKVZHLVH QHXDUWLJHV 8QWHUVXFKXQJVIHOG KDQGHOW $QJHVLFKWV GHVVHQ LVW HV QLFKW YHUZXQGHUOLFKGDVVGHUZLVVHQVFKDIWOLFKH(UNHQQWQLVSUR]HVVLQGLHVHP*HELHWZDVHLQH 9JO$EVFKQLWW$GHUYRUOLHJHQGHQ$UEHLW
JHVXQGKHLWVEH]RJHQH3URILOLHUXQJDQEHWULIIWQRFKQLFKWVHKUZHLWIRUWJHVFKULWWHQVFKHLQW 'LH %HVFKlIWLJXQJ PLW GLHVHP 3KlQRPHQ XQG VHLQHQ %H]LHKXQJHQ ]X (LQIOXVVIDNWRUHQ XQG (UIROJVZLUNXQJHQ VWHOOW GDKHU HLQH EHVRQGHUH IRUVFKHULVFKH +HUDXVIRUGHUXQJ GDU $QJHVLFKWVGLHVHU$XVJDQJVVLWXDWLRQOLHJWHVQDKHQDFK(UNOlUXQJVDQVlW]HQ]XVXFKHQGLH VLFK LQ lKQOLFKHQ MHGRFK SULQ]LSLHOO YHUJOHLFKEDUHQ 8QWHUVXFKXQJV]XVDPPHQKlQJHQ EH ZlKUW KDEHQ XP GLHVH GDQQ JJI HQWVSUHFKHQG PRGLIL]LHUW DXI GHQ YRUOLHJHQGHQ =X VDPPHQKDQJDQ]XZHQGHQ %HVFKUHLWHQ )RUVFKHU HLQHQ VROFKHUPDHQ ]X VNL]]LHUHQGHQ XQG KLHU DXV GHQ JHQDQQWHQ *UQGHQDOVQRWZHQGLJHUDFKWHWHQSRVLWLYLVWLVFKHQ:HJGHVWKHRULHSOXUDOLVWLVFKHQ$QVDW ]HV VHKHQ VLH VLFK MHGRFK ]XJOHLFK ² XQG GLHV PDQFKPDO JDU ]X 5HFKW ² GHP 9RUZXUI DXVJHVHW]WVLHEHWULHEHQQDLYHQXQGREHUIOlFKOLFKHQ(PSLULVPXVZHQQVLH$QOHLKHQEHL YHUVFKLHGHQHQ7KHRULHQRGHU:LVVHQVFKDIWVEHUHLFKHQQHKPHQ8PGLHVHP(LQZDQGIU GLHYRUOLHJHQGH$UEHLWEHJHJQHQ]XN|QQHQZXUGHQIUGLH$XVZDKOXQWHUVXFKWHU7KHR ULHQ.RQ]HSWHXQG.RQVWUXNWHIROJHQGH/HLWOLQLHQIHVWJHOHJW (UVWHQV PVVHQ HLQEH]RJHQH .RQVWUXNWH LQ GHU ZLVVHQVFKDIWOLFKHQ /LWHUDWXU DXI %DVLVYRQ7KHRULHQ0RGHOOHQRGHUNRQ]HSWLRQHOOHQhEHUOHJXQJHQDXVGHQ9HUKDO WHQVZLVVHQVFKDIWHQ IXQGLHUW VHLQ ZHLO GDV YHUKDOWHQVZLVVHQVFKDIWOLFKH 7KHRULHJH ElXGHGDUDXIDE]LHOWDOV5HDOZLVVHQVFKDIWPHQVFKOLFKHV+DQGHOQKLHULQVEHVRQGH UHGDVYRQ.RQVXPHQWHQ ]XEHVFKUHLEHQXQG]XHUNOlUHQ =ZHLWHQVPVVHQVLHIUGHQLQ$EVFKQLWW$XPULVVHQHQ.RQWH[WXQGGDV(U UHLFKHQGHULQ$EVFKQLWW$GLHVHU$UEHLWGDUJHVWHOOWHQ=LHOVHW]XQJHQYRQEHVRQ GHUHU5HOHYDQ]VHLQ 'LHVH9RUJHKHQVZHLVHGHU)ODQNLHUXQJGHV7KHRULH6XFKDOJRULWKPXVYHUVWHKWVLFKLQGHU 7UDGLWLRQGHVNULWLVFKHQ5DWLRQDOLVPXVQDFK3RSSHUVRZLHGHVGDUDXIEDVLHUHQGHQ)DOVLIL NDWLRQLVPXVXQG²ZLHEHUHLWVHLQJDQJVGLHVHV.DSLWHOVHUOlXWHUW²DXFKGHV7KHRULHSOX UDOLVPXV'LHVHGUHL:LVVHQVFKDIWVDXIIDVVXQJHQN|QQHQLQVRIHUQDOVXQWHUHLQDQGHUYHU WUlJOLFKDQJHVHKHQZHUGHQDOVVLHVLFKDOOHVDPWYRQGHUNODVVLVFKHQDQWLNHQDULVWRWHOLVFKHQ 'HILQLWLRQGHV:LVVHQVDEZHQGHQZRQDFKQXUGDQQ:LVVHQEHVWQGHZHQQ*UQGHGD
9JO/LQJHQIHOGHU 6/DXHU 6XQG:LHVHNH 6 9JO ]X ZHLWHUHQ $XVIKUXQJHQ KLQVLFKWOLFK GLHVHU 9RUJHKHQVZHLVH ]% /DXHU VRZLH %|LQJ 9JO3RSSHU 6II 9JO/DNDWRV 9JO)H\HUDEHQG
IUEHNDQQWVHLHQZDUXPHWZDVVRVHLZLHHVVHLXQGGDPLW*HZLVVKHLWKHUUVFKHGDVVHV QLFKWDQGHUVVHLQN|QQH 6LHXQWHUVFKHLGHQVLFKYRQHLQDQGHUMHGRFKLQGHU+HUDQJHKHQVZHLVH,PNULWLVFKHQ5DWLR QDOLVPXVWULWWDQGLH6WHOOHGLHVHVDEVROXWHQ:LVVHQVGXUFKXQPLWWHOEDUH(UNHQQWQLVRGHU ORJLVFKH6FKOXVVIROJHUXQJGDVK\SRWKHWLVFKHRGHUNRQMHNWXUDOH:LVVHQ'HU/RJLNDOV,Q VWUXPHQW]XP(UNHQQWQLVJHZLQQGHU:LVVHQVFKDIWHQZLUGGDEHLQLFKWPHKUDXIJHEUGHW IU XQXPVW|OLFKH %HJUQGXQJHQ ]X VRUJHQ VRQGHUQ VLH ZLUG YLHOPHKU LKUHUVHLWV DOV :HUN]HXJGHU.ULWLNHLQJHVHW]W'HU$N]HQWOLHJWKLHUDXIGHU)RUGHUXQJQDFKHLQHUSULQ ]LSLHOOHQ:LGHUOHJEDUNHLWYRQ$XVVDJHQE]Z+\SRWKHVHQÅDQGLH6WHOOHGHVWKHRUHWLVFKHQ 0RQLVPXVWULWWGDKHUHLQWKHRUHWLVFKHU3OXUDOLVPXVGHQQZHQQHVQLHPDOVVLFKHULVWGDVV HLQH EHVWLPPWH 3UREOHPO|VXQJ ZDKU LVW GDQQ ORKQW HV VLFK QDFK $OWHUQDWLYHQ ]X VX FKHQ´ *OHLFKZRKO ZHLVW DXFK GHU NULWLVFKH 5DWLRQDOLVPXV JHZLVVH 'HIL]LWH DXI GLH ]ZDU GLH JUXQGVlW]OLFKH(LJQXQJGLHVHV$QVDW]HVQLFKWLQ$EUHGHVWHOOHQLKQMHGRFKLQ%H]XJDXI GLHLQGLHVHU$UEHLWEHKDQGHOWH3UREOHPDWLNHUJlQ]XQJVEHGUIWLJHUVFKHLQHQODVVHQ$OV GHIL]LWlU LQVEHVRQGHUH LP .RQWH[W VR]LDOZLVVHQVFKDIWOLFKHU )RUVFKXQJ ZLUG RIW GLH IHK OHQGH0|JOLFKNHLWGHVNULWLVFKHQ5DWLRQDOLVPXVDQJHVHKHQ0HVVIHKOHU]X]XODVVHQ:HLOLQ VR]LDOZLVVHQVFKDIWOLFKHQ =XVDPPHQKlQJHQ GLH XQWHUVXFKWHQ .DXVDO]XVDPPHQKlQJH XQ ZHLJHUOLFKPLWLQGHU8QWHUVXFKXQJQLFKWNRQWUROOLHUWHQE]ZLQLKUHU6XPPHQLFKWNRQ WUROOLHUEDUHQ .RQWH[WIDNWRUHQ LQ =XVDPPHQKDQJ VWHKHQ VLQG 0HVVIHKOHU KLHU XQDXV ZHLFKOLFK.RQWH[WIDNWRUHQYHU]HUUHQGLH(UJHEQLVVHHLQHV+\SRWKHVHQWHVWV]ZDQJVOlXILJ XQGIKUHQGD]XGDVV+\SRWKHVHQWHVWVQLHPDOV]ZHLIHOVIUHLVHLQN|QQHQ $OVSUREOHPDWLVFKJLOWGHUNULWLVFKH5DWLRQDOLVPXVMHGRFKDXFKLQHLQHU]ZHLWHQ+LQVLFKW XQG GLHVH ZLUG LQVEHVRQGHUH PLW %OLFN DXI GLH LP 5DKPHQ GHU YRUOLHJHQGHQ $UEHLW YHU IROJWHQ)RUVFKXQJV]LHOHEHVRQGHUVYLUXOHQWZHLO7HLOJHELHWHXQGH[LVWHQWH3KlQRPHQHGHV )RUVFKXQJVNRQWH[WHV ZLH LQ $EVFKQLWW $ DXIJH]HLJW QLFKW KLQUHLFKHQG WKHRUHWLVFK GXUFKGUXQJHQVLQGXQGGDKHUHLQHH[SORUDWLYH8QWHUVXFKXQJE]ZHLQHLQGXNWLYH9RUJH KHQVZHLVH HUIRUGHUOLFK LVW 'HVKDOE VLHKW VLFK GDV 9HUIDKUHQ GHU YRUOLHJHQGHQ $UEHLW QHEHQ GHP NULWLVFKHQ 5DWLRQDOLVPXV GHU 7UDGLWLRQ GHV YRQ /HSOLQ XQG +XQW JHSUlJWHQ ZLVVHQVFKDIWOLFKHQ 5HDOLVPXV YHUSIOLFKWHW GHU LP *HJHQVDW] ]XP NULWLVFKHQ 5DWLRQDOLV PXVHLQHEUHLWHUHLQGXNWLYH6LFKWZHLVH]XOlVVWXQGGRFKEHLHLQHPSRVLWLYHQGKEHVWlWL 9JO$OEHUW 6 $OEHUW 6 9JO+RPEXUJ 6 9JO+RPEXUJ 6 9JO%UDXQVWHLQ 6
JHQGHQ $XVJDQJGHU+\SRWKHVHQSUIXQJNHLQHXQXPVW|OLFKHQ:DKUKHLWHQSRVWXOLHUW 'LHVEHGHXWHWGDVVEHLHLQHUZLHGHUKROWHQ%HVWlWLJXQJYRQ+\SRWKHVHQLQXQWHUVFKLHGOL FKHQ =XVDPPHQKlQJHQ VLFK GLH :LVVHQVFKDIW GHU :DKUKHLW VWHWV VFKULWWZHLVH DQQlKHUW RKQHVLHMHGRFKMHPDOVYROOHQGVHUUHLFKHQ]XN|QQHQ $QGLHVHV9HUVWlQGQLVYRQ:LVVHQVFKDIWXQGGLHJHQDQQWHQ.ULWHULHQDQNQSIHQGVROOHQ GDKHULP5DKPHQGHV$XIEDXVGHV)RUVFKXQJVPRGHOOVEHVWHKHQGHWKHRUHWLVFKH.RQ]HS WHDXIJHJULIIHQZHUGHQZHOFKHLP+LQEOLFNDXIGLHDQJHVWUHEWHQ)RUVFKXQJV]LHOHDOV JH HLJQHW HUVFKHLQHQ XQG JHJHEHQHQIDOOV H[SORUDWLY HUJlQ]W ZHUGHQ 'D HV ² ZLH EHUHLWV LQ $EVFKQLWW$DXVJHIKUW²LPXQPLWWHOEDUHQ=XVDPPHQKDQJ]XU7KHPDWLNGHU'HWHUPL QDQWHQXQG)ROJHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDXIJUXQGGHU 1HXDU WLJNHLWGLHVHV)RUVFKXQJVIHOGHVELVODQJNHLQHJHHLJQHWHQXPIDVVHQGHQXQGDOOHMHQH%HUHL FKH JOHLFKHUPDHQ DEGHFNHQGHQ WKHRULHEDVLHUWHQ (UNOlUXQJVPRGHOOH JLEW LVW HV QRWZHQ GLJ XQWHU GHQ EHVFKULHEHQHQ 5DKPHQEHGLQJXQJHQ (UNOlUXQJVDQVlW]H DXI]XJUHLIHQ GLH VLFKLQlKQOLFKJHODJHUWHQ)UDJHVWHOOXQJHQEHZlKUWKDEHQ'XUFKHLQHQLGHDOHUZHLVHNRP SOHPHQWlUHQ%HLWUDJVROFKHUYHUVFKLHGHQDUWLJHU$QVlW]HXQGGHUHQHQWVSUHFKHQGPRGLIL ]LHUWH$QZHQGXQJDXIGHQYRUOLHJHQGHQ8QWHUVXFKXQJVNRQWH[WVROOVR]XHLQHUJHVFKORV VHQHQ$UJXPHQWDWLRQVEDVLVJHIXQGHQZHUGHQ 'LH+HUOHLWXQJHLQHVNRQ]HSWLRQHOOHQ%H]XJVUDKPHQVIUGDV8QWHUVXFKXQJVPRGHOO $QJHVLFKWVGHU6LWXDWLRQGHUVLFK0DUNHQDUWLNHODQELHWHUGHU]HLWDXVJHVHW]WVHKHQLVWHV HLQZLFKWLJHV=LHOGHV0DUNHQPDQDJHPHQWVYRQ/HEHQVPLWWHOKHUVWHOOHUQGXUFKHLQHYHU VWlUNWH*HVXQGKHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQGDV.DXIYHUKDOWHQYRQ.RQVXPHQWHQ PLWWHOV JH]LHOWHU 0DUNHWLQJPDQDKPHQ SRVLWLY ]X EHHLQIOXVVHQ XP LKUH |NRQRPLVFKHQ 8QWHUQHKPHQV]LHOH EHVVHU HUIOOHQ ]X N|QQHQ 'LHVH =LHOVHW]XQJ EHUKUW XQPLWWHOEDU GDV .RQVXPHQWHQYHUKDOWHQ DOVR GLH Å+DQGOXQJHQ YRQ ,QGLYLGXHQ LP =XVDPPHQKDQJ PLWGHP.DXIRGHU.RQVXPZLUWVFKDIWOLFKHU*WHU´ 'HU GDPLW NRUUHVSRQGLHUHQGH )RUVFKXQJVVWUDQJ GLH .DXIYHUKDOWHQVIRUVFKXQJ LQWHJULHUW DOV LQWHUGLV]LSOLQlUH :LVVHQVFKDIW (OHPHQWH GHU 3V\FKRORJLH GHU 6R]LRORJLH GHU ELRORJL VFKHQ 9HUKDOWHQVIRUVFKXQJ XQG GHV 0DUNHWLQJ 'DEHL ZLUG LP +LQEOLFN DXI /HW]WHUHV 9JO/HSOLQ 6 9JO%UDXQVWHLQ 6 9JOXD)ULW] 6II 9JO$EVFKQLWW$ +RPEXUJ.URKPHU 6 9JO+RPEXUJ.URKPHU 6
GLH $XVVDJH JHWURIIHQ GDVV VLFK GHU %H]XJ ]ZLVFKHQ 0DUNHWLQJPDQDKPHQ XQG =LHOHQ GHU0DUNHQIKUXQJVWHLJHUQOLHHZHQQEHLGHU%HHLQIOXVVXQJGHV9HUKDOWHQVYRQ.RQ VXPHQWHQ LQ JHHLJQHWHU :HLVH GK V\VWHPDWLVFK DXI YHUKDOWHQVZLVVHQVFKDIWOLFKHQ 0R GHOOHQDXIJHEDXWZHUGH 'DEHL ODVVHQ VLFK ]ZHL 0RGHOODUWHQ XQWHUVFKHLGHQ 6R ZLUG ]XP %HLVSLHO HLQHUVHLWV IUK GDVEHREDFKWEDUH.DXIYHUKDOWHQDOV5HDNWLRQDXI0DUNHWLQJPDQDKPHQIRNXVVLHUW65 0RGHOOH DQGHUHUVHLWVZHUGHQVSlWHUDEHUDXFK]XVlW]OLFKGLHQLFKWEHREDFKWEDUHQNDXI YHUKDOWHQVUHOHYDQWHQ 3UR]HVVH HLQEH]RJHQ 6250RGHOOH XP GDV .DXIYHUKDOWHQ YRQ .RQVXPHQWHQ QLFKW QXU ]X EHREDFKWHQ VRQGHUQ GLHVHV DXFK YHUVWHKHQ XQG HUNOlUHQ ]X N|QQHQ ,Q 6250RGHOOHQ ZLUG GDV .DXI XQG .RQVXP 9HUKDOWHQ YRQ ,QGLYLGXHQ 5HVSRQVH DXI YHUERUJHQH SV\FKLVFKH 3UR]HVVH LP .RQVXPHQWHQ2UJDQLVPXV 2UJDQLVP ]XUFNJH IKUW ZHOFKH ZLHGHUXP GXUFK HLQZLUNHQGH 6WLPXOL DXV GHU .RQVXPHQWHQXPZHOW GHWHU PLQLHUW ZHUGHQ YJO $EELOGXQJ ' 'LHVH 0RGHOODUW VWHOOW GXUFK GLH $XIQDKPH QLFKW EHREDFKWEDUHU3UR]HVVHHLQHQHREHKDYLRULVWLVFKH:HLWHUHQWZLFNOXQJGHU650RGHOOHGDU XQG ELHWHW GDGXUFK HLQHQ DGlTXDWHQ %H]XJVUDKPHQ LP =XJH GHU YRUOLHJHQGHQ 8QWHUVX FKXQJ ,Q GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DOV REMHNWEH]RJHQHU (LQVWHO OXQJ LVW HLQH VROFKH QLFKW EHREDFKWEDUH GDV .RQVXPHQWHQYHUKDOWHQ MHGRFK ]XPLQGHVW SRWHQWLHOOEHHLQIOXVVHQGH*U|H]XVHKHQ
Stimulus S Umweltstimulus
Anbieterstimulus
Organism O aktivierende Prozesse
kognitive Prozesse
Response R Kauf/ Nichtkauf
Wechsel der Einkaufsstätte
4XHOOH,Q$QOHKQXQJDQ+RPEXUJ.URKPHU 6
$EELOGXQJ' 'DV*UXQGNRQ]HSWYRQ6WLPXOXV2UJDQLVP5HVSRQVH0RGHOOHQLQGHU.DXIYHUKDO WHQVIRUVFKXQJPLWEHLVSLHOKDIWHQ$XVSUlJXQJHQ ,P +LQEOLFN DXI GLH )RUVFKXQJV]LHOH GHU $UEHLW VROOHQ LP 8QWHUVXFKXQJVPRGHOO GLH %H ]LHKXQJHQ ]ZLVFKHQ DQELHWHUVHLWLJHQ 6WLPXOL QDFKIUDJHUVHLWLJHQ (LQVWHOOXQJHQ XQG GHQ 9JO(VFK:LFNH 6 9JO.URHEHU5LHO 6SIDXVIKUOLFK]XP%HJULIIGHU65XQG6250RGHOOHYJO%|FNHU 6I
GDUDXVUHVXOWLHUHQGHQ.DXIYHUKDOWHQVYDULDEOHQIRNXVVLHUWZHUGHQ=XP$XIEDXHLQHVVRO FKHQ0RGHOOVLVWGDV*UXQGNRQ]HSWYHUKDOWHQVZLVVHQVFKDIWOLFKHU6250RGHOOHDXIGDV ]XJUXQGHOLHJHQGH)RUVFKXQJVIHOGKLQ]XVSH]LIL]LHUHQ(VZHUGHQLQHLQHPHUVWHQ6FKULWW UHOHYDQWH 5HVSRQVH XQG 6WLPXOXV.RQVWUXNWH LGHQWLIL]LHUW XP DQVFKOLHHQG +\SRWKHVHQ EHULKUHMHZHLOLJHQ%H]LHKXQJHQ]XUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDOVRE MHNWEH]RJHQHU(LQVWHOOXQJXQGGDPLW]HQWUDOHU2UJDQLVP*U|HGLHVHU8QWHUVXFKXQJDE]X OHLWHQ 'LH DXI .RQVXPHQWHQ HLQZLUNHQGHQ NDXIYHUKDOWHQVUHOHYDQWHQ 6WLPXOL ZHUGHQ EOLFKHU ZHLVHLQ]ZHL*UXSSHQHLQJHWHLOW+LHUEHLZHUGHQGLH8PZHOWRGHU8PIHOGVWLPXOL]X GHQHQ EHLVSLHOVZHLVH NRQMXQNWXUHOOH WHFKQRORJLVFKH SROLWLVFKH RGHU NXOWXUHOOH 5DKPHQ EHGLQJXQJHQGHVLP)RNXVVWHKHQGHQ.DXIYHUKDOWHQV]X]lKOHQVLQGYRQGHQNRQNUHW DQELHWHUVHLWLJJHVHW]WHQ0DUNHWLQJVWLPXOLZLHVLHYRUDOOHPLQGHU3URGXNW3UHLV'LVWUL EXWLRQV VRZLH .RPPXQLNDWLRQVSROLWLN $QZHQGXQJ ILQGHQ XQWHUVFKLHGHQ :LFKWLJH DQ ELHWHUVHLWLJXQPLWWHOEDU EHHLQIOXVVEDUH6WLPXOLZHUGHQLQ$EVFKQLWW'XQWHUGHU)UDJH VWHOOXQJ LQZLHZHLW GXUFK VLH GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ EHHLQIOXVVW ZLUGHLQJHKHQGWKHPDWLVLHUW $OV 5HVSRQVH*U|HQ LP 5DKPHQ GHV 8QWHUVXFKXQJVPRGHOOV NRPPHQ YRUUDQJLJ VROFKH PDUNHQSROLWLVFKHQ =LHOJU|HQ LQ %HWUDFKW GLH GLH ODQJIULVWLJH (IIHNWLYLWlW XQG (IIL]LHQ] HLQHUJHVXQGKHLWVSURILOLHUWHQ0DUNHQSROLWLNDXV8QWHUQHKPHQVVLFKWDE]XELOGHQYHUP|JHQ 6LHILQGHQLQ$EVFKQLWW'%HDFKWXQJGLH%H]JH]XUZDKUJHQRPPHQHQ*HVXQGKHLWV SURILOLHUXQJZHUGHQLQ$EVFKQLWW'HQWVSUHFKHQGIXQGLHUW
'LH (LJQXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DOV 9HUKDO WHQVSUlGLNWRU
(LQhEHUEOLFNEHUZLVVHQVFKDIWOLFKH(UNHQQWQLVVH]X'HWHUPLQDQWHQGHV.RQVXPHQWHQ YHUKDOWHQV ]HLJW GDVV GHU (LQVWHOOXQJ HLQHV .RQVXPHQWHQ DOV 9RUOlXIHU GHV 9HUKDOWHQV E]Z GHU 9HUKDOWHQVLQWHQWLRQ VHLW JHUDXPHU =HLW HLQH EHVRQGHUH 6WHOOXQJ HLQJHUlXPW
9JO$EELOGXQJ' 'DGLHVHDXVGHU3HUVSHNWLYHHLQHV$QELHWHUVJHVXQGKHLWVSURILOLHUWHU/HEHQVPLWWHONDXP]XEHHLQIOXV VHQVHLQGUIWHQVLQGVLHLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJDXV]XNODPPHUQ $XIJUXQGGHU7DWVDFKHGDVVPRQHWlUH=LHOJU|HQVHLWHQVGHU.RRSHUDWLRQVSDUWQHUQLFKW]XU9HUI JXQJJHVWHOOWZHUGHQNRQQWHQPXVVDXIHQWVSUHFKHQGH9RUOlXIHUNRQVWUXNWH]XUFNJHJULIIHQZHUGHQ
ZLUG *OHLFKZRKO GDUI GXUFK GLHVHQ %HIXQG QLFKW DXHU $FKW JHODVVHQ ZHUGHQ GDVV DXFKDQGHUH*U|HQHLQHQZLFKWLJHQ%HLWUDJ]XU(UNOlUXQJNDXIYHUKDOWHQVQDKHU*U|HQ OLHIHUQN|QQHQ$QYRUGHUVWHU6WHOOHVHLGLHLQGHU7KHRULHGHVEHUOHJWHQ+DQGHOQVHQW KDOWHQHVXEMHNWLYH1RUPJHQDQQWGLHGHQ(LQIOXVVGHUIUGLHKDQGHOQGH3HUVRQZLFKWL JHQ%H]XJVJUXSSHQGHUVR]LDOHQ8PZHOWDXIGDV9HUKDOWHQDEELOGHW (LQH)RNXVVLHUXQJGHV)RUVFKXQJVPRGHOOVDXIHLQHREMHNWEH]RJHQH(LQVWHOOXQJOlVVWVLFK MHGRFKGHVKDOEYHUDQWZRUWHQZHLOGHU(LQIOXVVGHU(LQVWHOOXQJDXI9HUKDOWHQVJU|HQHP SLULVFK LP .RQWH[W GHU YRUOLHJHQGHQ $UEHLW ZHLWDXV JU|HU ]X VHLQ VFKHLQW DOV GHUMHQLJH GHU VXEMHNWLYHQ 1RUP %HJUQGHW ZHUGHQ NDQQ GLH YHUJOHLFKVZHLVH JHULQJH %HGHXWXQJ GHUVXEMHNWLYHQ1RUPGDPLWGDVVPLWJHVXQGKHLWVSURILOLHUWHQ/HEHQVPLWWHOQLQHUVWHU/L QLH %HGUIQLVVH GLH VLFK DXI GLH HLJHQH 3HUVRQ EH]LHKHQ ,FK%HGUIQLVVH LP 9RUGHU JUXQG VWHKHQ 'LH REMHNWLYH 1RUP KLQJHJHQ ELOGHW GHQ (LQIOXVV UHOHYDQWHU %H]XJVJUXS SHQDEXQGVSLHOWGDKHULQHUVWHU/LQHEHLGHU%HIULHGLJXQJVR]LDOHU%HGUIQLVVHXQGGHU (UNOlUXQJHLQHUGDUDXVHUZDFKVHQGHQ9HUKDOWHQVLQWHQWLRQHLQH5ROOH 'LH6SH]LILWlWGHU(LQVWHOOXQJV9HUKDOWHQV%H]LHKXQJ 'HU=XVDPPHQKDQJ]ZLVFKHQ.RQVXPHQWHQYHUKDOWHQXQGGHU]XJUXQGHOLHJHQGHQ(LQ VWHOOXQJKDWDOV(LQVWHOOXQJV9HUKDOWHQV+\SRWKHVHHLQHQIHVWHQ3ODW]LQGHUZLVVHQVFKDIW OLFKHQ0DUNHWLQJXQG0DUNHQPDQDJHPHQW/LWHUDWXUJHIXQGHQ0LWWHOVGLHVHU+\SRWKH VHZLUGSRVWXOLHUWGDVVVRZRKOHLQEHVWLPPWHV9HUKDOWHQYRQ.RQVXPHQWHQDOVDXFKGH UHQ $EVLFKW GLHVHV 9HUKDOWHQ ]X ]HLJHQ GXUFK GLH MHZHLOV YRUKHUUVFKHQGH (LQVWHOOXQJ EHHLQIOXVVWZHUGHQ'LHXQHLQKHLWOLFKHHPSLULVFKH%HIXQGODJH]XU(9+\SRWKHVH]LHKW ]XQlFKVW=ZHLIHODQLKUHU*OWLJNHLWQDFKVLFK)LVKEHLQXQG$M]HQVWHOOHQVSlWHUMHGRFK IHVW GDVV GLH HPSLULVFKHQ (UJHEQLVVH ]XU (LJQXQJ GHV (LQVWHOOXQJVNRQVWUXNWV IU HLQH 9HUKDOWHQVYRUKHUVDJHLQVEHVRQGHUHYRQGHU$UWXQG:HLVHGHU2SHUDWLRQDOLVLHUXQJGLHVHU
9JO*WWOHU 60OOHU+DJHGRUQ 6 )UZHLWHUH(LQIOXVVJU|HQGHV9HUKDOWHQVYJO%UDXQVWHLQ 6II 9JO)LVKEHLQ$M]HQ 9JO6KHHUDQ1RUPDQQ2UEHOO 6IILP(UQlKUXQJVNRQWH[WYJO+HUUPDQQ 6I 9JO+HUUPDQQ 6 9JO.URHEHU5LHO:HLQEHUJ 67URPPVGRUII 6II 9JO+RPEXUJ.URKPHU 6 9JO:LFNHU 6II%HQQLQJKDXV 6RORPRQ%DPRVV\$VNHJDDUG 6$XVIKUOLFK ]XGLHVHU'LVNXVVLRQYJO/RHYHQLFK 6II
EHLGHQ.RQVWUXNWHDEKlQJWGHPVRJHQDQQWHQ.RUUHVSRQGHQ]SULQ]LSZRQDFKGLH(LQ VWHOOXQJLQVEHVRQGHUHGDQQDOV9HUKDOWHQVSUlGLNWRUJHHLJQHWLVWZHQQ GDV9HUKDOWHQZHOFKHVVLHYRUKHUVDJHQVROOSUl]LVHEHVWLPPW+DQGOXQJVHOHPHQW GDV=LHODXIZHOFKHVVLFKGDV9HUKDOWHQULFKWHWSUl]LVLHUW=LHOHOHPHQW GLH6LWXDWLRQLQGHUGLH+DQGOXQJVWDWWILQGHWE]ZVWDWWILQGHQVROOJHQDXXPULVVHQ .RQWH[WHOHPHQW XQG IHVWJHOHJW LVW ZDQQ RGHU LQ ZHOFKHP =HLWUDXP HLQH +DQGOXQJ VWDWWILQGHW RGHU VWDWWILQGHQVROO=HLWHOHPHQW :HLOHVVLFKEHLGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLPYRUOLHJHQGHQ8QWHUVX FKXQJVNRQWH[W XP HLQH REMHNW XQG QLFKW XP HLQH YHUKDOWHQVEH]RJHQH (LQVWHOOXQJ KDQ GHOWGLHVLFKDXIGLHMHZHLOLJHQ$UWLNHOEH]LHKWNDQQLP5DKPHQGHUYRUOLHJHQGHQ8QWHU VXFKXQJGHQJHQDQQWHQ$QIRUGHUXQJHQDQGLH6SH]LILWlWLQ%H]XJDXIGDV+DQGOXQJVHOH PHQWQLFKWHQWVSURFKHQZHUGHQZHLOGLH(LQVWHOOXQJHEHQQLFKWGLH.DXIKDQGOXQJIRNXV VLHUW 1HXHUH(UNHQQWQLVVHGHUYHUKDOWHQVZLVVHQVFKDIWOLFKHQ0DUNHQIRUVFKXQJ]HLJHQGDVVVLFK DXFK(LQVWHOOXQJHQEHLGHQHQHLQHKRKH6SH]LILWlWGHU2SHUDWLRQDOLVLHUXQJEHLVSLHOVZHLVH DXIJUXQGGHU2EMHNWEH]RJHQKHLWGHU(LQVWHOOXQJQLFKWLQDOOHQJHQDQQWHQ$VSHNWHQKHU JHVWHOOW ZHUGHQ NDQQ DEHU XQWHU JHZLVVHQ 9RUDXVVHW]XQJHQ GHQQRFK ]XU 9HUKDOWHQVSUl GLNWLRQHLJQHQ'LH(LQVWHOOXQJLVWGDQQHEHQVRZLHGLHGDUDXVDEJHOHLWHWH9HUKDOWHQVLQ WHQWLRQ HQJ DXI GHQ MHZHLOLJHQ $UWLNHO DOV =LHO EHLGHU .RQVWUXNWH ]X EH]LHKHQ XP HLQH KRKH 6SH]LILWlW ]XPLQGHVW GLHVHV =LHODVSHNWHV ]X JHZlKUOHLVWHQ (V JLOW GDUEHU KLQDXV ]XGHP QDFK ZHLWHUHQ 0|JOLFKNHLWHQ ]X VXFKHQ GLH 6SH]LILWlWVVFKZlFKH GHU %H]LHKXQJ DXV]XJOHLFKHQ 6RVROOHLQ.RQVWUXNWDOV0HGLDWRUGHV=XVDPPHQKDQJV]ZLVFKHQGHU(LQVWHOOXQJJHJHQ EHU $UWLNHOQ XQG GHQ 9HUKDOWHQVNRPSRQHQWHQ LP 8QWHUVXFKXQJVPRGHOO ]ZLVFKHQJH VFKDOWHWZHUGHQZHOFKHVHLQHUVHLWVQRFKGHQ2UJDQLVP*U|HQGHV625$QVDW]HV]X]X UHFKQHQLVWDQGHUHUVHLWVDEHUDXFKHLQHZLFKWLJH=LHOJU|HGHV0DUNHQPDQDJHPHQWVGDU VWHOOW $OV HLQH VROFKH *U|H N|QQWH GHU ZDKUJHQRPPHQH 0DUNHQZHUW DOV JlQJLJH YRU |NRQRPLVFKH=LHOJU|HGHV0DUNHQPDQDJHPHQWVLQ)UDJHNRPPHQ 9JO)LVKEHLQ$M]HQ VRZLH$M]HQ)LVFKEHLQ =XJOHLFKHQ(UJHEQLVVHQNRPPWHLQHXPIDV VHQGH0HWDDQDO\VH9JO6L[(FNHV 6II 9JOEHLVSLHOVZHLVH:LHVHNH 6%KDW5HGG\ 9JO0HIIHUW%XUPDQQ 6
'HU ZDKUJHQRPPHQH 0DUNHQZHUW DOV 0HGLDWRU GHU (LQVWHOOXQJV 9HUKDOWHQVEH]LHKXQJXQGYRU|NRQRPLVFKH=LHOJU|HGHV0DUNHQPDQDJHPHQWV ,P5DKPHQHLQHUZHUWRULHQWLHUWHQ8QWHUQHKPHQVXQG0DUNHQIKUXQJGLHQWGLH=LHOJU| H Å0DUNHQZHUW´ UHJHOPlLJ GHU 3ODQXQJ 6WHXHUXQJ XQG .RQWUROOH PDUNHQEH]RJHQHU $NWLYLWlWHQ'LH'LVNXVVLRQXPGLH%HGHXWXQJGHV0DUNHQZHUWHVQLPPWLQGHU3UD[LV ZLH LQ GHU 0DUNHWLQJZLVVHQVFKDIW HLQHQ EUHLWHQ 5DXP HLQ ZLHZRKO GLHVHV )DFKJHELHW QLFKWDOVGHUDOOHLQLJH8UVSUXQJGHU'LVNXVVLRQXPGHQ0DUNHQZHUWJHOWHQNDQQ9LHO PHKUVLQGJUXQGOHJHQGHhEHUOHJXQJHQ]XP:HUWYRQ0DUNHQDXIGLH1RWZHQGLJNHLWGHU %HZHUWXQJ GLHVHU 0DUNHQ DOV 9HUP|JHQVJHJHQVWlQGH EHL.DXI XQG 9HUNDXI YRQ 8QWHU QHKPHQVWHLOHQ VRZLH GHU 0DUNHQUHFKWH DXI /L]HQ]LHUXQJHQ XQG DXI ELODQ]UHFKWOLFKH 9RUVFKULIWHQ]XUFN]XIKUHQ'DEHLZLUGGLH0DUNHLQGHU5HJHODOVLQWDQJLEOHU$NWLY SRVWHQHLQHV8QWHUQHKPHQVDXIJHIDVVWXQGLKUTXDQWLWDWLYHLQPRQHWlUHU0DUNHQZHUW]X JHUHFKQHW 2EZRKO GLHVH ILQDQ]ZLUWVFKDIWOLFK RULHQWLHUWHQ 0DUNHQEHZHUWXQJVPRGHOOH GLH GLHVHQ PRQHWlUHQ:HUWHLQHU0DUNHIRNXVVLHUHQYRUDOOHPLQGHU8QWHUQHKPHQVSUD[LVUHFKWZHLW YHUEUHLWHW VLQG JLEW HV GDUXQWHU NHLQHQ $QVDW] GHU IU VLFK EHDQVSUXFKHQ NDQQHLQHQ XQWHUDOOHQ8PVWlQGHQJOWLJHQ0DUNHQZHUWDE]XELOGHQ'LHVVSLHJHOWDXFKGLH9LHO]DKO XQWHUVFKLHGOLFKHU0DUNHQEHZHUWXQJVDQVlW]HXQGGLHDXVLKQHQHUZDFKVHQGHQWHLOZHLVHLQ LKUHU+|KHUHFKWXQWHUVFKLHGOLFKHQ0DUNHQZHUWHZLGHU (LQHQhEHUEOLFNEHUDXVJHZlKOWHSURPLQHQWHXQGSULPlUIRUVFKHULVFKPRWLYLHUWH'HILQL WLRQVDQVlW]HGHU0DUNHQZHUWIRUVFKXQJELHWHW7DEHOOH' 9JO6DWWOHU 6 =X GHQ NRJQLWLRQVSV\FKRORJLVFKHQ XQG LQIRUPDWLRQV|NRQRPLVFKHQ *UXQGODJHQ YJO (UGHP6ZDLW 6I 6R N|QQHQ EHLVSLHOVZHLVH 8QWHUQHKPHQGLH QDFK LQWHUQDWLRQDOHQ 5HFKQXQJVOHJXQJVVWDQGDUGVELODQ ]LHUHQGHQ:HUWLKUHU0DUNHQHLQ]HOQHUPLWWHOQXQGDXVZHLVHQ9JO6W|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ÅEHWULHEVZLUWVFKDIWOLFKH0RGHOOH´EH]HLFKQHWZHUGHQ 9JO=LPPHUPDQQHWDO 6 9JO%HNPHLHU 6S 9JO%HNPHLHU)HXHUKDKQ 6XQG(VFK*HXV 6Å3HUKDSVWKHRQO\WKLQJWKDWKDV QRWEHHQUHDFKHGZLWKUHJDUGWREUDQGHTXLW\LVDFRQFOXVLRQ´%HUWKRQHWDO 6'HUHUPLWWHOWH :HUW GHU 0DUNH Å&RFD&ROD´ VFKZDQNW ² MH QDFK YHUZHQGHWHP 0HVVDQVDW] ² ]ZLVFKHQ XQG 0LOOLDUGHQ86'ROODU9JO%HNPHLHU)HXHUKDKQ 6
$XWRUHQ
'HILQLWLRQ
6FKXO]%UDQGPH\HU 6
Å>«@GLH*HVDPWKHLWDOOHUSRVLWLYHQXQGQHJDWLYHQ9RUVWHOOXQJHQ GLHLP.RQVXPHQWHQJDQ]RGHUWHLOZHLVHDNWLYLHUWZHUGHQZHQQHU GDV0DUNHQ]HLFKHQZDKUQLPPWXQGGLHVLFKLQ|NRQRPLVFKHQ 'DWHQGHV0DUNHQZHWWEHZHUEVVSLHJHOQ´
.DDV 6
Å%UDQG(TXLW\LVWPLWKLQGHU%DUZHUWDOOHU]XNQIWLJHQ(LQ]DK OXQJVEHUVFKVVHGLHGHU(LJHQWPHUDXVHLQHU0DUNHHUZLUWVFKDI WHQNDQQ´
6ULYDVWDYD6KRFNHU 6
Å>«@WKHVHWRIDVVRFLDWLRQVDQGEHKDYLRXUVRQWKHSDUWRIDEUDQG·V FXVWRPHUVFKDQQHOPHPEHUVDQGSDUHQWFRUSRUDWLRQWKDWSHUPLWV WKHEUDQGWRHQMR\VXVWDLQDEOHDQGGLIIHUHQWLDWHGFRPSHWLWLYHDGYDQ WDJHV´
$DNHUD 6
Å>@*UXSSHYRQ9RU]JHQXQG1DFKWHLOHQGLHPLWGHU0DUNH LKUHP1DPHQRGHU6\PEROLQ=XVDPPHQKDQJVWHKHQXQGGHQ :HUWHLQHV3URGXNWHV>«@IUHLQ8QWHUQHKPHQRGHUVHLQH.XQGHQ PHKUHQRGHUPLQGHUQ´
.HOOHU 6
Å$EUDQGLVVDLGWRKDYHSRVLWLYHQHJDWLYH FXVWRPHUEDVHGEUDQG HTXLW\ZKHQFRQVXPHUVUHDFWPRUHOHVV IDYRXUDEO\WRDQHOHPHQW RIWKHPDUNHWLQJPL[IRUWKHEUDQGWKDQWKH\GRWRWKHVDPHPDU NHWLQJPL[HOHPHQWZKHQLWLVDWWULEXWHGWRDILFWLWLRXVO\QDPHGRU XQQDPHGYHUVLRQRIWKHSURGXFW>«@´
6LPRQ6XOOLYDQ 6
Å:HGHILQHEUDQGHTXLW\DVWKHLQFUHPHQWDOFDVKIORZVZKLFKDFFUXH WREUDQGHGSURGXFWVRYHUDQGDERYHWKHFDVKIORZVZKLFKZRXOG UHVXOWIURPWKHVDOHRIXQEUDQGHGSURGXFWV´
0DUHW]NL:LOGQHU 6
Å>«@$WWUDNWLYLWlWHLQHU0DUNHIUGHQ.RQVXPHQWHQGLHQLFKW GXUFKGDVNXU]IULVWLJH0DUNHWLQJHUNOlUWZHUGHQNDQQ´
6DWWOHU 6
Å>«@GHUMHQLJH:HUW>«@GHUPLWGHP1DPHQRGHU6\PEROGHU 0DUNHYHUEXQGHQLVW'HU:HUWNDQQDOVLQNUHPHQWHOOHU:HUWYHU VWDQGHQZHUGHQGHUJHJHQEHUHLQHPWHFKQLVFKSK\VLNDOLVFKJOHL FKHQMHGRFKQDPHQORVHQ3URGXNWEHVWHKW´ 4XHOOH,Q$QOHKQXQJDQ0RUVFKHWW 6
7DEHOOH' (LQhEHUEOLFNEHUDXVJHZlKOWHKlXILJKHUDQJH]RJHQH0DUNHQZHUWGHILQLWLRQHQ *HQHUHOOOlVVWVLFKIHVWKDOWHQGDVVYHUKDOWHQVZLVVHQVFKDIWOLFKH$QVlW]HLP8QWHUVFKLHG]X ILQDQ]ZLUWVFKDIWOLFKHQ$QVlW]HQYHUVXFKHQ$XIVFKOXVVGDUEHUJHEHQDXIZHOFKH:HLVH 0DUNHQZHUWH DXV .RQVXPHQWHQVLFKW HQWVWHKHQ 'LH YHUKDOWHQVZLVVHQVFKDIWOLFKH 0DU NHQZHUWEHVWLPPXQJIXW]XGHPDXIGHU(UNHQQWQLVGDVVGHU0DUNHQZHUWSULPlUGXUFK GDVGXUFKLKQEHHLQIOXVVWH9HUKDOWHQGHU.RQVXPHQWHQ]XHLQHUEHWULHEVZLUWVFKDIWOLFKHQ 3RWHQWLDO XQG =LHOJU|H ZLUG XQG GDKHU GLH YHUKDOWHQVZLVVHQVFKDIWOLFKH 6WU|PXQJ GHU
9JO%HNPHLHU)HXHUKDKQ 6
0DUNHQZHUWIRUVFKXQJ GHU ILQDQ]ZLUWVFKDIWOLFKHQ SULQ]LSLHOO YRUJHODJHUW VHLQ PXVV YJO $EELOGXQJ'
Markenwert Verhaltenswissenschaftliche Perspektive
Finanzwirtschaftliche Perspektive
Verbraucherreaktion gegenüber einer Marke, die über die Reaktion auf ein unmarkiertes Produkt hinausgeht
Zusätzlicher diskontierter, zukünftiger Cashflow, aufgrund spezifischer Assoziationen zur Marke
4XHOOH,Q$QOHKQXQJDQ%LHO 6
$EELOGXQJ' )LQDQ]ZLUWVFKDIWOLFKHXQGYHUKDOWHQVZLVVHQVFKDIWOLFKH'HILQLWLRQGHV0DUNHQZHUWHV 'LHVLVWDXV6LFKWGHV0DUNHQPDQDJHPHQWVXQGGHU9HUKDOWHQVZLVVHQVFKDIWHQHLQZLFKWL JHU 9RUWHLO GHU YHUKDOWHQVZLVVHQVFKDIWOLFKHQ $QVlW]H GHQQ ,QIRUPDWLRQHQ GLH IU GLH 0DUNHQVWHXHUXQJ YRQ %HGHXWXQJ VLQG ODVVHQ VLFK QXU H[ SRVW DXV GHU +|KH HLQHV UHLQ PRQHWlUHQ:HUWHVHLQHU0DUNHDEOHVHQ$XV0DUNHWLQJVLFKWLVWHVMHGRFKZLFKWLJH[DQWH XQGEHJOHLWHQG]XZLVVHQZHOFKHQ:HUW.RQVXPHQWHQDXVLKUHULQGLYLGXHOOHQ6LFKWNRQ NUHWHQ0DUNHQDUWLNHOQDXI%DVLVLKUHU(LQVWHOOXQJGLHVHQJHJHQEHU]XPHVVHQXQG]XVlW] OLFK ]X HUJUQGHQ ZLH VLFK GLHVHU EHHLQIOXVVHQ OlVVW (LQ YHUKDOWHQVZLVVHQVFKDIWOLFKHU 0DUNHQZHUW LVW GHPQDFK GDV (UJHEQLV HLQHU REMHNWEH]RJHQHQ (LQVWHOOXQJ XQG VR GHP HLJHQWOLFKHQ .DXIYHUKDOWHQ YRUJHODJHUW 'DKHU HLJQHW VLFK HLQ YHUKDOWHQVZLVVHQVFKDIWOLFK EDVLHUWHV9HUVWlQGQLVGHV0DUNHQZHUWVIUHLQH,QWHJUDWLRQLQGDVHLQJDQJVEHVFKULHEHQH 6250RGHOO GHU (LQIOXVVIDNWRUHQ XQG (UIROJVZLUNXQJHQ GHU ZDKUJHQRPPHQHQ *H VXQGKHLWVSURILOLHUXQJ DOV2UJDQLVP*U|H XQG DOV YRU|NRQRPLVFKH =ZLVFKHQ =LHOJU|H GHU0DUNHQIKUXQJ $OV$QNQSIXQJVSXQNW]XU2SHUDWLRQDOLVLHUXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHVLP YRUOLHJHQGHQ 8QWHUVXFKXQJVNRQWH[W VLQG LP %HUHLFK GHU YHUKDOWHQVZLVVHQVFKDIWOLFK YHU
9JO$JDUZDO5DR 6IXQG$LODZDGL/HKPDQQ1HVOLQ 6 9JO=LPPHUPDQQHWDO 6XQG6W|FNOH 6 9JO(VFK 6
DQNHUWHQ$QVlW]HGLHNRQ]HSWLRQHOOHQhEHUOHJXQJHQYRQ$DNHUKHUYRUKHEHQVZHUW$D NHU]XIROJHUHVXOWLHUWGHU:HUWHLQHU0DUNH]XQlFKVWDXV GHU/R\DOLWlWGLHGLH.RQVX PHQWHQLKUHQWJHJHQEULQJHQ GHU0DUNHQEHNDQQWKHLW GHUZDKUJHQRPPHQHQ0DU NHQTXDOLWlW GHQ P|JOLFKHQ ]XVlW]OLFKHQ 0DUNHQDVVR]LDWLRQHQ EHU GLH ZDKUJHQRP PHQH 4XDOLWlW KLQDXV XQG DQGHUHQ JHJHQEHU :HWWEHZHUEHUQ HLQ]LJDUWLJHQ 0DUNHQ DNWLYD 3DWHQWH HWF XQG VFKOlJW VLFK LQ GHU VXEMHNWLYHQ 9RU]LHKHQVZUGLJNHLW HLQHV EH VWLPPWHQ0DUNHQDUWLNHOVQLHGHU 'LHLQ$EVFKQLWW&HQWZLFNHOWHXQGDOV(LQVWHOOXQJJHJHQEHUHLQHPVSH]LILVFKHQ$UWLNHO JHNHQQ]HLFKQHWH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ NDQQ DOV HLQH XQWHU JH QDQQWH ZLFKWLJH (LQIOXVVNRPSRQHQWH GHV HLQHP VSH]LILVFKHQ $UWLNHO VHLWHQV GHU .RQVX PHQWHQ]XJHVFKULHEHQHQ0DUNHQZHUWHVLP6LQQHHLQHU0DUNHQDVVR]LDWLRQ JHVHKHQZHU GHQ8QWHU:UGLJXQJGLHVHUhEHUOHJXQJOlVVWVLFKGDKHUGLHIROJHQGH)RUVFKXQJVK\SR WKHVHIRUPXOLHUHQ + -H DXVJHSUlJWHU GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ GHVWR K|KHU GHU ZDKUJHQRPPHQH0DUNHQZHUWHLQHV$UWLNHOV
'LH2SHUDWLRQDOLVLHUXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHVXQGGHUZDKU JHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLP8QWHUVXFKXQJVPRGHOO
'LHHPSLULVFKH(UIDVVXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV $OV $QNQSIXQJVSXQNW ]XU 2SHUDWLRQDOLVLHUXQJ VLQG LP %HUHLFK GHU YHUKDOWHQVZLVVHQ VFKDIWOLFKHQ6WU|PXQJGHU0DUNHQZHUWIRUVFKXQJGLH6WXGLHQYRQ
SURGXFW DWWULEXWHV´ 'LHVH 'HILQLWLRQ VSLHJHOW XQPLWWHOEDU GLH ]HQWUDOHQ $XVVDJHQ YRQ $DNHUZLGHUGLHEHLGHU+\SRWKHVHQJHQHULHUXQJ9HUZHQGXQJIDQGHQ(LQDXV6LFKWGHV .RQVXPHQWHQ ZDKUJHQRPPHQHU 0DUNHQZHUW EHGHXWHW IU GLHVHQ HLQHQ =XVDW]QXW]HQ ZHVKDOE HU VLFK JHJHQEHU GLHVHQ DOV QW]OLFKHU ZDKUJHQRPPHQHQ 0DUNHQSURGXNWHQ |IIQHW XQG VLH LQ VHLQHQ .RQVXPHQWVFKHLGXQJHQ EHUFNVLFKWLJW 2IIHQ LVW MHGRFK RE ]XU 2SHUDWLRQDOLVLHUXQJ GLHVHU ZDKUJHQRPPHQHQ 1W]OLFKNHLW HLQ HLQ RGHU PHKUIDNWR ULHOOHU0HVVDQVDW]JHZlKOWZHUGHQ VROOWH,QGHUQHXHUHQ/LWHUDWXUKHUUVFKWGLHhEHU]HX JXQJYRUGDVVHLQVROFKHUPDHQ]XEHVWLPPHQGHU0DUNHQZHUWDXVPHKUHUHQ'LPHQVLR QHQEHVWHKW 'LHLQGHUYRUOLHJHQGHQ$UEHLWKHUDQJH]RJHQH2SHUDWLRQDOLVLHUXQJEDXWGDKHUXQPLWWHOEDU DXIHLQHUGUHLIDNWRULHOOHQ2SHUDWLRQDOLVLHUXQJDXIZHOFKHHUVWPDOVYRQ
)UGLHVHVJHJHQEHU
'LPHQVLRQHQ 0DUNHQOR\DOLWlW
,WHPV
$QNHUSXQNWHGHU VLHEHQVWXILJHQ 5DWLQJ6NDOD
,FKZUGHPLFKDOVWUHXHQ.lXIHUYRQ$UWLNHOQEH ]HLFKQHQ>/R\DOB@ ,FKJODXEHHLQWUHXHU.lXIHUYRQ$UWLNHOQ]XZHUGHQ >/R\DOB@ $UWLNHOQZlUHLPPHUPHLQHHUVWH:DKO >/R\DOB@ ,FKZUGHNHLQHQDQGHUHQ$UWLNHOGHU:DUHQJUXSSHNDX IHQZHQQ$UWLNHOQYHUIJEDULVW>/R\DOB@ :HQQ$UWLNHOQLP*HVFKlIWQLFKWYHUIJEDULVWPDFKW HVIUPLFKHLQHQ8QWHUVFKLHGHLQHDQGHUH0DUNH]X ZlKOHQ>/R\DOB@ :HQQPLULP*HVFKlIWHLQH DQGHUHU >:DUHQJUXSSHQ EH]HLFKQXQJ@DOV$UWLNHOQDQJHERWHQZLUGZlKOHLFK GLHVHQ OLHEHUDOV$UWLNHOQ>/R\DOB@
:DKUJHQRPPHQH 4XDOLWlW
6WLPPHYROO]X ² 6WLPPHJDUQLFKW]X
,FKILQGHGLH4XDOLWlWYRQ$UWLNHOQLVWKRFK>4XDOLB@ 'LH:DKUVFKHLQOLFKNHLWGDVV$UWLNHOQVHLQHQ=ZHFN DOVJHVXQGHV/HEHQVPLWWHOHUIOOWLVWKRFK>4XDOLB@ $UWLNHOQVFKHLQWYRQJXWHU4XDOLWlW]XVHLQ>4XDOLB@
0DUNHQUHFDOO
,FKNDQQ$UWLNHOQXQWHUYHUVFKLHGHQHQ$UWLNHOQGHU :DUHQJUXSSHLP5HJDOOHLFKWZLHGHUHUNHQQHQ>5HFDOB@ 'LH(LJHQVFKDIWHQGLH$UWLNHOQDXV]HLFKQHQKDEHLFK YRU$XJHQ>5HFDOB@
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW´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Å/R\DOB´XVIKDQGHOWHVVLFKXP,WHPNU]HOGLHLQGHQIROJHQGHQ$XVIKUXQ JHQVWDWWGHUYROOVWlQGLJHQ,WHPIRUPXOLHUXQJYHUZHQGHWZHUGHQÅ/R\DO´VWHKWGDEHLEHLVSLHOVZHLVHIU
8QWHUVXFKXQJ DXI GHQ *HWUlQNHPDUNW HLQO|VHQ ]X N|QQHQ LVW HV XQDXVZHLFKOLFK LQ GHU ]ZHLWHQ 6WXGLHQVWXIH GHQ )DNWRU Å,QKDOWVVWRIIH´ LQ GHQ IROJHQGHQ $QDO\VHQ QLFKW HLQ]XEH]LHKHQ 'LH YRUOLHJHQGH 8QWHUVXFKXQJ EHDEVLFKWLJW IU DOOH LQ GHU ]ZHLWHQ 6WX GLHQVWXIH HLQEH]RJHQHQ $UWLNHO HLQ LGHQWLVFKHV 0HVVLQVWUXPHQWDULXP ]X YHUZHQGHQ XP HLQH9HUJOHLFKEDUNHLWGHUJHZRQQHQHQ(UJHEQLVVH]XJHZlKUOHLVWHQ9RUGLHVHP+LQWHU JUXQGZHLVWGHU)DNWRUÅ,QKDOWVVWRIIH´JHZLVVH'HIL]LWHDXIYJODXFKGLH$XVIKUXQJHQ LQ $EVFKQLWW & ZHLO LQ XQWHUVFKLHGOLFKHQ :DUHQJUXSSHQ ]XPDO EHL HLQLJHQ *HWUlQ NHQMHZHLOVY|OOLJXQWHUVFKLHGOLFKHVSH]LILVFKH,QKDOWVVWRIIHKLQVLFKWOLFKGHUZDKUJHQRP PHQHQ*HVXQGKHLWVSURILOLHUXQJHLQHZLFKWLJH 5ROOHVSLHOHQN|QQHQ (VZLUGVRPLWGLH LQGHUIROJHQGHQ7DEHOOH'GDUJHVWHOOWH2SHUDWLRQDOLVLHUXQJKHUDQJH]RJHQ
'LPHQVLRQHQ 6XFKHLJHQVFKDIWHQ
,WHPV
$QNHUSXQNWHGHU VLHEHQVWXILJHQ 5DWLQJ6NDOD
,FKJODXEHGLH9HUSDFNXQJLVWJHHLJQHWXPHLQHQ P|JOLFKHQ*HVXQGKHLWVEHLWUDJYRQ$UWLNHOQGDXHU KDIW]XHUKDOWHQ>6XFKB@ ,FKGHQNHEHLGHU)DUEHGHU9HUSDFNXQJYRQ$UWLNHO QDQ*HVXQGKHLW>6XFKB@ ,FKYHUELQGHPLWGHU9HUSDFNXQJVIRUP*HVXQGKHLW >6XFKB@ 0LWGHU)DUEHYRQ$UWLNHOQYHUELQGHLFK*HVXQGKHLW >6XFKB@ 'DV9HUSDFNXQJVGHVLJQLQVJHVDPWZHFNWEHLPLU $VVR]LDWLRQHQ]X*HVXQGKHLW>6XFKB@
3K\VLVFKH:LUNXQJHQ ,FKGHQNHGDVVGHUUHJHOPlLJH9HU]HKUYRQ$UWLNHO QHLQHQ%HLWUDJOHLVWHQNDQQPHLQ/HEHQ]XYHUOlQ JHUQ>3K\ZLB@
6WLPPHYROO]X ² 6WLPPHJDUQLFKW]X
,FKGHQNHGDVVGHUUHJHOPlLJH9HU]HKUYRQ$UWLNHO QHLQHQ%HLWUDJ]XPHLQHU6FK|QKHLWOHLVWHW>3K\ZLB@ 9HUWUDXHQVHLJHQ VFKDIWHQ
,FKPHLQHGDVV$UWLNHOQE]ZVHLQH=XWDWHQQLFKWPLW 3HVWL]LGHQEHKDQGHOWZXUGHQ>9HUWUB@ ,FKPHLQHGDVV$UWLNHOQE]ZVHLQH=XWDWHQELROR JLVFKKHUJHVWHOOWZXUGHQ>9HUWUB@ ,FKPHLQHGDVV$UWLNHOQE]ZVHLQH=XWDWHQQLFKW JHQWHFKQLVFKYHUlQGHUWZXUGHQ>9HUWUB@
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´ GDV MHZHLOLJH .RQVWUXNW E]Z GLH MHZHLOLJH 'LPHQVLRQ HLQHV .RQVWUXNWV GLH =LIIHU VWHOOW MHZHLOV GLH 1XPPHULHUXQJGHV,WHPVLQQHUKDOEGHU6NDODGDU :LHLQ$EVFKQLWW(GDUJHOHJWZLUGIXQJLHUWGDV.RQVWUXNWÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLH UXQJ´DOV]HQWUDOHV.RQVWUXNWGHVH[SHULPHQWHOOHQ'HVLJQVXQGPXVVGDKHULQDOOHQ6WLFKSUREHQNRQ JUXHQWRSHUDWLRQDOLVLHUWVHLQ 6RVSLHOWEHLVSLHOVZHLVHGHU)HWWJHKDOWEHL-RJKXUWHLQHJURH5ROOHZlKUHQGHUEHLDONRKROIUHLHQ(U IULVFKXQJVJHWUlQNHQNHLQH5ROOHVSLHOW
'LH 6SH]LILNDWLRQ YRQ |NRQRPLVFKHQ =LHOJU|HQ HLQHU JHVXQGKHLWVSURILOLHU WHQ0DUNHQIKUXQJ
'LH.DXILQWHQWLRQGHU.RQVXPHQWHQ 'LH%HGHXWXQJXQG'HILQLWLRQGHU.DXILQWHQWLRQ (V VROODQNQSIHQGDQGLH]ZHLWH)RUVFKXQJV]LHOVHW]XQJGLHVHU8QWHUVXFKXQJ PLW GHP KLHUDXI]XEDXHQGHQ+\SRWKHVHQV\VWHPYHUVXFKWZHUGHQGLH(UIROJVZLUNXQJHQHLQHUJH VXQGKHLWVRULHQWLHUWHQ 0DUNHQSROLWLN DE]XVFKlW]HQ 'LH %HHLQIOXVVXQJ GHV .DXI XQG .RQVXPYHUKDOWHQVJLOWDOV]HQWUDOHV=LHOGHV3URGXNWXQG0DUNHQPDQDJHPHQWVGDKHU YHUGLHQW GLHVHV 9HUKDOWHQ DOV HLQ P|JOLFKHV |NRQRPLVFKHV =LHONRQVWUXNW LQ (UJlQ]XQJ ]XP YRU|NRQRPLVFKHQ =LHONRQVWUXNW Å0DUNHQZHUW´ LP KLHU DXI]XEDXHQGHQ 8QWHUVX FKXQJVPRGHOOEHVRQGHUH%HDFKWXQJ $QJHVLFKWVGHU7DWVDFKHGDVVHVDXVIRUVFKXQJVSUDNWLVFKHQZLH|NRQRPLVFKHQ*UQGHQ XQWHU GHQ JHJHEHQHQ 5DKPHQEHGLQJXQJHQ VHKU VFKZLHULJ ELV JlQ]OLFK XQP|JOLFK HU VFKHLQW GDV WDWVlFKOLFKH .RQVXPHQWHQYHUKDOWHQ DOV EHREDFKWEDUH 5HVSRQVH*U|H GHV 6 250RGHOOV DE]XELOGHQ PXVV DXI HLQ ]ZDU SULQ]LSLHOO QLFKW ]X EHREDFKWHQGHV DEHU GHQQRFKGHUHPSLULVFKHQ3UIXQJYHUKlOWQLVPlLJOHLFKW]XJl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lW RIWPDOV EHVWHKW DXV 'HQQRFK NDQQ EHLP .DXI JHVXQGKHLWVSURILOLHUWHU /H EHQVPLWWHOYRQHLQHUKLQUHLFKHQGKRKHQ5DWLRQDOLWlWLP.DXIHQWVFKHLGXQJVSUR]HVVDXVJH JDQJHQ ZHUGHQ Å'HU SHUPDQHQWH :LHGHUNDXI LVW KlXILJ ]XU (U]LHOXQJ GHU JHVXQGKHLWOL 9JO$EVFKQLWW$ 9JO+HUUPDQQ 6 'LHVOLHJWDPIHKOHQGHQ=XJULIIDXIHQWVSUHFKHQGH3DQHOGDWHQGLHPLWGHQ]XVlW]OLFK]XHUKHEHQGHQ ,WHPVGHV)RUVFKXQJVPRGHOOVNRUUHVSRQGLHUHQ 9JO6]\ELOOR-DFRE\ 6XQG*LHULQJ 6 9JO$M]HQ)LVKEHLQ $OVZHLWHUH9RUDXVVHW]XQJHQVHLHQEHLVSLHOVZHLVHYRUDOOHPGLHQRWZHQGLJHQILQDQ]LHOOHQ5HVVRXUFHQ XQGGLH9HUIJEDUNHLWDP3RLQWRI3XUFKDVHJHQDQQW
FKHQ :LUNXQJ GHU /HEHQVPLWWHO HUIRUGHUOLFK GDKHU VWHKW ]X HUZDUWHQ GDVV VLFK .RQVX PHQWHQUDWLRQDOPLWGHU:LUNXQJGHV3URGXNWVDXILKUH*HVXQGKHLWEHLODQJIULVWLJHP9HU ]HKUDXVHLQDQGHUVHW]HQ´ (LQHU .RQ]HSWLRQDOLVLHUXQJ YRQ +HFNKDXVHQ ]XIROJH NHQQ]HLFKQHW HLQH ,QWHQWLRQ GHQ hEHUJDQJ YRQ GHU YRU HLQHU (QWVFKHLGXQJ JHOHJHQHQ :DKOSKDVH ]X GHU YRU HLQHU EH VWLPPWHQ+DQGOXQJE]ZHLQHPEHVWLPPWHQ9HUKDOWHQJHOHJHQHQ:LOOHQVSKDVH8QWHU VWW]WYRQHLQHUSRVLWLYHQ(LQVWHOOXQJHUZHFNWRIWPDOVGHU:LOOHGLH9RUVWHOOXQJYRQGHU 5HDOLVLHUXQJHLQHU+DQGOXQJ8QWHUHLQHUVSH]LILVFKHQ.DXILQWHQWLRQOlVVWVLFKDOVRPLW DQGHUHQ:RUWHQGLH:DKUVFKHLQOLFKNHLWYHUVWHKHQPLWGHU.RQVXPHQWHQGLH$EVLFKWKD EHQ HLQ VSH]LILVFKHV .DXIYHUKDOWHQ DXV]XIKUHQ (LQH VROFKHUPDHQ HLQ]XRUGQHQGH 9HUKDOWHQVLQWHQWLRQ OlVVW VLFK DOV XQPLWWHOEDUH 0DJU|H IU GHQ (IIHNW HLQHU JHVXQG KHLWVRULHQWLHUWHQ 0DUNHQSROLWLN KHUDQ]LHKHQ ZHLO )LVKEHLQ$M]HQ HPSLULVFK LP 5DKPHQ HLQHU0HWDDQDO\VHHLQHHQJH9HUELQGXQJ]ZLVFKHQ9HUKDOWHQVLQWHQWLRQXQGWDWVlFKOLFKHP 9HUKDOWHQ NRQVWDWLHUHQ XQG GLHVHU =XVDPPHQKDQJ HPSLULVFK DXFK LQ %H]XJ DXI GDV .DXIYHUKDOWHQ YRQ JHVXQGKHLWVSURILOLHUWHQ 0RONHUHLSURGXNWHQ QDFKJHZLHVHQ ZHUGHQ NRQQWH 'LH .DXILQWHQWLRQ DOV |NRQRPLVFKH (UIROJVZLUNXQJ GHV ZDKUJHQRPPHQHQ 0DU NHQZHUWHV (LQ 0DUNHQDUWLNHO GHU HLQHQ KRKHQ 0DUNHQZHUW DXIZHLVW XQG VR DXV 6LFKW GHU .RQVX PHQWHQ HLQHQ =XVDW]QXW]HQ RIIHQEDUW YHUHLQLJW VHLWHQV MHQHU .RQVXPHQWHQ GLH GLHVHQ 1XW]HQEHPHUNHQHLQHK|KHUH.DXILQWHQWLRQDXIVLFK'LHV]HLJHQDXFKHPSLULVFKH%H IXQGHYRQ%DOGDXI&UDYHQ%LQGHU(LQHNRQ]HSWLRQHOOH8QWHUVWW]XQJIUGLHVHQHPSLUL VFKHQ%HIXQGELHWHQ0HIIHUW%XUPDQQ6LHSRVWXOLHUHQGDVVVLFKHLQDXV.RQVXPHQWHQVLFKW HUNHQQEDUHU=XVDW]QXW]HQLQHLQHUK|KHUHQ.DXIEHUHLWVFKDIWQLHGHUVFKODJH 'LH .DXILQWHQWLRQ OlVVW VLFK LQVRIHUQ DOV HLQ (IIHNWLYLWlWVPD PDUNHQSROLWLVFKHU 0D QDKPHQLQWHUSUHWLHUHQ0HIIHUW%XUPDQQVWHOOHQIHUQHUIHVWGDVVPDUNHQSROLWLVFKH$NWLYLWl +HUUPDQQ 6 9JO+HFNKDXVHQ+HFNKDXVHQ 6IIXQG+HFNKDXVHQ.XKO 6II 9JO+HFNKDXVHQ 6 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6 (V ]HLJW VLFK GDVV EHL SURELRWLVFKHQ -RJKXUWV GLH %H]LHKXQJ ]ZLVFKHQ .DXILQWHQWLRQ XQG WDWVlFKOL FKHP.DXIVLJQLILNDQWXQGKRFKLVW9JO+HUUPDQQ 6 9JO)LVKEHLQ$M]HQ 6 9JO%DOGDXI&UDYHQ%LQGHU 6 9JO0HIIHUW%XUPDQQ 6
WHQQXUGDQQYRQ(UIROJLP6LQQHHLQHUSRVLWLYHQ%HHLQIOXVVXQJGHV .DXIYHUKDOWHQVJH NU|QWVLQGZHQQDXV.RQVXPHQWHQVLFKWGLH0DUNHHLQHQGXUFKGHQ0DUNHQZHUWUHSUl VHQWLHUWHQ 0HKUZHUW YHUVSULFKW hEHUWUlJW PDQ GLHVH hEHUOHJXQJHQ DXI GHQ KLHU UHOH YDQWHQ.RQWH[WVROlVVWVLFKIROJHQGH+\SRWKHVHDXIVWHOOHQ + 'HUZDKUJHQRPPHQH0DUNHQZHUWHLQHV$UWLNHOVEWHLQHQSRVLWLYHQ(LQIOXVVDXIGLH .DXILQWHQWLRQDXV 'LHHPSLULVFKH(UIDVVXQJGHU.DXILQWHQWLRQ =XU2SHUDWLRQDOLVLHUXQJHLQHU.DXILQWHQWLRQH[LVWLHUWHLQHJDQ]H5HLKHYRQ9HUIDKUHQ6R ZHUGHQEHLVSLHOVZHLVH GDV,GHDOSXQNW0RGHOOEHLGHPGLH9HUKDOWHQVLQWHQWLRQDQKDQG GHU 'LIIHUHQ] ]ZLVFKHQ HLQHP LQGLYLGXHQVSH]LILVFKHQ 3RVLWLRQLHUXQJVRSWLPXP ]XU WDW VlFKOLFKHQ 3RVLWLRQ GHV IRNDOHQ $UWLNHOV EHVWLPPW ZLUG YHUVFKLHGHQH 6LQJOH,WHP $QVlW]H RGHU GLH *HVFKHQN0HWKRGH JHQDQQW EHL GHU %HIUDJWH LKUH 3UlIHUHQ]HQ JHJHQEHU VSH]LILVFKHQ $UWLNHOQ EHNXQGHQ PVVHQ GLH LKQHQ LP $QVFKOXVV LP 5DKPHQ HLQHV3UHLVDXVVFKUHLEHQVNRVWHQORVEHUVDQGWZUGHQ ,Q GHU YRUOLHJHQGHQ $UEHLW VROO HLQH 2SHUDWLRQDOLVLHUXQJ YROO]RJHQ ZHUGHQ GLH GLH (LQ VFKlW]XQJ GHU :DKUVFKHLQOLFKNHLW GHV $UWLNHONDXIV LQ GHQ 0LWWHOSXQNW VWHOOW 'RGGV0RQURH*UHZDOVFKODJHQIROJHQGH,WHPVYRU 7KHOLNHOLKRRGRISXUFKDVLQJWKLVSURGXFWLV«YHU\KLJK²YHU\ORZ 7KH SUREDELOLW\ WKDW , ZRXOG FRQVLGHU EX\LQJ WKH SURGXFW LV« YHU\ KLJK ² YHU\ ORZ 0\ZLOOLQJQHVVWREX\WKHSURGXFWLV«YHU\KLJK²YHU\ORZ ,Q.ODPPHUQVLQGGLHMHZHLOLJHQ$QNHUSXQNWHGHUVHPDQWLVFKHQ'LIIHUHQ]LDOHGHU,QGL NDWRUHQJHQDQQW6HPDQWLVFKH'LIIHUHQ]LDOHZHUGHQPHVVWKHRUHWLVFKMHGRFKDOVSUREOHPD WLVFKEHWUDFKWHWZHLODOOH6NDOHQSXQNWHPLW%HJULIIHQEHVFKULIWHWZHUGHQVROOWHQÅ*HUD GHEHL3HUVRQHQGLHZHQLJ(UIDKUXQJLQGHU%HDQWZRUWXQJYRQ)UDJHE|JHQKDEHQJLOWHV HLQHVROFKH)RUPGHU'DUVWHOOXQJ]XZlKOHQ(LQH%HQHQQXQJDOOHU$XVJDQJVSXQNWHGHU
9JO0HIIHUW%XUPDQQ 6 9JO%DODEDQLV9DVVLOHLRX 6/DURFKH.LP=KRX 6 )UHLQHQhEHUEOLFNYJO1LHVFKODJ'LFKWO+|UVFKJHQ 6II 9JO'RGGV0RQURH*UHZDO6 9JO*DUODQG 6IIGHUHLQHQHPSLULVFKHQ9HUJOHLFKYHUVFKLHGHQHU2SHUDWLRQDOLVLHUXQJVDO WHUQDWLYHQYRUQLPPW
6NDOD ELUJW MHGRFK GLH *HIDKU GDVV GLH $EVWXIXQJHQ XQWHUVFKLHGOLFK DXIJHIDVVW ZHUGHQ XQGVRPLWGLH6NDOHQUHOLDELOLWlWXQGYDOLGLWlWHLQJHVFKUlQNWZLUG´ 'DKHUZHUGHQGLHJHQDQQWHQ,WHPVIUGLHYRUOLHJHQGH6WXGLHLP+LQEOLFNDXIGLHVRQVW GXUFKJlQJLJ YHUZHQGHWH /LNHUW6NDOLHUXQJ HQWVSUHFKHQG PRGLIL]LHUW 'LH YHUZHQGHWHQ ,WHPV]XU(UIDVVXQJGHU.DXILQWHQWLRQVLQG7DEHOOH']XHQWQHKPHQ ,WHPV
$QNHUSXQNWHGHUVLHEHQVWXILJHQ 5DWLQJ6NDOD
'LH:DKUVFKHLQOLFKNHLWGDVVLFK$UWLNHOQNDXIHQZHU GHLVWKRFK>9HUDEB@ 'LH:DKUVFKHLQOLFKNHLWGDVVLFKPLFKQlKHUEHU$U WLNHOQLQIRUPLHUHQZHUGHLVWKRFK >9HUDEB@
6WLPPHYROO]X ² 6WLPPHJDUQLFKW]X
,FK]LHKHHUQVWKDIWLQ%HWUDFKW$UWLNHOQ]XNDXIHQ >9HUDEB@
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅ.DXILQWHQWLRQ´ 'LH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ 'LH%HGHXWXQJXQGGLH'HILQLWLRQGHULQGLYLGXHOOHQ3UHLVEHUHLWVFKDIWGHU.RQVX PHQWHQ 1HEHQHLQHP(IIHNWLYLWlWVPDVROOWHHLQDOV(IIL]LHQ]PDJHHLJQHWHV|NRQRPLVFKHV=LHO NRQVWUXNW IU JHVXQGKHLWVEH]RJHQH PDUNHQSROLWLVFKH $NWLYLWlWHQ LQ GDV 8QWHUVXFKXQJV PRGHOOLQWHJULHUWZHUGHQXPQLFKWQXUDEVFKlW]HQ]XN|QQHQLQZLHIHUQHLQH9HUKDOWHQV LQWHQWLRQYRUOLHJWVRQGHUQLQZLHIHUQQHEHQGLHVHUSRVLWLYH$XVZLUNXQJHQDXI=DKOXQJV E]Z3UHLVEHUHLWVFKDIWHQYRUOLHJHQ 'LH YHUKDOWHQVZLVVHQVFKDIWOLFKH 6WU|PXQJ GHU 3UHLVWKHRULH VWHOOW GLH 3UHLVZDKUQHKPXQJ GXUFK.RQVXPHQWHQLQGHQ0LWWHOSXQNW$XIGLHVHU:DKUQHKPXQJGHV3UHLVHVDXIEDX HQGOlVVWVLFKDEOHLWHQGDVVGLH3UHLVEHUHLWVFKDIWHLQHV.RQVXPHQWHQDOVHLQH3UHLVVSDQQH XPHLQHQLQGLYLGXHOOHQ5HIHUHQ]SUHLVKHUXP]XYHUVWHKHQLVWGHQHLQ.RQVXPHQWEHUHLW :LHVHNH 6)UZHLWHUH.ULWLNSXQNWHYJO7URPPVGRUII 6 $XVGHUXUVSUQJOLFKHQ)UDJHVWHOOXQJÅ7KHOLNHOLKRRGRISXUFKDVLQJWKLVSURGXFWLVYHU\KLJKYHU\ ORZ ´'RGGV0RQURH*UHZDO 6 ZLUGVREHLVSLHOVZHLVH,WHPÅ9HUDEB´HQWZLFNHOW)UHLQ VROFKHV9RUJHKHQYJO%DOGDXI&UDYHQV%LQGHU 6 9JO%UXKQ+RPEXUJ 6
LVWIUHLQHEHVWLPPWH4XDQWLWlWXQG4XDOLWlWHLQHV3URGXNWHVRGHUHLQHU/HLVWXQJ]X]DK OHQ ,P 5DKPHQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ ZLUG HLQ HQJHU SDJDWRULVFKHU 3UHLVEHJULII YHUZHQGHWGHUVLFKDXVVFKOLHOLFKDXIGLHXQPLWWHOEDUHQPRQHWlUHQ9HUSIOLFKWXQJHQGHV .DXIV NRQ]HQWULHUW 'LHVH (QWVFKHLGXQJ IXW DXI GHU 7DWVDFKH GDVV ]XVlW]OLFKH %H VFKDIIXQJV XQG /DJHUNRVWHQ LP /HEHQVPLWWHOEHUHLFK DXIJUXQG GHV &KDUDNWHUV XQG GHU $EZLFNOXQJ GHV .DXISUR]HVVHV VRZLH GHV YHUJOHLFKVZHLVH JHULQJHQ :HUWV GHV *XWHV LQ GHU5HJHOYHUQDFKOlVVLJWZHUGHQ 'HU3UHLVGHQHLQ1DFKIUDJHU]X]DKOHQEHUHLWLVWVWHOOWVRPLWGDVZDKUJHQRPPHQHPR QHWlUH bTXLYDOHQW GHV YRQ GLHVHP LQGLYLGXHOO IHVWJHVWHOOWHQ %UXWWRQXW]HQV GDU GHQ VLFK GHU.RQVXPHQWGXUFK GHQ.DXIE]Z.RQVXPYRQGLHVHP$UWLNHOHUKRIIW'LHGXUFK GLH 3UHLVEHUHLWVFKDIW DXVJHGUFNWH PD[LPDOH =DKOXQJVEHUHLWVFKDIW ZLOOLQJQHVV WR SD\ GHU .RQVXPHQWHQ VSLHOW IU GLH $XVJHVWDOWXQJ GHU 3UHLVSROLWLN HLQH HQWVFKHLGHQGH 5ROOH 'DKHUNDQQVLHDXFKDOV(IIL]LHQ]PDGHU0DUNHQSROLWLNYHUVWDQGHQZHUGHQ 'LH LQGLYLGXHOOH 3UHLVEHUHLWVFKDIW GHU .RQVXPHQWHQ DOV |NRQRPLVFKH (UIROJVZLU NXQJGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV 'HQNRQ]HSWLRQHOOHQhEHUOHJXQJHQYRQ)DUTXKDUIROJHQGOlVVWVLFKIHVWVWHOOHQGDVVVLFK GHUGXUFKHLQHQZDKUJHQRPPHQHQ0DUNHQZHUWPDQLIHVWLHUWH9DOXH$GGHGLQLQNUHPHQWHO OHQ 0HKUHUO|VHQ XD GXUFK ]XVlW]OLFKH 3UHLVVSLHOUlXPH QLHGHUVFKOlJW (PSLULVFKH (U JHEQLVVHYRQ6ULYDVWDYD6KHUYDQL)DKH\GHXWHQHEHQVRGDUDXIKLQGDVVVLFKVWDUNH0DUNHQ GK 0DUNHQ PLW HLQHP DXV .RQVXPHQWHQVLFKW KRKHQ 0DUNHQZHUW HLQHU JHULQJHUHQ 3UHLVHODVWL]LWlW GHU 1DFKIUDJHU JHJHQEHUVHKHQ ,Q ]ZHL ODQJMlKULJHQ 8QWHUVXFKXQJHQ DXI%DVLVYRQ86DPHULNDQLVFKHQ$EYHUNDXIVGDWHQN|QQHQ$LODZDGL/HKPDQQ1HVOLQGDU EHUKLQDXVEHUE]Z:DUHQJUXSSHQKLQZHJGDUXQWHUDXFK/HEHQVPLWWHO]HLJHQ GDVV$UWLNHOPLWHLQHPUHODWLY]XDQGHUHQ$UWLNHOQGHUVHOEHQ:DUHQJUXSSHK|KHUHQZDKU Å3ULFHDFFHSWDELOLW\LVDMXGJPHQWRISULFHEDVHGRQDFRPSDULVRQRIWKHSULFHFXHWRDUDQJHRIDF FHSWDEOH SULFHV VWRUHG LQ PHPRU\´ /LFKWHQVWHLQ%ORFK%ODFN 6 (EHQVRYJO$GOHU 6 'DEHL LVW HV XQHUKHEOLFK RE 1DFKIUDJHU EHU HLQ H[DNWHV WDWVlFKOLFKHV 3UHLVZLVVHQ YHUIJHQ YLHOPHKU LVW KLHU ÅGLH 9RUVWHOOXQJ YRQ HLQHP ÄIDLUHQȧ RGHU ÄDN]HSWDEOHQ 3UHLVȧ´ UHOHYDQW 9JO 1LHVFKODJ'LFKWO+|UVFKJHQ 6 9JO'LOOHU 6 9JO.DOLVK1HOVRQ 6 9JO6LPRQ 6II 9JO)DUTXKDU 6 9JO6ULYDVWDYD6KHUYDQL)DKH\ 6II
JHQRPPHQHQ 0DUNHQZHUW EHL HLQHP $QVWLHJ GHV 9HUNDXIVSUHLVHV VLJQLILNDQW ZHQLJHU 0DUNWDQWHLOHYHUOLHUHQDOV$UWLNHOPLWHLQHPJHULQJHUHQZDKUJHQRPPHQHQ0DUNHQZHUW 'DKHUVFKHLQWHVDXI%DVLVGLHVHU(UNHQQWQLVVHJHUHFKWIHUWLJWIROJHQGH+\SRWKHVHLPYRU OLHJHQGHQ8QWHUVXFKXQJV]XVDPPHQKDQJHLQHUHPSLULVFKHQhEHUSUIXQJ]XXQWHU]LHKHQ + -HVWlUNHUGHUZDKUJHQRPPHQH0DUNHQZHUWEHVWLPPWHU$UWLNHOLVWGHVWRJU|HULVW GLHPD[LPDOH3UHLVEHUHLWVFKDIWIUGLHVHQ$UWLNHO 'LHHPSLULVFKH(UIDVVXQJGHU3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ 6WXGLHQ ]XU $EVFKlW]XQJ GHU LQGLYLGXHOOHQ 3UHLVEHUHLWVFKDIW DOWHUQDWLY DXFK DOV 3UHLVDN ]HSWDQ]EH]HLFKQHWODVVHQVLFKJUXQGVlW]OLFKLQYLHU*UXSSHQQDFK$UWGHUYHUZHQGHWHQ ,QVWUXPHQWH DXIWHLOHQ ([SHUWHQEHIUDJXQJHQ $QDO\VH YRQ $EYHUNDXIVGDWHQ .DXIDQJHERWHXQG 3UlIHUHQ]EHIUDJXQJYRQ.RQVXPHQWHQ
Experimentell (z.B. Testmarktsimulation) Kaufdaten
Instrumente zur Erfassung von Zahlungsbereitschaften
Nicht-experimentell (z.B. Panel-/ Scannerdaten) Direkte Preisbefragung
Präferenzen Indirekte Preisbefragung (z.B. Conjoint Analyse) Auktionen Kaufangebote Lotterien
Nichtanreizkompatibel, (z.B. HöchstpreisAuktion) Anreizkompatibel, (z.B. VickreyAuktion)
4XHOOH,Q$QOHKQXQJDQ6DWWOHU1LWVFKNH 6
$EELOGXQJ'(LQhEHUEOLFNEHU,QVWUXPHQWH]XUHPSLULVFKHQ(UPLWWOXQJYRQ3UHLVEHUHLWVFKDIWHQ 'LH9RUWHLOHHLQHU%HIUDJXQJYRQ([SHUWHQ LQGHU5HJHO9HUWULHEVPLWDUEHLWHUGHUKHU VWHOOHQGHQRGHUYHUWUHLEHQGHQ8QWHUQHKPHQOLHJHQYRUDOOHPLQGHUVFKQHOOHQXQGNRV WHQJQVWLJHQ'XUFKIKUEDUNHLWXQGGHU0|JOLFKNHLWQRFKQLFKWDXIGHP0DUNWEHILQGOL 9JO$LODZDGL/HKPDQQ1HVOLQ 6I
FKH3URGXNWH]XP*HJHQVWDQGGHU%HIUDJXQJPDFKHQ]XN|QQHQXPDXI(UIDKUXQJVZLV VHQ EDVLHUHQG YRUDXVVLFKWOLFKH 5HDNWLRQHQ GHU $EQHKPHU DEVFKlW]HQ ]X N|QQHQ *OHLFKZRKO VWHKW GLHVHQ 9RUWHLOHQ LQ GHU 5HJHO GHU JUDYLHUHQGH 1DFKWHLO HLQHU XQJHQ JHQGHQ E]Z QLFKW EHUSUIEDUHQ 9DOLGLWlW GHU HUKREHQHQ (LQVFKlW]XQJHQ JHJHQEHU ZHVKDOE GLHVH 0HWKRGH LQVJHVDPW DXV ZLVVHQVFKDIWOLFKHU 3HUVSHNWLYH DOV ZHQLJ HPSIHK OHQVZHUWHLQ]XVFKlW]HQLVW %HL GHU $QDO\VH UHDOHU .DXIGDWHQ ZLUG LQ GHU 5HJHO LP 5DKPHQ H[SHULPHQWHOOHU 'H VLJQVDXI6FDQQHUGDWHQ]XUFNJHJULIIHQGHQHQVRPLW]ZDUHLQHYHUJOHLFKVZHLVHKRKHH[ WHUQH 9DOLGLWlW EHVFKHLQLJW ZHUGHQ NDQQ ZHLO HV VLFK XP5HYHDOHG 3UHIHUHQFH 'DWD KDQGHOW JOHLFKZRKO DEHU DXFK ]X EHUFNVLFKWLJHQ LVW GDVV LQVEHVRQGHUH LQ IHOGH[SHULPHQWHOOHQ 'HVLJQV GLH DN]HSWLHUWHQ 3UHLVH QXU VHOWHQ GLH HUIRUGHUOLFKH 9DULDWLRQVEUHLWH DXIZHLVHQ N|QQHQ *HQHUHOO ZLUG GDEHL GLH ([LVWHQ] YRQ .RQVXPHQWHQUHQWHQ EHL .RQVXPHQWHQ GLHGHQJHIRUGHUWHQ3UHLV]DKOHQMHGRFKEHUHLWZlUHQHLQHQK|KHUHQ3UHLV]X]DKOHQ XQ EHUFNVLFKWLJWEOHLEHQ'DDEHULP5DKPHQGHV3URGXNWPDQDJHPHQWVJHUDGHGDV$XVOR WHQYRQ0|JOLFKNHLWHQGHU$EVFK|SIXQJGLHVHU.RQVXPHQWHQUHQWHHLQHJHZLFKWLJH5ROOH VSLHOW VFKHLQW DXFK GLHVH 0HWKRGLN LP 5DKPHQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ QLFKW LPDXVUHLFKHQGHQ0DJHHLJQHW %HL NRQNUHWHQ .DXIDQJHERWHQ ZHUGHQ GHQ .RQVXPHQWHQ HQWZHGHU LP =XJH XQWHUVFKLHGOLFKDXVJHVWDOWHWHU$XNWLRQHQRGHULQ/RWWHULHQLQGLYLGXDOLVLHUWH$QJHERWHLQ XQWHUVFKLHGOLFKHQ 3UHLVK|KHQ XQWHUEUHLWHW 2EZRKO GLHVH 9HUIDKUHQ PLW XQWHUVFKLHGOL FKHQ6FKZHUSXQNWHQDXVWKHRUHWLVFKHU6LFKWIUGLH(UPLWWOXQJGHULQGLYLGXHOOHQPD[LPD OHQ3UHLVEHUHLWVFKDIWDOOHVDPWDOVVHKUJHHLJQHWJHOWHQNRQQWHQGLHHQWVSUHFKHQGHQ9RUWHL OH LQ GHU HPSLULVFKHQ )RUVFKXQJVSUD[LV ÅMHGRFK ELVODQJ QLFKW HLQGHXWLJ QDFKJHZLHVHQ ZHUGHQ´ =XGHP YHUXUVDFKHQ VLH LQ GHU 3UD[LV HUKHEXQJVWHFKQLVFK HLQHQ JURHQ $XI ZDQG)U/RWWHULHYHUIDKUHQPVVHQ%HIUDJWHDQHLQHP2UW]XVDPPHQNRPPHQXQGGLH $UWLNHOWDWVlFKOLFKHEHQVRZLHEHL$XNWLRQHQDXFKHUZHUEHQN|QQHQZDVGLH3UDNWLNDEL OLWlW]XVlW]OLFKHLQVFKUlQNWZHLOHQWVSUHFKHQGHILQDQ]LHOOH$QUHL]HJHERWHQZHUGHQPV VHQ 'DKHULVWHVQLFKWYHUZXQGHUOLFKGDVVGHUGLUHNWHQ%HIUDJXQJ GLHK|FKVWH%H 9JO%DOGHUMDKQ 6II 9JO3HFKWO 6 9JO%DOGHUMDKQ 6 9JO%HQ$NLYDHWDO 6 9JO'LOOHU 6II =XXQWHUVFKLHGOLFKHQ$UWHQYRQ$XNWLRQHQYJO6NLHUD6SDQQ 6I 9JO$GOHU 6 9|OFNQHU 6 'LHVHVLVWDXFKIUGDV%HFNHU'H*URRW0DUVFKDN0RGHOOGHU)DOOLQGHP.RQVXPHQWHQ3UHLVHQHQQHQ XQGGDQQDXI%DVLVHLQHU/RWWHULHHQWVFKLHGHQZLUGLQZLHIHUQVLHGLHVHQ3UHLV]X]DKOHQKDEHQ9JO :HUWHQEURFK6NLHUD 6II
GHXWXQJ ]XJHPHVVHQ ZLUG %HL GHU GLUHNWHQ %HIUDJXQJ ]XU (UPLWWOXQJ GHU PD[LPDOHQ 3UHLVEHUHLWVFKDIWVROOHQGLH%HIUDJHQEHZHUWHQREVLHHLQHQEHVWLPPWHQ3UHLVIUHLQJH QDXHUEH]HLFKQHWHV3URGXNWLP9HUJOHLFK]XGHQYHUPXWHWHQ3URGXNWOHLVWXQJHQDOVDN]HS WDEHODQVHKHQ'LHV JHVFKLHKWXQWHU,QNDXIQDKPHGHU(LQVFKUlQNXQJHQYRUDOOHPKLQ VLFKWOLFK VFKZLHULJHU $QUHL]NRPSDWLELOLWlW XQG GDGXUFK LQGX]LHUWHU (UZQVFKWKHLWV (IIHNWH VRZLH HLQHU K\SRWKHWLVFKHQ %HIUDJXQJVVLWXDWLRQ 'LH MHZHLOLJHQ 9RU XQG 1DFKWHLOH HLQHU VROFKHUPDHQ JHVWDOWHWHQ GLUHNWHQ 3UHLVEHUHLWVFKDIWVEHIUDJXQJ VLQG LP (LQ]HOQHQ7DEHOOH']XHQWQHKPHQ 1DFKWHLOH
9RUWHLOH
3UREOHPGHUVR]LDOHQ(UZQVFKWKHLWGHU$QW ZRUWHQ
/DVVHQVLFKJH]LHOWDXIEHVWLPPWH3UREOHPVWHO OXQJHQDXVULFKWHQ
.RPSOH[LWlWGHV3UHLVYHUKDOWHQVLQ%HIUDJXQ JHQRIWQLFKWDEELOGEDU
$XVVDJHQEHUNQIWLJHV9HUKDOWHQXQWHU K\SRWKHWLVFKHQ%HGLQJXQJHQEHUIRUGHUQ%H IUDJWHRIW
%LHWHQPHKU&KDQFHQDOVDQGHUH9HUIDKUHQ DXFKGLH8UVDFKHQEHVWLPPWHU0DUNWXQG 3UHLVHQWZLFNOXQJHQDXI]XVSUHQZHLOHLQH%H ]XJQDKPHDXILQWHUYHQLHUHQGH9DULDEOHQGHV .lXIHUYHUKDOWHQVP|JOLFKLVW
(LQPDOLJH%HIUDJXQJHQELOGHQGLH'\QDPLN GHV3UHLVJHVFKHKHQVXQ]XUHLFKHQGDE 4XHOOH,Q$QOHKQXQJDQ'LOOHU 6
(UIRUGHUQQLFKWGLH0LWDUEHLWGHV(LQ]HOKDQ GHOV
7DEHOOH' 'LH9RUXQG1DFKWHLOHYRQGLUHNWHQ%HIUDJXQJHQ]XU(UKHEXQJGHUPD[LPDOHQ3UHLV EHUHLWVFKDIW %HL GHU GLUHNWHQ %HIUDJXQJ ODVVHQ VLFK ZLHGHUXP GUHL 9RUJHKHQVZHLVHQ XQWHUVFKHLGHQ (UVWHQV%LHWVSLHOHEHLGHQHQDXVJHKHQGYRQHLQHP6WDUWDQJHERWGHU3UHLVIUHLQVSH]LIL VFKHV3URGXNWVXN]HVVLYHXPHLQHQIHVWJHOHJWHQ%HWUDJHUK|KWZLUGELVGHU%HIUDJWHDE OHKQW GDQQ DXVJHKHQG YRP OHW]WHQ DN]HSWLHUWHQ 3UHLV ZLHGHU HUK|KW ZLUG DOOHUGLQJV LQ NOHLQHUHQ6FKULWWHQ$XIGLHVH:HLVHZLUGHLQLQWHUDNWLYHVLWHUDWLYHVHLQHU,QWHUYDOOVFKDFK WHOXQJlKQHOQGHV9HUIDKUHQHU]HXJW$OVQHJDWLYDQGLHVHP9HUIDKUHQKHUYRU]XKHEHQLVW MHGRFKGDVVYRQGHU+|KHGHV6WDUWDQJHERWVHLQH%HHLQIOXVVXQJGHV%HIUDJWHQDXVJHKHQ NDQQ6WDUWLQJ3RLQW%LDV XQGGDVVDXFKKLHUHLQHGLUHNWHE]ZPHGLLHUWHLQWHQVLYH,QWHU DNWLRQ]ZLVFKHQ,QWHUYLHZHUXQG%HIUDJWHPHUIRUGHUOLFKLVW 'LH]ZHLWH0HWKRGHGHUGLUHNWHQ%HIUDJXQJLVWGDV9RUOHJHQYRQ3UHLVNDUWHQDOVR.DUWHQ PLW3UHLVHQIUGDVEHWUHIIHQGH3URGXNWXQWHUGHQHQGHU%HIUDJWH]XZlKOHQKDW'LHVHV 9JO'LOOHU 6 9JO3HFKWO 6 9JO5DQGDOO,YHV(DVWPDQ 6II 9JO)UHHPDQ 6II
9RUJHKHQ KDW GHQ 9RUWHLO GDVV GHU 6WDUWLQJ3RLQW%LDV YHUPLHGHQ ZLUG HV ZHLVW MHGRFK HUQHXWGHQIRUVFKXQJVSUDNWLVFKHQ1DFKWHLOGHU1RWZHQGLJNHLWHLQHU,QWHUDNWLRQ]%LP 5DKPHQHLQHV,QWHUYLHZVDXI 'LHGULWWH0HWKRGHLVWGLHRIIHQH)UDJHEHLGHUGLH%HIUDJWHQGLUHNWQDFKLKUHUPD[LPDOHQ 3UHLVEHUHLWVFKDIW JHIUDJW ZHUGHQ 2EJOHLFK GLHVH 0HWKRGH HLQH ODQJH 7UDGLWLRQ EHVLW]W EDVLHUW DXI LKU DXFK JHJHQZlUWLJ QRFK HLQH 9LHO]DKO LQ GHU NRPPHU]LHOOHQ 0DUNHWLQJIRU VFKXQJHLQJHVHW]WHU,QVWUXPHQWH1HEHQGHU(LQIDFKKHLWGHU)UDJHVWHOOXQJDXV6LFKWGHU %HIUDJWHQVSULFKWIUGLHVH0HWKRGLNLQVEHVRQGHUHGLH7DWVDFKHGDVVVLHDXFKLQVFKULIWOL FKHQ %HIUDJXQJHQ HLQJHVHW]W ZHUGHQ NDQQ =XGHP LVW DQ]XPHUNHQ GDVV HLQH 2SHUDWLRQDOLVLHUXQJLQGHUVNL]]LHUWHQ:HLVHGXUFKGLH1HQQXQJNRQNUHWHU:lKUXQJVEH WUlJH VLFKHUVWHOOW GDVV GLH PD[LPDOH 3UHLVEHUHLWVFKDIW GHU .RQVXPHQWHQ P|JOLFKVW NDXI YHUKDOWHQVQDKNRQ]HSWLRQDOLVLHUWZHUGHQNDQQ *HJHQEHUGLHVHU2SHUDWLRQDOLVLHUXQJVZHLVHPDJMHGRFKNULWLVFKDQJHPHUNWZHUGHQGDVV HLQZLFKWLJHU9RUWHLOGHU.RYDULDQ]VWUXNWXUDQDO\VHGLH0RGHOOLHUXQJGHV0HVVIHKOHUVEHL GLHVHP 0HVVPRGHOO QLFKW DXVJHVFK|SIW ZHUGHQ NDQQ ZHLO HLQ 0HVVIHKOHU EHL 6LQJOH ,QGLFDWRU$QVlW]HQ QLFKW JHVFKlW]W ZHUGHQ NDQQ *OHLFKZRKO ]HLJW HLQH $QDO\VH GHV 6FKULIWWXPV GDVV HLQH VROFKH 2SHUDWLRQDOLVLHUXQJ HUVWHQV NHLQHVZHJV XQEOLFK LVW XQG ]ZHLWHQVLP5DKPHQGHUYRUOLHJHQGHQ$UEHLWGHQQRFKHLQDXVUHLFKHQGKRKHV9HUKlOWQLV ]ZLVFKHQGHU$Q]DKOODWHQWHU9DULDEOHQXQGEHREDFKWHWHU,QGLNDWRUHQJHZlKUOHLVWHW =XU 0HVVXQJ GHU DUWLNHOEH]RJHQHQ PD[LPDOHQ 3UHLVEHUHLWVFKDIW VROO VRPLW GLH IROJHQGH )UDJHKHUDQJH]RJHQZHUGHQ 9JO$GOHU 6 =XGHQ8UVSUQJHQGLHVHU0HWKRGLNYJO*DERU*UDQJHU 6II =%LPKlXILJYHUZHQGHWHQ%$6(63ULFH$GYLVRU9JO$&1LHOVHQ )UHLQH9DULDQWHGHUGLUHNWHQ%HIUDJXQJLQHLQHU4XDVL/DERUVLWXDWLRQYJO:HUWHQEURFK 6 II 9JO%ROOHQ 6II 9JO/DXHU 6 ,QGHUYRUOLHJHQGHQ$UEHLWZHUGHQLPXQWHQIROJHQGHQ*HVDPWPRGHOOGHQODWHQWHQ9DULDEOHQRK QH)DNWRUHQ]ZHLWHU2UGQXQJ LQVJHVDPWEHREDFKWHWH,QGLNDWRUHQJHJHQEHUJHVWHOOWXQGGDPLWHLQ 9HUKlOWQLVYRQNRQVWLWXLHUWZHOFKHVGHXWOLFKEHUGHPYRQ%DXPJDUWQHU+RPEXUJ 6 LGHQWLIL]LHUWHQ 9HUKlOWQLV YRQ HWZD OLHJW ,Q HLQHU IUKHUHQ 9HU|IIHQWOLFKXQJ LGHQWLIL]LHUHQ +RP EXUJ%DXPJDUWQHUHLQJHULQJHUHV'XUFKVFKQLWWVYHUKlOWQLVYRQ9JO+RPEXUJ%DXPJDUWQHU 6 II 8P HLQHQ 6WDUWLQJ3RLQW%LDVGHU GDUJHERWHQHQ3UHLVH ]X YHUPHLGHQ ZXUGH DOV0LWWHOSXQNW GHU 6NDOD GHULQGHUÅ0LQWHO*QSG'DWHQEDQN´HLQHU%UDQFKHQGDWHQEDQN]XU'DUVWHOOXQJQHXHUXQGEHVWHKHQ GHU $UWLNHO LP /HEHQVPLWWHOVHNWRU DQJHJHEHQH 3UHLV KHUDQJH]RJHQ 9JO 0LQWHO ,QWHUQDWLRQDO *URXS
,WHP :LHYLHOZlUHQ6LHEHUHLWPD[LPDOIU$UWLNHOQ]X EH]DKOHQ">:WSB@
6NDOD $QJHERWYRQMHZHLOV3UHLVHQIU$UWLNHOQ
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅPD[LPDOH3UHLVEHUHLWVFKDIW´
'LH +HUOHLWXQJ YRQ )RUVFKXQJVK\SRWKHVHQ ]X (LQIOXVVJU|HQ GHU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LP PDUNHQSROLWLVFKHQ ,QVWUXPHQWDOEH UHLFK
'D HV LQ %H]XJ DXI GLH LQ $EVFKQLWW $ IRUPXOLHUWHQ )RUVFKXQJVIUDJHQ QLFKW =LHO GHU 6WXGLHLVWVlPWOLFKHP|JOLFKHQ'HWHUPLQDQWHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURIL OLHUXQJ LQ GDV 8QWHUVXFKXQJVPRGHOO DXI]XQHKPHQ JLOW HV HLQH (LQJUHQ]XQJ DQKDQG IRO JHQGHU$QIRUGHUXQJHQYRU]XQHKPHQ$OVUHOHYDQWIUGHQ.RQWH[WGHUYRUOLHJHQGHQ8Q WHUVXFKXQJVLQG(LQIOXVVJU|HQDQ]XVHKHQGLH DXV6LFKWGHU1DFKIUDJHUZDKUQHKPEDUVLQG HLQH %HGHXWXQJ IU GLH 3URGXNW E]Z 0DUNHQZDKUQHKPXQJ XQG GDPLW IU GLH GDUDXIEDVLHUHQGH(LQVWHOOXQJVHQWZLFNOXQJJHJHQEHUHLQHP$UWLNHODXIZHLVHQ VRZLHDXV$QELHWHUVLFKWDOVJHVWDOWEDUJHOWHQN|QQHQ 0HIIHUW%XUPDQQ.RHUVVWHOOHQGD]XIHVWHLQH0DUNHDOVZDKUJHQRPPHQHV9RUVWHOOXQJVELOG GHV .RQVXPHQWHQ VHL GDV (UJHEQLV YRQ EHU HLQHQ OlQJHUHQ =HLWUDXP GXUFKJHIKUWHQ 0DUNHWLQJPDQDKPHQ 'DUDXV OlVVW VLFK IU GLH YRUOLHJHQGH 8QWHUVXFKXQJ DEOHLWHQ GDVVGLHVDXFKIUGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJDOV'LPHQVLRQHLQHUVRO FKHQ0DUNHQSURILOLHUXQJJHOWHQPXVV'DKHUVROOHQLP5DKPHQGHU8QWHUVXFKXQJP|JOL FKHU PDUNHQSROLWLVFKHU (LQIOXVVIDNWRUHQ HQWVSUHFKHQGH 9DULDEOHQ GLH 0DUNHWLQJPD QDKPHQDXVGHPVRJHQDQQWHQ0DUNHWLQJ0L[UHSUlVHQWLHUHQLP0LWWHOSXQNWVWHKHQ
'LH3UHLVHZXUGHQMHZHLOVLQ)QI&HQW$EVWXIXQJHQDEJHELOGHWXPEOLFKH3UHLVILJXUHQXQWHU(LQ KDOWXQJGHUbTXLGLVWDQ]GHUMHZHLOVDEJHELOGHWHQ3UHLVHDQELHWHQ]XN|QQHQ )UHLQlKQOLFKHV9RUJHKHQYJO6DWWOHU XQG6KRFNHU6ULQLYDVDQ 6 9JO%XUPDQQ0HIIHUW.RHUV 6 9JO%RXOGLQJ/HH6WDHOLQ 6II
'HUZDKUJHQRPPHQH:HUEHGUXFN 'LH %HGHXWXQJ XQG GLH NRQ]HSWLRQHOOHQ *UXQGODJHQ GHV :HUEHGUXFNV LQ %H]XJ DXIGLH0DUNHQSROLWLNYRQ/HEHQVPLWWHOQ 'LHJH]LHOWH*HVWDOWXQJZHUEOLFKHU0DQDKPHQLVWGHU.RPPXQLNDWLRQVSROLWLN]X]XUHFK QHQ ZHOFKH GHU hEHUPLWWOXQJ YRQ SURGXNW E]Z OHLVWXQJVEH]RJHQHQ %RWVFKDIWHQ DQ .RQVXPHQWHQ GLHQW XQG QHEHQ 3URGXNW 3UHLV XQG 'LVWULEXWLRQVSROLWLN 7HLO GHV PDU NHQSROLWLVFKHQ ,QVWUXPHQWDOEHUHLFKVLVW XP 0DUNHQ $UWLNHOYRQLKUHQMHZHLOLJHQ:HWW EHZHUEHUQ]XGLIIHUHQ]LHUHQ'DV=LHODOOHUNRPPXQLNDWLRQVSROLWLVFKHQ0DQDKPHQLVW GLH%HHLQIOXVVXQJYRQ.RQVXPHQWHQLP+LQEOLFNDXIGHUHQ.DXIE]Z.RQVXPYHUKDOWHQ GXUFK GLH hEHUPLWWOXQJ SURGXNW E]Z OHLVWXQJVEH]RJHQHU %RWVFKDIWHQ 'LH hEHUPLWW OXQJGLHVHU%RWVFKDIWHQLVW$XIJDEHGHU:HUEXQJ ,P5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJHLJQHQVLFKZDKUJHQRPPHQH,QGLNDWRUHQDXV IROJHQGHQ*UQGHQEHVVHU]XU,QWHJUDWLRQLQGDV8QWHUVXFKXQJVPRGHOODOVEHLVSLHOVZHLVH GLH+|KHGHUWDWVlFKOLFKHQ:HUEHDXVJDEHQ$XIJUXQGGHU$QQDKPHGDVVDXV.RQVX PHQWHQVLFKW QXU KDQGOXQJVOHLWHQG VHLQ NDQQ ZDV ZDKUJHQRPPHQ ZXUGH XQG HULQQHUW ZLUGVFKHLQWHVXQHUKHEOLFKZHOFKHNRPPXQLNDWLRQVSROLWLVFKHQ%HPKXQJHQWDWVlFK OLFKDQELHWHUVHLWLJXQWHUQRPPHQZHUGHQHVLVWYLHOPHKU]XQl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Å]ZLVFKHQGHP5HL]XQGVHLQHUEHDEVLFKWLJ WHQ:LUNXQJQlPOLFKGHU.DXIKDQGOXQJHLQH]HLWOLFKH6SDQQH´H[LVWLHUW:HUEXQJNDQQ DOVRQXUGDQQZLUNHQZHQQVLH(LQJDQJLQGDV*HGlFKWQLVILQGHWXQGVHLWHQVGHU.RQVX 9JO.ORVV 6IIXQG-HGLGL0HOD*XSWD 6II 'LH%HHLQIOXVVXQJJHVFKLHKWLG5GDEHLLQHLQHU]ZDQJIUHLHQ)RUPZHLO%HHLQIOXVVHQGHQNHLQZLUN VDPHV6DQNWLRQVPLWWHO]XU9HUIJXQJVWHKW9JO.ORVV 6.URHEHU5LHO:HLQEHUJ 6 %HKUHQV 6 9JO&RPDQRU:LOVRQ 6II 'LHVH$XVIKUXQJHQJHOWHQIUGLHEULJHQLQGHQIROJHQGHQ$EVFKQLWWHQWKHPDWLVLHUWHQ9DULDEOHQGHV 0DUNHWLQJ,QVWUXPHQWDOEHUHLFKVHQWVSUHFKHQG 9JOGLH$XVIKUXQJHQLQ$EVFKQLWW% 9JO
PHQWHQ GDUDXV LQ GHU .DXIVLWXDWLRQ ZLHGHU DEJHUXIHQ ZLUG 'DKHU LVW GLH :HUEHHULQQH UXQJHLQH]HQWUDOH9DULDEOHGHU:HUEHZLUNXQJVIRUVFKXQJ (VJLOWDOVRLPYRUOLHJHQGHQ8QWHUVXFKXQJVNRQWH[W]XHUJUQGHQLQZLHIHUQVLFK.RQVX PHQWHQGHUDQELHWHUVHLWLJHQNRPPXQLNDWLRQVSROLWLVFKHQ%HPKXQJHQHQWVLQQHQ:HUEH 5HFDOO 'DEHLJLEWHV]ZHLJUXQGVlW]OLFKH=LHOULFKWXQJHQ$XIGHUHLQHQ6HLWHNDQQDXIGLH (ULQQHUXQJYRQNRQNUHWHQ,QKDOWHQRGHU$NWLRQVSDUDPHWHUQ]%$Q]HLJHQJU|H%LOG JHVWDOWXQJ 6SRWOlQJH ZHUEOLFKHU $NWLYLWlWHQ DEJHVWHOOW ZHUGHQ 'LHVHU =ZHLJ GHU :HU EHZLUNXQJVIRUVFKXQJGHUHYDOXDWLYDXVJHULFKWHWLVWXQGGLHNRQNUHWHQ*HVWDOWXQJVDOWHUQD WLYHQ]%YRQ$Q]HLJHQNDPSDJQHQXQG)HUQVHKVSRWVXQWHUVXFKWNDQQXQWHUGHP%HJ ULIIGHUHYDOXDWLYHQ:HUEHZLUNXQJVIRUVFKXQJ]XVDPPHQJHIDVVWZHUGHQ $XIGHUDQGHUHQ6HLWHNDQQDXIGLH(ULQQHUXQJGHU:HUEXQJDQVLFKDEJHKREHQZHUGHQ GKHVZLUGIRNXVVLHUWRE.RQVXPHQWHQVLFKJUXQGVlW]OLFKDQZHUEOLFKH$NWLYLWlWHQHU LQQHUQ+LHUEHLKDQGHOWHVVLFKXPHLQHQGLDJQRVWLVFKHQ$QVDW]GHUGHQ(UIROJYRQ:HU EHPDQDKPHQ LQ GHQ 0LWWHOSXQNW VWHOOW 'LDJQRVWLVFKH E]Z DQDO\WLVFKH 9HUIDKUHQ ÅOLH IHUQ*U|HQGLH$XIVFKOXVVEHUGDV=XVWDQGHNRPPHQGHV:HUEHHUIROJVELHWHQ´ ,P YRUOLHJHQGHQ 8QWHUVXFKXQJVGHVLJQ ZHOFKHV LQ +LQEOLFN DXI GLH (UIOOXQJ GHU )RU VFKXQJV]LHOHNRQ]LSLHUWZXUGHXQGGDKHUPHKUHUH:DUHQJUXSSHQVRZLH]XXQWHUVXFKHQGH $UWLNHOEHLQKDOWHWXQG]XGHPHLQHHLQKHLWOLFKH.DXVDOVWUXNWXU]ZLVFKHQGHQXQWHUVXFKWHQ $UWLNHOQ HUIRUGHUW HUVFKHLQW HV QLFKW P|JOLFK NRQNUHWH ,QKDOWH NRPPXQLNDWLRQVSROLWL VFKHU$NWLYLWlWHQ]XLQWHJULHUHQZHLOGDQQXQWHUVFKLHGOLFKHDUWLNHOVSH]LILVFKH2SHUDWLRQD OLVLHUXQJHQ QRWZHQGLJ ZUGHQ )U GLH VR JHPHVVHQHQ (IIHNWH JlEH HV DXHUKDOE HLQHV 7HVWPDUNWHVNHLQH0|JOLFKNHLWGLHVHH[SHULPHQWHOO]XNRQWUROOLHUHQ 'DKHUZHUGHQGLHNRQNUHWHQ,QKDOWHXQG.DQlOHGHUVHLWHQVGHUYHUVFKLHGHQHQ$QELHWHU JHVHQGHWHQ :HUEHERWVFKDIW GXUFK HLQ JOREDOHV DQDO\WLVFKHV .RQVWUXNW EHZXVVW DXVJH EOHQGHWXQGHVZLUGDXIHLQHQVXPPDULVFKHQ(LQGUXFNGHUZHUEOLFKHQ$NWLYLWlWHQ%H]XJ JHQRPPHQ GHU LP ZDKUJHQRPPHQHQ :HUEHGUXFN DOV JOREDOH :HUEHHULQQHUXQJ ]XP $XVGUXFNNRPPHQ 'HU=XVDPPHQKDQJ]ZLVFKHQZDKUJHQRPPHQHP:HUEHGUXFNXQG(LQVWHOOXQJ 'LH (UNOlUXQJ GHU PLW :HUEXQJ LQGX]LHUWHQ :LUNXQJHQ DXI .RQVXPHQWHQHLQVWHOOXQJHQ XQG OHW]WOLFK GDV .DXIYHUKDOWHQ VWHKHQ LP 0LWWHOSXQNW GHU :HUEHZLUNXQJVIRUVFKXQJ ,Q .URHEHU5LHO(VFK 6
GLHVHP )RUVFKXQJV]ZHLJ H[LVWLHUHQ ]DKOUHLFKH 0RGHOOH GLH GLH LQQHUHQ 9RUJlQJH YRP :HUEHNRQWDNW]XP.DXIYHUKDOWHQIRNXVVLHUHQ ,P GHXWVFKVSUDFKLJHQ 5DXP ZLUG YRU DOOHP GDV 0RGHOO GHU :HUEHZLUNXQJVSIDGH YRQ .URHEHU5LHO DQJHZHQGHW 'LHVHV 0RGHOO V\VWHPDWLVLHUW GLH =XVDPPHQKlQJH ]ZLVFKHQ :HUEHNRQWDNW GHU GDGXUFK LQGX]LHUWHQ $XIPHUNVDPNHLW GHQ NRJQLWLYHQ XQG HPRWLRQD OHQ 9RUJlQJHQ GHU (LQVWHOOXQJ GHU .DXILQWHQWLRQ XQG VFKOLHOLFK GHP .DXIYHUKDOWHQ YJO$EELOGXQJ'
Werbekontakt
schwache Aufmerksamkeit
starke Aufmerksamkeit
kognitive Vorgänge
emotionale Vorgänge
Einstellung Kaufabsicht
Verhalten
4XHOOH.URHEHU5LHO:HLQEHUJ 6
$EELOGXQJ''DV*UXQGPRGHOOGHU:HUEHZLUNXQJVSIDGH $OV HLQH KHUDXVUDJHQGH 'HWHUPLQDQWH GHV MHZHLOV HLQJHVFKODJHQHQ 3IDGHV GHU :HUEHZLU NXQJIKUW.URHEHU5LHOGDV,QYROYHPHQWGHU8PZRUEHQHQDQ:HQQEHLLKQHQHLQKRKHV )UHLQHQhEHUEOLFNYJO6WHIIHQKDJHQ 6II 9JO:LHVHNH 6
,QYROYHPHQW YRUOLHJW YHUOlXIW GHU :HUEHZLUNXQJVSIDG HLQGHXWLJ EHU GLH MHZHLOLJH (LQ VWHOOXQJ'LHVLVWXQDEKlQJLJGDYRQREGLH,QKDOWHGHU:HUEHERWVFKDIWHKHULQIRUPDWLYHQ RGHU HPRWLRQDOHQ &KDUDNWHU KDEHQ YJO $EELOGXQJ ' %HL HLQHP JHULQJHQ ,QYROYH PHQWQLYHDXZlUHHLQHJHULQJHUH:LUNXQJZHUEOLFKHU$NWLYLWlWHQDXIGLH(LQVWHOOXQJGXUFK GLUHNWH %\SlVVHYRQHPRWLRQDOHQXQGNRJQLWLYHQ9RUJlQJHQDXIGDV9HUKDOWHQRGHUJDU HLQH5FNZLUNXQJGHV9HUKDOWHQVDXIGLH(LQVWHOOXQJ]XHUZDUWHQ Werbekontakt (informative Werbung)
Werbekontakt (emotionale Werbung)
schwache Aufmerksamkeit
starke Aufmerksamkeit
schwache Aufmerksamkeit
starke Aufmerksamkeit
kognitive Vorgänge
emotionale Vorgänge
kognitive Vorgänge
emotionale Vorgänge
Einstellung
Einstellung
Kaufintention
Kaufintention
Verhalten
Verhalten
4XHOOH.URHEHU5LHO(VFK 6II
$EELOGXQJ'(LQHh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lWDOVKRFKDQ]XVHKHQLVWXQGGDV.DXIYHUKDOWHQDOV=LHOYDULDEOH GHV8QWHUVXFKXQJVPRGHOOVJXWHUNOlUWZLUG'DKHULVWYRQHLQHU*OWLJNHLWGHU725$ KRKHP ,QYROYHPHQW GHU .RQVXPHQWHQ XQG GDPLW HLQHU EHUZLHJHQG LQGLUHNWHQ :HUEH ZLUNXQJEHUGLH(LQVWHOOXQJDXV]XJHKHQ :HQQJOHLFKGLHJHQDQQWHQNRQ]HSWLRQHOOHQ$QVlW]HEHUGLH=XVDPPHQKlQJHDXIJUXQGLKUHU3ODXVL ELOLWlW HLQH EUHLWH $N]HSWDQ] LQ GHU :HUEHZLUNXQJVIRUVFKXQJ JHIXQGHQ KDEHQ PXVV NULWLVFK DQJH PHUNWZHUGHQGDVVHLQHPSLULVFKHU1DFKZHLVELVODQJDXVVWHKW9JO0HIIHUW 6II'LHVOLHJW YRU DOOHP DQ JUXQGVlW]OLFKHQ 3UREOHPHQ GHU 0HVVXQJ GHU :HUEHZLUNXQJ ]% GHU XPIDVVHQGHQ .RQWUROOHYRQ6W|UJU|HQXQGGHP$XIWUHWHQYRQ7LPH/DJV 9JO+RPEXUJ.URKPHU 6 9JO+HUUPDQQ 6I
*HVWW]WDXIGLHVHHPSLULVFKHQ(UNHQQWQLVVHVRZLHGLHREHQXPULVVHQHQNRQ]HSWLRQHOOHQ hEHUOHJXQJHQVROOGDKHUIROJHQGH+\SRWKHVHJHSUIWZHUGHQ + -HK|KHUGHUZDKUJHQRPPHQH:HUEHGUXFNIUEHVWLPPWH$UWLNHOLVWGHVWRJHVXQG KHLWVSURILOLHUWHUZLUGGHU$UWLNHOZDKUJHQRPPHQ 'LHHPSLULVFKH(UIDVVXQJGHVZDKUJHQRPPHQHQ:HUEHGUXFNV ,Q GHU /LWHUDWXU ZHUGHQ YRU DOOHP ]ZHL 9HUIDKUHQ ]XU 0HVVXQJ GHU :HUEHZLUNXQJ LP 6LQQHGHU(ULQQHUXQJDQNRPPXQLNDWLRQVSROLWLVFKH0DQDKPHQJHQDQQW'D\$IWHU5HFDOO XQG5HFRJQLWLRQ$QVl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lW]H ILQGHQ (LQHQ HUVWHQ %H]XJVSXQNW ELHWHQ .LUPDQL:ULJKW GLHDOV,QGLNDWRUIUGHQZDKUJHQRPPHQHQ:HUEHGUXFNLQYHUVFKLHGHQHQH[SHULPHQWHO OHQ'HVLJQV GHQVHLWHQVGHU.RQVXPHQWHQ VXEMHNWLYDEJHVFKlW]WHQ:HUEHDXIZDQGDQVH KHQ 'LHVHU ZDKUJHQRPPHQH :HUEHDXIZDQG ZLUG PLWWHOV HLQHV 6LQJOH,QGLNDWRUV HU IDVVW GHU DOOHUGLQJV DEZHLFKHQG YRQ GHU ]XYRU IL[LHUWHQ LQKDOWOLFKHQ $XVULFKWXQJ VWDUN DXI GLH ZDKUJHQRPPHQHQ $XVJDEHQ IU :HUEXQJ %H]XJ QLPPW 'D LP 5DKPHQ GHU YRUOLHJHQGHQ6WXGLHHLQEUHLWHUHU$QVDW]JHZlKOWZHUGHQVROOJLOWHVGDVHQJH9HUVWlQGQLV GHV:HUEHDXIZDQGHV]XHUJlQ]HQ'D]XVROOLP5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJ HLQ 0HVVDQVDW] YRQ @LQ\RXU2SLQLRQZLOOWKHFDPSDLJQGHVFULEHGEHPRUHRUOHVVFRVWO\WRWKHPDQXIDFWXUHUWKDQWKH RWKHUFDPSDLJQV>@´.LUPDQL:ULJKW 6
PXQLNDWLRQVSROLWLVFKHU 0DQDKPHQ IRNXVVLHUW $GYB@ ,FKJODXEHGDVVGLH:HUEHNDPSDJQHLP9HUJOHLFK]X .RQNXUUHQ]SURGXNWHQVHKUDXIZlQGLJLVW>$GYB@
$QNHUSXQNWHGHUVLHEHQVWXILJHQ 5DWLQJ6NDOD 6WLPPHYROO]X ² 6WLPPHJDUQLFKW]X
:HUEXQJIU$UWLNHOQVHKHLFKKlXILJ>$GYB@
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQHU:HUEHGUXFN´ 'LHZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH 'LH %HGHXWXQJ XQG GLH NRQ]HSWLRQHOOHQ *UXQGODJHQ GHU 'LVWULEXWLRQVGLFKWH LQ %H]XJDXIGLH0DUNHQSROLWLNYRQ/HEHQVPLWWHOQ 'XUFKGLH:DKOHLQHU JHHLJQHWHQ'LVWULEXWLRQVVWUDWHJLHEHLGHUZLH]X]HLJHQVHLQZLUG LQVEHVRQGHUHGLH,QWHQVLWlWGHU'LVWULEXWLRQLP0LWWHOSXQNWGHU%HWUDFKWXQJVWHKHQPXVV VROOGLH3URGXNWSURILOLHUXQJXQWHUVWW]WZHUGHQ'LHVVWHOOWQHEHQGHPEHUHLWVGLVNXWLHUWHQ :HUEHGUXFN HLQHQ ZHLWHUHQ %DXVWHLQ LP .DQRQ P|JOLFKHU 0DUNHWLQJ ,QVWUXPHQWDOYDULDEOHQ ]XU %HHLQIOXVVXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ GDU
9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6II
,P5DKPHQGHU%HWUDFKWXQJGLHVHU(LQIOXVVYDULDEOHVROOLPYRUOLHJHQGHQ=XVDPPHQKDQJ YRUDOOHPGLH$EVDW]ZHJHSROLWLNDXV.RQVXPHQWHQVLFKWLP0LWWHOSXQNWVWHKHQ'LH$E VDW]ZHJHSROLWLN Ol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lPWOLFKH+DQGHOVVWXIHQHLQH5ROOHVRQGHUQOHGLJOLFKGLH 6WXIHPLWGHU.RQVXPHQWHQGLUHNWLQ.RQWDNWWUHWHQ'LH$XVJHVWDOWXQJGLHVHUKRUL]RQWD OHQ$EVDW]ZHJHVWUDWHJLHDXIGHUOHW]WHQ+DQGHOVVWXIHLVWDXV.RQVXPHQWHQVLFKWGXUFKGLH ZDKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW]XHUIDVVHQ %H]JOLFKGHU$XVJHVWDOWXQJGHU'LVWULEXWLRQVLQWHQVLWlWODVVHQVLFKGUHLW\SLVFKHXQGSUD [LVUHOHYDQWH $XVJHVWDOWXQJVIRUPHQ XQWHUVFKHLGHQ GLH LQWHQVLYH 'LVWULEXWLRQ GLH VHOHNWLYH'LVWULEXWLRQXQG GLHH[NOXVLYH'LVWULEXWLRQ:HOFKHGLHVHUGUHLKRUL]RQWDOHQ 'LVWULEXWLRQVVWUDWHJLHQ VLQQYROO LVW PXVV LQ $EKlQJLJNHLW ]X GHQ X8 LQWHQGLHUWHQ 0HUNPDOHQ GHV ]X YHUWUHLEHQGHQ 3URGXNWV E]Z $UWLNHOV .DXIKlXILJNHLW WHFKQLVFKH .RPSOH[LWlW:HUWMH6WFNHWF HQWVFKLHGHQZHUGHQ /HEHQVPLWWHO DXFK VROFKH PLW HLQHP LQWHQGLHUWHQ JHVXQGKHLWOLFKHQ =XVDW]QXW]HQ VLQG WURW]GLHVHVDXV.RQVXPHQWHQVLFKWZDKUJHQRPPHQHQ=XVDW]QXW]HQVDOV*WHUGHVWl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lWWHQE]Z%HWULHEVW\SHQSURILOLHUXQJEH]HLFKQHQOlVVW (LQH DXVUHLFKHQG KRKH XQG PLW GHQ $UWLNHOQ E]Z 3URGXNWHQ NRUUHVSRQGLHUHQGH 3URIL 6R PVVHQ EHLVSLHOVZHLVH ORJLVWLVFKH )UDJHVWHOOXQJHQ GHV 'LVWULEXWLRQVPDQDJHPHQWV DXVJHNODPPHUW EOHLEHQGDVLHDXV.RQVXPHQWHQVLFKWQDFKUDQJLJHUVFKHLQHQ )UHLQHhEHUVLFKWYJO&DQQRQ 6
OLHUWKHLW DXI GHU (EHQH GHV /HEHQVPLWWHOHLQ]HOKDQGHOV OlVVW VLFK MHGRFK ]XPLQGHVW LQ 'HXWVFKODQG PLW MHZHLOV H[NOXVLY YHUWULHEHQHQ $UWLNHOQ +DQGHOVPDUNHQ LQ GHU 5HJHO GLHV]HLJHQHPSLULVFKH(UJHEQLVVHYRQ/DXHURIIHQEDUQLFKWDXIEDXHQ 'HUWKHRUHWLVFKH=XVDPPHQKDQJ]ZLVFKHQ'LVWULEXWLRQVGLFKWHXQG(LQVWHOOXQJ 'HU=XVDPPHQKDQJ]ZLVFKHQGHU+lXILJNHLWPLWGHUEHVWLPPWH$UWLNHOGHQ.RQVXPHQ WHQDQJHERWHQZHUGHQXQGGHUPLWGLHVHQ$UWLNHOQYHUNQSIWHQ(LQVWHOOXQJHQGHU.RQ VXPHQWHQZHLVWLQGHUSV\FKRORJLVFKHQ)RUVFKXQJHLQHYHUJOHLFKVZHLVHODQJH+LVWRULHDXI :LHZRKO EHUHLWV HLQH 5HLKH IUKHU GXUFKJHIKUWHU 8QWHUVXFKXQJHQ YRUOLHJW ILQGHW GLH 7KHVHZRQDFK.RQVXPHQWHQVSH]LILVFKH6WLPXOLDXIJUXQGLKUHUZLHGHUKROWHQ'DUELHWXQJ SRVLWLYHU EHZHUWHQ HUVW GXUFK GLH JHJHQEHU GHQ 9RUOlXIHUQ YDOLGHU DQJHOHJWHQ H[SHUL PHQWHOOHQ8QWHUVXFKXQJHQYRQ=DMRQF(QGHGHUHU-DKUHEUHLWHQ(LQJDQJLQGLHSV\FKR ORJLVFKH)RUVFKXQJ 6HLWKHU ZLUG GDV 3KlQRPHQ GDVV 3UlIHUHQ]HQ JHJHQEHU 2EMHNWHQ SRVLWLY GXUFK GHUHQ EHLOlXILJH 'DUELHWXQJ EHHLQIOXVVW ZHUGHQ N|QQHQ PLWWHOV GHU 0HUH([SRVXUH+\SRWKHVH EHVFKULHEHQXQGLQHLQHU9LHO]DKOYRQ=XVDPPHQKlQJHQVRDXFKLP1DKUXQJVPLWWHONRQ WH[WXQWHUVXFKW'LH(UJHEQLVVH]HLJHQGDVVGLHJUXQGVlW]OLFKHQ=XVDPPHQKlQJHVLFK DXFKDXIGHQYRUOLHJHQGHQ(UQlKUXQJVNRQWH[WEHUWUDJHQODVVHQGHQQHVVFKHLQWHLQSR VLWLYHU=XVDPPHQKDQJ]ZLVFKHQGHUREMHNWEH]RJHQHQ(LQVWHOOXQJEHVWLPPWHQQHXDUWLJHQ 1DKUXQJVPLWWHOQ JHJHQEHU XQG GHU $Q]DKO GHU ([SRVLWLRQHQ PLW GLHVHQ 1DKUXQJVPLW WHOQ]XH[LVWLHUHQ'HVKDOEVFKHLQWHVJHUHFKWIHUWLJWIROJHQGH+\SRWKHVHLQGDV8QWHU VXFKXQJVPRGHOOGHUYRUOLHJHQGHQ$UEHLWDXI]XQHKPHQ + -H K|KHU GLH ZDKUJHQRPPHQH 'LVWULEXWLRQVLQWHQVLWlW EHVWLPPWHU $UWLNHO LVW GHVWR DXVJHSUlJWHULVWGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
9JO)UD]LHU/DVVDU 6 9JO /DXHU 6 (LQH $XVQDKPH GUIWHQ HLQLJH 'LVFRXQWDQELHWHUVHLQ ZHOFKH VLFK MHGRFK HEHQJHUDGHQLFKWIUGHQ6HOHNWLYE]Z([NOXVLYYHUWULHEYRQ0DUNHQDUWLNHOQLPREHQEHVFKULHEHQHQ 6LQQHHLJQHQ 9JO%RUQVWHLQ 6 9JO*U|SSHO.OHLQ 6 Å5HVXOWV LQGLFDWH WKDW IRRG SUHIHUHQFH LV DQ LQFUHDVLQJ IXQFWLRQ RI H[SRVXUH IUHTXHQF\´ (HUW PDQV%DH\HQV9DQGHQ%HUJK 6
'LHHPSLULVFKH(UIDVVXQJGHUZDKUJHQRPPHQHQ'LVWULEXWLRQVGLFKWH 0LWWHOVGHUZDKUJHQRPPHQHQ'LVWULEXWLRQVLQWHQVLWlWJLOWHV]XPHVVHQLQZLHYLHOHQ9HU NDXIVVWHOOHQGHUMHZHLOLJH$UWLNHODXV6LFKWGHV.RQVXPHQWHQDQJHERWHQZLUG$XIGLHVHU 6LFKWZHLVHIXWGHU$QVDW]YRQ
,WHPV ,FKJODXEHGDVV$UWLNHOQKlXILJHUDOVVHLQH.RQNXU UHQ]SURGXNWHLQGHQ*HVFKlIWHQ]XILQGHQLVW >'LVWUB@ ,FKGHQNH$UWLNHOQZLUGLQPHKU/lGHQDQJHERWHQDOV VHLQH.RQNXUUHQ]SURGXNWH>'LVWUB@
6WLPPHYROO]X ²6WLPPHJDUQLFKW]X
,FKYHUPXWH$UWLNHOQZLUGLQVRYLHOHQ/lGHQZLH P|JOLFKDQJHERWHQ>'LVWUB@
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH´
9JO6SHFKW 6II
'DVZDKUJHQRPPHQH3UHLVQLYHDX 'LH%HGHXWXQJXQGGLHNRQ]HSWLRQHOOHQ*UXQGODJHQGHVZDKUJHQRPPHQHQ3UHLV QLYHDXV ,P9HUJOHLFK]XDQGHUHQ9DULDEOHQGHV0DUNHWLQJ0L[NRPPWGHP3UHLVHLQHKHUDXVUD JHQGH6WHOOXQJ]X'LHVH6RQGHUVWHOOXQJLVWGDULQEHJUQGHWGDVVPLWWHOVGHUEULJHQEH UHLWV LQ GHQ YRUKHUJHKHQGHQ $EVFKQLWWHQ GHU YRUOLHJHQGHQ $UEHLW EHUFNVLFKWLJWHQ 0DU NHWLQJ0L[(OHPHQWHVHLWHQVHLQHV0DUNHQDUWLNHODQELHWHUVHLQ'LIIHUHQ]LHUXQJVYRUWHLODP 0DUNW JHQHULHUW ZHUGHQ VROO GHU GXUFK SUHLVSROLWLVFKH 0DQDKPHQ ]X HLQHP P|JOLFKVW JURHQ7HLODEJHVFK|SIWZHUGHQVROO 'HU3UHLVJHK|UWHUVWHQV]XGHQVWlUNVWHQ*HZLQQWUHLEHUQGDGXUFKLKQXQPLWWHOEDU(UO| VH EHHLQIOXVVW ZHUGHQ ]XJOHLFK VWHOOW HU ]ZHLWHQV DEHU DXFK HLQHV GHU VFKZLHULJVWHQ XQG ULVLNRUHLFKVWHQ0DUNHWLQJLQVWUXPHQWHGDU)UGLHKRKH%HGHXWXQJGHU3UHLVSROLWLNVLQG MHGRFK ]XVlW]OLFK YHUVFKLHGHQH H[RJHQH (QWZLFNOXQJHQ YHUDQWZRUWOLFK ]X PDFKHQ GLH LQVEHVRQGHUHDXFKGHQ/HEHQVPLWWHOPDUNWEHWUHIIHQ 'LH *OREDOLVLHUXQJ KDW ]X HLQHP HUK|KWHQ :HWWEHZHUEVGUXFN JHIKUW LP =XJH GHVVHQ GHU 3UHLV YHUPHKUW DOV HLQH VWUDWHJLVFKH 0DUNWHLQWULWWVEDUULHUH JHJHQEHU QHXHQ:HWWEHZHUEHUQYHUZHQGHWZLUG 'LH]XQHKPHQGH0DUNWVlWWLJXQJLQZHVWOLFKHQ,QGXVWULHVWDDWHQHUIRUGHUWHLQHDNWL YHUH3UHLVSROLWLNXQGGHQJH]LHOWHQ(LQVDW]GHU0DUNHWLQJYDULDEOHÅ3UHLV´ 1HXH,QIRUPDWLRQVWHFKQRORJLHQKDEHQ]XHLQHUHUK|KWHQ3UHLVWUDQVSDUHQ]JHIKUW XQG]XJOHLFKDEHUDXFKQHXH0|JOLFKNHLWHQHLQHUJH]LHOWHQ3UHLVVWHXHUXQJHU|IIQHW 'HU3UHLVZLUGYRQYRONVZLUWVFKDIWOLFKHU6HLWHDOV0DUNWSUHLVGHUEHLP=XVDPPHQWUHIIHQ YRQ $QJHERW XQG 1DFKIUDJH HQWVWHKW EHWUDFKWHW $XI HLQ]HO E]Z EHWULHEVZLUWVFKDIWOL FKHU (EHQH OLHJW GHU )RNXV PHLVW DXI HLQHU P|JOLFKVW JH]LHOWHQ 6WHXHUXQJ GHV 3UHLV /HLVWXQJVYHUKlOWQLVVHV$OV8QWHUIDOOGLHVHUEHWULHEVZLUWVFKDIWOLFKHQ+HUDQJHKHQVZHLVHDQ GDV 7KHPHQIHOG Å3UHLV´ IRNXVVLHUW GLH YHUKDOWHQVZLVVHQVFKDIWOLFKH 3UHLVWKHRULH GLH 6LFKW GHU .RQVXPHQWHQ DXI 3UHLVH 'LH YHUKDOWHQVZLVVHQVFKDIWOLFKH 3UHLVWKHRULH NRQ]HGLHUW GDVVQLFKWDXVVFKOLHOLFKREMHNWLYHXQGEHREDFKWEDUHVRQGHUQJOHLFKZRKODXFKVXEMHNWLYH
9JO1DJOH+ROGHQ/DUVHQ 6 9JO'LOOHU 6II 9JO6LPRQ 6II
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Å3UHLV´ ZDV DOV NRJQL]LHUWHU 3UHLV EH]HLFKQHW ZLUG 'DUDXV DEJHOHLWHW HU IROJWLQGHU3KDVHGHV/H[LFDO(QFRGLQJGLH%HVWLPPXQJGHU+DXSWEHGHXWXQJGHV6WLPXOXV ÅZRGXUFKGLHVHQVRULVFKZDKUJHQRPPHQH=LIIHUQIROJH>«@HLQH%HGHXWXQJ0HDQLQJ DOV PRQHWlUH 3UHLVK|KH GHV EHWUHIIHQGHQ 3URGXNWV HUKlOW´ ,Q GHU DEVFKOLHHQGHQ 3KDVH GHP &DWHJRULDO (QFRGLQJ ZLUG GLH YRQ HYHQWXHOOHQ 5XQGXQJVSUR]HVVHQ DEJHVHKHQ LVR PRUSKH:DKUQHKPXQJGHV3UHLVVWLPXOXVLQYRUKDQGHQH6WUXNWXUHQHLQJHEHWWHWXQGEHL VSLHOVZHLVH DOV KRFK RGHU QLHGULJ HLQJHRUGQHW 'DV (UJHEQLV HLQHV VROFKHQ (QFRGLH UXQJVSUR]HVVHVGHULQ$EELOGXQJ'EHUEOLFNVDUWLJGDUJHVWHOOWLVWZLUGDOV3UHLVZLVVHQ PHQWDOJHVSHLFKHUW
Sensory Encoding
Lexical Encoding
Categorial Encoding
4XHOOH,Q$QOHKQXQJDQ3HFKWO 6
$EELOGXQJ''DV3KDVHQPRGHOOGHU3UHLVZDKUQHKPXQJXQG²YHUDUEHLWXQJ 'DV3UHLVHPSILQGHQDOV(QGSXQNWGHVVNL]]LHUWHQ3UHLVZDKUQHKPXQJVSUR]HVVHVVHW]WGDV 9RUKDQGHQVHLQ HLQHV 5HIHUHQ]SUHLVHV DOV 8UWHLOVDQNHU YRUDXV QDFK GHVVHQ 0DJDEH GHU 9JODXVIKUOLFK]XP6WDQGGHU)RUVFKXQJ6LHPV 6II 9JO0OOHU 6 3HFKWO 6 9JO+RPEXUJ.URKPHU 6II
NRQNUHWH 6WLPXOXV NDWHJRULDO HLQVRUWLHUW ZLUG 'D]X N|QQHQ .RQVXPHQWHQ JUXQGVlW]OLFK HLQH9LHO]DKOXQWHUVFKLHGOLFKYHUDQNHUWHU5HIHUHQ]SUHLVHKHUDQ]LHKHQZDV]XHLQHU5HL KHYRQP|JOLFKHUZHLVH JUDYLHUHQGHQ8QZlJEDUNHLWHQEHLGHU0HVVXQJGHV3UHLVHPSILQ GHQV IKUHQ N|QQWH ,Q GHU /LWHUDWXU ZLUG PHLVW HLQH 8QWHUVFKHLGXQJ YRQ LQWHUQ XQG H[WHUQYHUDQNHUWHQ5HIHUHQ]SUHLVHQYRUJHQRPPHQ ,QWHUQH5HIHUHQ]SUHLVHEDVLHUHQDXIYRUKDQGHQHP3UHLVZLVVHQGHU.RQVXPHQWHQPHPRU\ EDVHG XQGZHUGHQLQGHUHQWVSUHFKHQGHQ%HZHUWXQJVVLWXDWLRQDEJHUXIHQ'LHVHLQWHUQHQ 5HIHUHQ]SUHLVHEHUJHQGLH*HIDKUGDVVGLHDEJHIUDJWHQ3UHLVEHZHUWXQJVXUWHLOHZHQLJDXV VDJHNUlIWLJVLQG6LHVLQGHUVWHQLQVEHVRQGHUHGHVKDOEYRQJHULQJHU$XVVDJHNUDIWZHLOXQ NODU EOHLEHQ PXVV ZHOFKHU 5HIHUHQ]SUHLV GHP MHZHLOLJHQ 8UWHLO ]XU 3UHLVZDKUQHKPXQJ ]XJUXQGHOLHJW=ZHLWHQVVLQGGLHVHLQGLYLGXHOOHQ5HIHUHQ]SUHLVHXQWHUHLQDQGHUGDVKHLW LQWHUVXEMHNWLY ]ZLVFKHQ %HIUDJWHQ QLFKW YHUJOHLFKEDU RGHU HV ZlUH DOWHUQDWLY QRWZHQGLJ XQG HUKHEXQJVWHFKQLVFK YHUJOHLFKVZHLVH DXIZlQGLJ GHQ HLQ]HOQHQ .RPSRQHQWHQ GHV 3UHLVZLVVHQV QDFK]XVSUHQ ZHOFKHV MHZHLOV LQGLYLGXHOO GLH +|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lUH .DXIUHVWULNWLRQ DQGHUHUVHLWV N|QQHQ 6LH DOV 6LJQDO IU HLQHQ KRKHQ $UWL NHOQXW]HQ YHUVWDQGHQ ZHUGHQ Å/HW]WHUHV EH]HLFKQHW DOOJHPHLQ GDV 3KlQRPHQ GDVV .RQVXPHQWHQLQYLHOHQ)lOOHQHLQ3URGXNWTXDOLWDWLYXPVREHVVHUHLQVWXIHQMHK|KHUGHU 3UHLV GHV 3URGXNWHV LVW >«@´ (LQH VROFKHUPDHQ SUHLVRULHQWLHUWH 4XDOLWlWVEHXUWHLOXQJ LVWYRUGHP+LQWHUJUXQGGHU7KHRULHGHVZDKUJHQRPPHQHQ.DXIULVLNRVZHOFKHYRQ%DX )U HQWVSUHFKHQGH hEHUEOLFNH YJO &KDQGUDVKHNDUDQ-DJSDO 6 .OHLQ2UJOHWKRUSH 6 6KLUDL 6 9JO3HFKWO 6 9JO.RSDOOH/LQGVH\0XOOLNLQ 6XQG0D\KHZ:LQHU 6 =X3UREOHPHQXQG+HUDXVIRUGHUXQJHQGHU0HVVXQJGHV3UHLVZLVVHQVYJO'LFNVRQ6DZ\HU 6 II 9JO3HFKWO 6 9JO6DWWOHU5DR 6 9|OFNQHU 6
HU LQ GLH .DXIYHUKDOWHQVIRUVFKXQJ HLQJHIJW ZXUGH ]X HUNOlUHQ 8QWHU 4XDOLWlW LVW LQ GLHVHP=XVDPPHQKDQJYRUDOOHPHLQHWHOHRORJLVFKH4XDOLWlW]XYHUVWHKHQDOVRGDV$XV PD GHU ZDKUJHQRPPHQHQ (LJQXQJ GHV $UWLNHOV IU GHQ LQWHQGLHUWHQ 9HUZHQGXQJV ]ZHFNZHOFKHU]%GXUFKGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ]XP$XVGUXFN NRPPW ,P5DKPHQHLQHU9LHO]DKOYRQ.DXIHQWVFKHLGXQJHQVHKHQVLFK.RQVXPHQWHQPLW5LVLNHQ NRQIURQWLHUW ZHLO VLH GLH .RQVHTXHQ]HQ GHU HLJHQHQ :DKOKDQGOXQJ QLFKW DEVFKlW]HQ N|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lWLJW ZHUGHQ NRQQWH VWHOOW VLFK GHQQRFK GLH )UDJH XQWHU ZHOFKHQ VSH]LIL VFKHQ %HGLQJXQJHQ .RQVXPHQWHQ GHQ 3URGXNWSUHLV DOV 1XW]HQLQGLNDWRU DXIIDVVHQ XQG VRPLW GHU 7KHRULH GHV ZDKUJHQRPPHQHQ .DXIULVLNRV HLQH EHVRQGHUH %HGHXWXQJ ]X NRPPW 'HU %HDQWZRUWXQJ GLHVHU )UDJHVWHOOXQJ ZLGPHW VLFK 9|OFNQHU PLW HLQHU 6WXGLH DXI %DVLV YRQ)lOOHQ]X'HWHUPLQDQWHQGHVLP)RNXVVWHKHQGHQ=XVDPPHQKDQJV(VZHUGHQ LQVJHVDPW 'HWHUPLQDQWHQ GHU 3UHLV1XW]HQ(UZDUWXQJ DP %HLVSLHO GHV .DXIV YRQ )UXFKWPDUPHODGH VLPXOWDQ UHJUHVVLRQVDQDO\WLVFK XQWHUVXFKW 7KHRUHWLVFKHU $XVJDQJV SXQNW]XU,GHQWLILNDWLRQGHU'HWHUPLQDQWHQLVWDXFKKLHUEHLGLH7KHRULHGHVZDKUJHQRP PHQHQ.DXIULVLNRVZRQDFKHLQH,QIRUPDWLRQVIXQNWLRQGXUFK3UHLVHLPPHUGDQQEHVRQ GHUVDXVJHSUlJWLVWZHQQ.RQVXPHQWHQPLWGHP.DXISV\FKRORJLVFKHVR]LDOHRGHU|NR QRPLVFKH5LVLNHQHLQJHKHQÅ6RJODXEWGHU.RQVXPHQWGXUFKGLH:DKOHLQHVK|KHUSUHL VLJHQ3URGXNWHV‚DXI1XPPHUVLFKHU‘]XJHKHQ´
9JO/RHYHQLFK 6IXQG'LOOHU 6 9JO1LHVFKODJ'LFKWO+|UVFKJHQ 6I )UHLQHhEHUVLFKWEHUGLH'LPHQVLRQHQGHVZDKUJHQRPPHQHQ.DXIULVLNRVYJO/LQJHQIHOGHU/RHYHQLFK 6 9JO/LQJHQIHOGHU/DXHU)XQN 6I 9JO5DR0RQURH 6II 'LHVHEDVLHUHQDXIHLQHUWKHRUHWLVFKHQ.RQ]HSWLRQYRQ'LOOHU 9|OFNQHU 6
(V]HLJWVLFKGDVVGHP.HQQWQLVVWDQGEHUGLH:DUHQJUXSSHXQGGHP4XDOLWlWVLQWHUHVVH GHU.RQVXPHQWHQVRZRKOEHUGDVJHVDPWH6DPSOHKLQZHJDOVDXFKEHLHLQHU/DWHQW&ODVV $QDO\VLV ]ZHLHU FOXVWHUDQDO\WLVFK HUPLWWHOWHU 8QWHUVWLFKSUREHQ HLQH ]HQWUDOH %HGHXWXQJ ]XNRPPW 0LW HLQHP K|KHUHQ .HQQWQLVVWDQG LQ GHU EHWUHIIHQGHQ :DUHQJUXSSH VLQG .RQVXPHQWHQ LQ GHU /DJH GLH +|KH GHU MHZHLOLJHQ 1XW]HQNRPSRQHQWHQ GHV $UWLNHOV DE]XVFKlW]HQ ZREHL GHU 3UHLV DOV 1XW]HQLQGLNDWRU QXUPHKU HLQH XQWHUJHRUGQHWH 5ROOH VSLHOW %H]RJHQ DXI GHQ YRUOLHJHQGHQ 8QWHUVXFKXQJVNRQWH[W LVW LQVRIHUQ GDYRQ DXV]X JHKHQGDVV.RQVXPHQWHQGLH:LUNVDPNHLWJHVXQGKHLWVSURILOLHUWHU$UWLNHOGLHVLVWGLHKLHU ]HQWUDOH 1XW]HQNRPSRQHQWH LQ GHU VLFK GLH $UWLNHO LQQHUKDOE GHU :DUHQJUXSSHQ XQWHU VFKHLGHQ QXU VFKZHU HLQVFKlW]HQ N|QQHQ XQG DXIJUXQG LKUHU UHODWLYHQ 1HXDUWLJNHLW QXU EHJUHQ]WH,QIRUPDWLRQHQEHVLW]HQZDVGDVZDKUJHQRPPHQH.DXIULVLNRHUK|KW 8QWHUGLHVHU9RUDXVVHW]XQJZLUGYRQ.RQVXPHQWHQGHU3UHLVHLQHV$UWLNHOVDOV+LQZHLV DXI GHQ PLW GHP $UWLNHO YHUEXQGHQHQ :HUW YHUVWDQGHQ 8QWHU :UGLJXQJ GLHVHU (U NHQQWQLVVHVFKHLQWHVVRPLWVLQQYROOGLHIROJHQGH+\SRWKHVHHLQHUHPSLULVFKHQ3UIXQJ ]XXQWHU]LHKHQ + -HK|KHUGDV3UHLVQLYHDXEHVWLPPWHU$UWLNHOHLQJHVFKlW]WZLUGGHVWRVWlUNHULVWGLH ZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJGLHVHV$UWLNHOV 'LHHPSLULVFKH(UIDVVXQJGHVZDKUJHQRPPHQHQ3UHLVQLYHDXV :LHEHUHLWVLP=XVDPPHQKDQJPLWGHQEULJHQPDUNHQSROLWLVFKHQ(LQIOXVVYDULDEOHQVROO DXFKEHLGHU2SHUDWLRQDOLVLHUXQJGHVZDKUJHQRPPHQHQ3UHLVQLYHDXVDXIGLH.RQ]HSWLR QDOLVLHUXQJYRQ
/LQLHXPHLQVXEMHNWLYHV3UHLVJQVWLJNHLWVXUWHLOKDQGHOWYJO$EVFKQLWW' XQGGLHLQ GHUYRUOLHJHQGHQ8QWHUVXFKXQJ]XHUKHEHQGHQ3UHLVJQVWLJNHLWVXUWHLOHPLWHLQDQGHU²DOVR LQWHUVXEMHNWLY²YHUJOHLFKEDU VHLQ PVVHQ $OV H[WHUQHU3UHLVVWLPXOXV ZLUGGDKHUGHUEH UHLWVLQ$EVFKQLWW'QlKHUXPULVVHQHPLWWOHUH9HUNDXIVSUHLVDOVLQGHU%HIUDJXQJVVL WXDWLRQGDUJHERWHQHU3UHLVGHVMHZHLOLJHQ$UWLNHOVKHUDQJH]RJHQ'HQ,WHPVGHVZDKUJH QRPPHQHQ3UHLVQLYHDXVYJO7DEHOOH' ZLUG]XVlW]OLFKGLHIROJHQGH(LQOHLWXQJYRUDQ JHVWHOOWGDPLWGLH)UDJHVWHOOXQJIUGLH%HIUDJWHQSODXVLEOHUXQGQlKHUDQHLQHU.DXIVLWXD WLRQJHVWDOWHWLVWÅ%LWWHVWHOOHQ6LHVLFKYRUGDVV,KQHQ$UWLNHOQ]XP3UHLVYRQ>3UHLVVWLPX OXV@½DQJHERWHQZLUG´ $QNHUSXQNWHGHUVLHEHQVWXILJHQ 5DWLQJ6NDOD
,WHPV 'LHVHU3UHLVYRQ$UWLNHOQLVWKRFK>3UHLVB@ ,FKILQGHGLHVHQ3UHLVYRQ$UWLNHOQQLHGULJ>3UHLVB@ ,FKILQGHGDVV$UWLNHOQWHXHULVW>3UHLVB@
6WLPPHYROO]X ² 6WLPPHJDUQLFKW]X
7DEHOOH' 'LH2SHUDWLRQDOLVLHUXQJGHV.RQVWUXNWVÅZDKUJHQRPPHQHV3UHLVQLYHDX´
( 'LH(QWZLFNOXQJHLQHV)HOGH[SHULPHQWV]XU0HVVXQJGHUZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ XQG GHU $XVZLUNXQJHQ DXI DXVJHZlKOWHPDUNHQSROLWLVFKH=LHOJU|HQ
'LH(OHPHQWHGHV$XIEDXVH[SHULPHQWHOOHU'HVLJQV
8QWHU HLQHP H[SHULPHQWHOOHQ 'HVLJQ LVW DOOJHPHLQ HLQ ]LHOJHULFKWHWHU 3ODQ ]X YHUVWHKHQ GHU GHU =XRUGQXQJ YRQ 8QWHUVXFKXQJVSHUVRQHQ ]X H[SHULPHQWHOOHQ 8PVWlQGHQ GHQHQ GLHVHDXVJHVHW]WZHUGHQGLHQW'DUEHUKLQDXVLVWLP9RUKLQHLQP|JOLFKVWGHWDLOOLHUWIHVW ]XOHJHQZHOFKH$UWGHUVWDWLVWLVFKHQ$QDO\VHPLWGLHVHP3ODQLP$QVFKOXVVDQGLH'DWHQ HUKHEXQJ ]X YHUNQSIHQ LVW XP GLH )RUVFKXQJVIUDJHQ GHV ([SHULPHQWV ]X EHDQWZRU WHQ 'LHVH )RUVFKXQJVIUDJHQ VLQG VR SUl]LVH ]X IRUPXOLHUHQ GDVV GLH LP ([SHULPHQW LQWHUHVVLHUHQGHQ XQDEKlQJLJHQ XQG DEKlQJLJHQ 9DULDEOHQ HLQGHXWLJ IHVWOHJEDU VLQG XQG ]XGHPWHVWE]ZZLGHUOHJEDUH+\SRWKHVHQGDUEHUDEJHOHLWHWZHUGHQN|QQHQZLHGLHVH 9DULDEOHQYRQHLQDQGHUDEKlQJHQ=XGHPJLOWHVEHLP$XIEDXH[SHULPHQWHOOHU'HVLJQVH[ DQWHKHUDXV]XILQGHQGXUFKZHOFKH(LQIOVVHGLH]X7DJH JHI|UGHUWHQ (UJHEQLVVHP|JOL FKHUZHLVHYHUIlOVFKWDOVRNRQIXQGLHUWZHUGHQN|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|HQMHQHU$UWLNHOEHHLQ IOXVVWJLOWHVLP)ROJHQGHQ$OWHUQDWLYHQLQ%H]XJDXIGLHJHQDQQWHQ3XQNWHMHZHLOVGH]L GLHUW]XGLVNXWLHUHQXQGLP5DKPHQHLQHVH[SHULPHQWHOOHQ'HVLJQVGDQQHLQGHXWLJIHVW]X OHJHQ
9JO.LUN 6 9JO6FKQHOO+LOO(VVHU 6I$QGHUH'HVLJQVGLHGLHVH9RUDXVVHW]XQJHQQLFKWHUIOOHQVLQG GHQ VRJHQDQQWHQ 4XDVL E]Z 9RU([SHULPHQWHQ RGHU DXFK ([3RVW)DFWR6WXGLHQ ]X]XRUGQHQ ZHLO LKQHQMHZHLOVPLQGHVWHQVHLQHGHUJHQDQQWHQ9RUDXVVHW]XQJHQIHKOW
'LH)HVWOHJXQJE]ZGLH,GHQWLILNDWLRQGHU([SHULPHQWDOYDULDEOHQXQGP|J OLFKHUNRQIXQGLHUHQGHU9DULDEOHQ
'LH)HVWOHJXQJGHUXQDEKlQJLJHQXQGDEKlQJLJHQ9DULDEOHQ $OV XQDEKlQJLJH 9DULDEOH GHV EHDEVLFKWLJWHQ ([SHULPHQWV ZLUG GLH LQ $EVFKQLWW & GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ HQWZLFNHOWH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQKHUDQJH]RJHQ0LW+LOIHGHULQGHU%HIUDJXQJSUlVHQWLHUWHQ$UWLNHOVROOGLH MHZHLOV DUWLNHOEH]RJHQH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ H[SHULPHQWHOO JH]LHOW YDULLHUW ZHUGHQ 'DPLW ZLUG GHU LQ $EVFKQLWW ( JHVWHOOWHQ $QIRUGHUXQJ QDFK HLQHU NRQWUROOLHUWHQ6HW]XQJYRQ6WLPXOL7UHDWPHQWV HQWVSURFKHQ $OVDEKlQJLJH9DULDEOHQGHVEHDEVLFKWLJWHQ([SHULPHQWVVROOHQGLHLQ$EVFKQLWW'EH UHLWVQlKHUGHILQLHUWHQPDUNHQSROLWLVFKHQ=LHOJU|HQ9HUZHQGXQJILQGHQ'LHVHVLQGQD PHQWOLFKGHUZDKUJHQRPPHQH0DUNHQZHUWDOVYRU|NRQRPLVFKH=LHOJU|HGHU0DUNHQSR OLWLNVRZLHGLH.DXILQWHQWLRQXQGGLH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQLQ%H]XJDXIGHQ MHZHLOLJHQ$UWLNHODOV.RPSRQHQWHQGHV.DXIYHUKDOWHQV+LQVLFKWOLFKGHUMHZHLOLJHQ2SH UDWLRQDOLVLHUXQJGHUJHQDQQWHQ*U|HQ VHLDXIGLHHQWVSUHFKHQGHQ $XVIKUXQJHQLQGHQ $EVFKQLWWHQ'XQG'YHUZLHVHQ 0|JOLFKHNRQIXQGLHUHQGH9DULDEOHQXQGHQWVSUHFKHQGH5HDNWLRQHQ 8QWHUGHULQWHUQHQ9DOLGLWlWHLQHV([SHULPHQWVLVW]XYHUVWHKHQLQZHOFKHP$XVPDVLFK HLQH9DULDWLRQLQGHQ0HVVZHUWHQGHUDEKlQJLJHQ9DULDEOHQXUVlFKOLFKDXIGLHH[SHULPHQ WHOOH 9DULDWLRQ GHU XQDEKlQJLJHQ 9DULDEOH ]XUFNIKUHQ OlVVW 'LHVH XQPLWWHOEDUH 5FN IKUEDUNHLWZLUGLQVEHVRQGHUHLQ)HOGH[SHULPHQWHQGXUFKHLQH9LHO]DKOYRQ6W|UIDNWRUHQ VRJHQDQQWHQNRQIXQGLHUHQGHQ9DULDEOHQEHGURKW)ROJHQGH3XQNWHN|QQHQGLH'LIIH UHQ]GHU0HVVZHUWHGHUDEKlQJLJHQ9DULDEOHQLQ%H]XJDXIGLH9DULDWLRQGHUXQDEKlQJL JHQ 9DULDEOH EHHLQIOXVVHQ XQG VROOWHQ GDKHU LQ HLQHP DQVSUXFKVYROOHQ H[SHULPHQWHOOHQ 'HVLJQEHVRQGHUH%HUFNVLFKWLJXQJHUIDKUHQ
'LH%HVFKUHLEXQJGHUGD]XYHUZHQGHWHQ$UWLNHOLVW$EVFKQLWW)]XHQWQHKPHQ 9JO6FKQHOO+LOO(VVHU 6II
=ZLVFKHQ]HLWOLFKHV*HVFKHKHQXQG5HLIXQJVSUR]HVVH ,P YRUOLHJHQGHQ )DOO XQG LQ )HOGH[SHULPHQWHQ DOOJHPHLQ LVW GXUFK GLH IU GLH H[WHUQH 9DOLGLWlW HUZQVFKWH 5HDOLWlWVQlKH GLH QRWZHQGLJ LVW ZHQQ SUD[LVUHOHYDQWH (UJHEQLVVH HU]LHOWZHUGHQVROOHQHLQHQXUEHJUHQ]WH.RQWUROOHlXHUHU%HGLQJXQJHQP|JOLFK $OOHLQZHOFKHHLQ]HOQHQ(UHLJQLVVHDXHUKDOEGHVLP([SHULPHQWJHVHW]WHQ6WLPXOXVGLH (UJHEQLVVHEHHLQIOXVVHQNDQQNDXP]XYHUOlVVLJDEJHVFKlW]WZHUGHQ*OHLFKZRKOLVWGLHV YRU GHP +LQWHUJUXQG GHU LQWHQGLHUWHQ .DXIYHUKDOWHQVQlKH GHU YRUOLHJHQGHQ 8QWHUVX FKXQJDXFKQLFKWXQEHGLQJWQRWZHQGLJ(LQH(OLPLQDWLRQVROFKHU(LQIOVVHZlUHYHUPXW OLFKVRJDUDOVNRQWUDSURGXNWLYHLQ]XVFKlW]HQZHLOVLFKGDGXUFK]ZDUP|JOLFKHUZHLVHHLQH 6WHLJHUXQJGHULQWHUQHQ9DOLGLWlWHU]LHOHQOLHHMHGRFKXQZHLJHUOLFKGLHHUUHLFKEDUHH[WHU QH9DOLGLWlWGHU8QWHUVXFKXQJVHUJHEQLVVHDOVRGLHhEHUWUDJEDUNHLWGHU(UJHEQLVVHLQGLH 5HDOLWlWEHHLQWUlFKWLJWZUGHZHLOHLQHKRKH5HDOLWlWVQlKHGXUFKGHQVWDUNHQ/DERUFKD UDNWHUGHU8QWHUVXFKXQJGDQQQLFKWPHKUJHJHEHQZlUH 0HVVHIIHNWH ,Q([SHULPHQWHQN|QQHQIHUQHUVRJHQDQQWH0HVVHIIHNWHDXIWUHWHQ'LHVJHVFKLHKWZHQQ HLQH 0HVVXQJ HLQH ]ZHLWH 0HVVXQJ EHHLQIOXVVW XQG GLH 0HVVZHUWHGHU XQWHUVFKLHGOLFKHQ 0HVVXQJHQVRPLWDOVDEKlQJLJYRQHLQDQGHUE]ZNRUUHOLHUW]XLQWHUSUHWLHUHQVLQG'LHVLVW EHLVSLHOVZHLVHGDQQGHU)DOOZHQQPHKUHUH0HVVXQJHQKLQWHUHLQDQGHUDQHLQHU8QWHUVX FKXQJVSHUVRQYRUJHQRPPHQZHUGHQVROOHQ,Q'HVLJQVLQGHQHQ0HKUIDFKPHVVXQJHQDQ 8QWHUVXFKXQJVSHUVRQHQGHP([SHULPHQWLPPDQHQWVLQGPXVVLP5DKPHQGHU$XVZHU WXQJ GDUDXI HQWVSUHFKHQG UHDJLHUW XQG HLQ GLHVHU 6LWXDWLRQ JHPlHV $XVZHUWXQJVYHUIDK UHQYHUZHQGHWZHUGHQ+LHUEHLVSLHOVZHLVHHLQW7HVWIUJHSDDUWH6WLFKSUREHQZHQQXQ WHUHLQDQGHUDEKlQJLJHDOVRNRUUHOLHUHQGH0LWWHOZHUWHYHUJOLFKHQZHUGHQVROOHQ 9HU]HUUWH$XVZDKOGHU8QWHUVXFKXQJVREMHNWHXQG6WLFKSUREHQ$XVIlOOH 'LIIHUHQ]HQGHUDEKlQJLJHQ9DULDEOHQ]ZLVFKHQ8QWHUVXFKXQJVXQG.RQWUROOVWLFKSUREH E]ZGHPZDKUHQDEHUXQEHNDQQWHQ:HUWLQGHU*UXQGJHVDPWKHLWN|QQHQDXFKDXIHLQHU =XU8QWHUVFKHLGXQJYRQH[WHUQHUXQGLQWHUQHU9DOLGLWlWLQH[SHULPHQWHOOHQ'HVLJQVYJO+DJHU 6VRZLH:HVWHUPDQQ 6 ,VWHVGDV=LHOH[WHUQH(LQIOVVHYROOVWlQGLJ]XHOLPLQLHUHQVRVROOWHVWDWWHLQHV)HOGH[SHULPHQWVHLQ /DERUH[SHULPHQWGXUFKJHIKUWZHUGHQ9JO6DZ\HU3DUNHU6HQGDN 6II 9JO-DQVVHQ/DDW] 6II
ZLH DXFK LPPHU V\VWHPDWLVFK XQWHUVFKLHGOLFKHQ =XVDPPHQVHW]XQJ GHU JHZRQQHQHQ 6WLFKSUREHQLP9HUJOHLFK]XU*UXQGJHVDPWKHLWRGHUHQWVSUHFKHQGHQ8QWHUVFKLHGHQ]ZL VFKHQ ([SHULPHQWDO XQG .RQWUROOJUXSSH EHUXKHQ (UVWHUHV ZUGH VWlUNHU GLH H[WHUQH /HW]WHUHVHKHUGLHLQWHUQH9DOLGLWlWGHUVRJHZRQQHQHQ(UJHEQLVVHEHHLQWUlFKWLJHQ'DKHU JLOWHV8QWHUVXFKXQJHQKLQVLFKWOLFKGHU6WUXNWXUGHUHLQ]HOQHQYHUJOLFKHQHQ6WLFKSUREHQ YRU]XQHKPHQ XP VR VLFKHU]XVWHOOHQ GDVV GLH JHZRQQHQHQ (UJHEQLVVH HUVWHQV EH]RJHQ DXIGLH*UXQGJHVDPWKHLW]XYHUDOOJHPHLQHUQXQG]ZHLWHQVQLFKWDOV6WLFKSUREHQDUWHIDNWH ]X EH]HLFKQHQ VLQG 0LWWHOV HLQHU 3UIXQJ GHU 5FNOlXIH LQ %H]XJ DXI GLH ]XJUXQGH OLH JHQGH *HVDPWKHLW DOOHU 0HUNPDOVWUlJHU XQG GXUFK HQWVSUHFKHQGHQ9HUJOHLFK GHU HLQ]HO QHQ3DUWLDOVWLFKSUREHQVROOLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJKHUDXVJHIXQGHQZHUGHQRE PLWHLQHUYHU]HUUWHQ$XVZDKOE]Z$XVIlOOHQ]XUHFKQHQLVW 5HDNWLYH(IIHNWHGHUH[SHULPHQWHOOHQ6LWXDWLRQ 5HDNWLYH (IIHNWH GHU H[SHULPHQWHOOHQ 6LWXDWLRQ GLH YRU DOOHP GLH H[WHUQH 9DOLGLWlW GHU JHZRQQHQHQ (UJHEQLVVH EHHLQWUlFKWLJHQ ODVVHQ VLFK ZHGHU ZLUNVDP NRQWUROOLHUHQ QRFK Y|OOLJDXVVFKOLHHQGDVLHGHPHLJHQWOLFKHQ0HVVYRUJDQJQDKH]XXQDXVZHLFKOLFKLQKlUHQW VLQG 'LHV EHGHXWHW GXUFK GHQ 0HVVYRUJDQJ VHOEVW ZLUG GHU 0HVVJHJHQVWDQG YHUlQGHUW ]%LQGHP8QWHUVXFKXQJVSHUVRQHQYHUVXFKHQ(UJHEQLVVH]XOLHIHUQYRQGHQHQVLHDQ QHKPHQGDVV8QWHUVXFKXQJVOHLWHUVLFKGLHVHHUKRIIHQ6LHUHDJLHUHQDOVRQLFKWQXUDXIGDV HLJHQWOLFKH 7UHDWPHQW GLH 9DULDWLRQ GHU XQDEKlQJLJHQ 9DULDEOH VRQGHUQ LQ HLQHU YRUDE NDXPDEVFKlW]EDUHQ:HLVHDXFKDXIGLH8QWHUVXFKXQJVVLWXDWLRQDQVLFK(VPXVVGDKHU ]XPLQGHVWIRUVFKHULVFKHV=LHOVHLQVROFKHQUHDNWLYHQ(IIHNWHQNHLQHGDV8QWHUVXFKXQJV ]LHOEHHLQIOXVVHQGH5LFKWXQJ]XYHUOHLKHQGKGLHVH(IIHNWHVHOEVW]XUDQGRPLVLHUHQ ,P=XJHGHVIUGLHYRUOLHJHQGH8QWHUVXFKXQJDXI]XEDXHQGHQH[SHULPHQWHOOHQ'HVLJQV VROOWHQ GLH %HIUDJWHQ GDKHU GDUEHU LP 8QNODUHQ JHODVVHQ ZHUGHQ ZDV GLH XQDEKlQJLJH 9DULDEOHXQGGDV]HQWUDOH=LHOGHU8QWHUVXFKXQJVHLQVROO'LHVEHGHXWHWGDVVZHGHUGHU $VSHNWGHU*HVXQGKHLWQRFKGDV.RQVWUXNWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLH UXQJ LP )UDJHERJHQ LQ GHQ %HDUEHLWXQJVKLQZHLVHQ XQG LP $QVFKUHLEHQ JHQDQQW XQG GDPLWH[SRQLHUWZHUGHQVROO 'LHHQWVSUHFKHQGHQhEHUVLFKWHQXQG9HUJOHLFKHN|QQHQ7DEHOOH)HQWQRPPHQZHUGHQ 9JO6FKQHOO+LOO(VVHU 6I 'LHDQJHIKUWHQ'RNXPHQWHLQGHQHQVlPWOLFKVRYHUIDKUHQZLUGVLQGLQ$QKDQJ(GHUYRUOLHJHQGHQ $UEHLWHQWKDOWHQ
,QVWUXPHQWDWLRQVHIIHNWH 6FKOLHOLFKN|QQHQDXFKGLHGHQ%HIUDJWHQDQGLH+DQGJHJHEHQHQ+LOIVPLWWHO$QWZRUWHQ SURYR]LHUHQ GLH PLW HLQHU DQGHUHQ ,QVWUXPHQWLHUXQJ GDYRQ DEZHLFKHQG DXVJHIDOOHQ Zl UHQ'DKHUJLOWGHU3UlVHQWDWLRQGHU6WLPXOLXQGGHU]XU9HUIJXQJJHVWHOOWHQHUJlQ]HQGHQ $UWLNHOLQIRUPDWLRQHQEHVRQGHUHV$XJHQPHUN=XGHPLVWDXIJUXQGGHULQIRUPDWLRQV|NR QRPLVFKHQ )XQGLHUXQJ GHU 'LPHQVLRQHQ GHV ]HQWUDOHQ H[SHULPHQWHOOHQ .RQVWUXNWV GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LQVEHVRQGHUH GDV :LVVHQ GHU .RQVXPHQWHQ EHUGLHHLQ]HOQHQ$UWLNHOLQGLHVHU+LQVLFKWYRQ5HOHYDQ] 8P GHQ (LQIOXVV GHQ GLH $UW XQG :HLVH GHU GDUJHERWHQHQ $UWLNHOLQIRUPDWLRQ DXI GLH :DKUQHKPXQJ DXVEHQ N|QQWH KHUDXV]XSDUWLDOLVLHUHQ VROO HLQH UDQGRPLVLHUWH .RQWUROO JUXSSH GHU GLH HQWVSUHFKHQGHQ $UWLNHOLQIRUPDWLRQHQ QLFKW ]XU 9HUIJXQJ JHVWHOOW ZHU GHQGLH.RQWUROOHGHV (LQIOXVVHVGHU$QJDEH YRQ$UWLNHOLQIRUPDWLRQHQDXIGLHZDKUJH QRPPHQH *HVXQGKHLWVSURILOLHUXQJ HUP|JOLFKHQ ,VW GLH ZDKUJHQRPPHQH *HVXQGKHLWV SURILOLHUXQJMH$UWLNHOLQEHLGHQ*UXSSHQQLFKWEHU]XIlOOLJXQWHUVFKLHGOLFKVRNDQQPLW JURHU 6LFKHUKHLW DXVJHVFKORVVHQ ZHUGHQ GDVV GLH (LQVFKlW]XQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJGXUFKGLH$UWXQG:HLVHGHU$QJDEHEHVWLPPWHU$UWLNHOLQIRUPD WLRQHQNRQIXQGLHUWZLUG
'LH (QWZLFNOXQJ YRQ +\SRWKHVHQ EHU GDV DUWLNHOVSH]LILVFKH 1LYHDX GHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
=XQlFKVWJLOWHVHLQHJHULFKWHWH)RUVFKXQJVK\SRWKHVH]XIRUPXOLHUHQGLHDOV0DQLSXODWL RQVFKHFNGLHÅ&RQGLWLRVLQHTXDQRQ´GHVLQGHUYRUOLHJHQGHQ$UEHLWDXIJHEDXWHQH[SH ULPHQWHOOHQ'HVLJQVGDUVWHOOW$XVJDQJVIUDJHLVWZHOFKHV1LYHDXGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJEHLGHQ]XU8QWHUVXFKXQJKHUDQJH]RJHQHQ$UWLNHOQ]XHUZDUWHQ LVW $OV WKHRUHWLVFKHU $QNQSIXQJVSXQNW ELHWHW VLFK GLH 7KHRULH GHV .RQVXPHQWHQ :DKOYHUKDOWHQV&RQVXPHU&KRLFH7KHRU\ DQ*HQHUHOOOlVVWVLFKLP5DKPHQYRQ8QWHUVX FKXQJHQ ]X GLHVHU 7KHRULH IHVWVWHOOHQ GDVV .RQVXPHQWHQ LP .DXI E]Z .RQ 9JO$EVFKQLWW& 9JO6FKQHOO+LOO(VVHU 6 9JO+XEHU
VXPHQWVFKHLGXQJVSUR]HVV YHUVFKLHGHQH $OWHUQDWLYHQ DQKDQG JHZLVVHU 1XW]HQGLPHQVLR QHQ YHUJOHLFKHQ ,P KLHU YRUOLHJHQGHQ 8QWHUVXFKXQJV]XVDPPHQKDQJ YHUGLHQHQ LQVEH VRQGHUHhEHUOHJXQJHQXQG6WXGLHQ$XIPHUNVDPNHLWZRQDFK.RQVXPHQWHQLP5DKPHQ LKUHV(QWVFKHLGXQJVSUR]HVVHVXWLOLWDULVWLVFKHXQGKHGRQLVWLVFKH1XW]HQNRPSRQHQWHQJH JHQHLQDQGHUDEZlJHQ%HLGH$XVSUlJXQJHQVLQGLQMHGHQ(QWVFKHLGXQJVSUR]HVVLQXQ WHUVFKLHGOLFKHP0DHLQYROYLHUWXQGXQWHUHLQDQGHUQHJDWLYNRUUHOLHUW(VKHUUVFKWZHLW JHKHQGH (LQLJNHLW GDUEHU GDVV .RQVXPHQWHQ JHZLVVH 3URGXNWH HKHU DOV KHGRQLVWLVFK FKDUDNWHULVLHUHQDQGHUHKLQJHJHQHKHUDOVXWLOLWDULVWLVFK$OVXWLOLWDULVWLVFKJHSUlJWJHOWHQ 3URGXNWH EHL GHQHQ GDV .RQVXPYHUKDOWHQ HKHU NRJQLWLY XQG LQVWUXPHQWDO JHSUlJW LVW $QNQSIHQGDQGLH$XVIKUXQJHQEHUGLHPLWGHP.DXIJHVXQGKHLWVSURILOLHUWHU$UWLNHO YHUEXQGHQHQ0HDQV(QG.HWWHQLQ$EVFKQLWW&NDQQVRPLWJHIROJHUWZHUGHQGDVVEHL JHVXQGKHLWVSURILOLHUWHQ $UWLNHOQ HKHU HLQ DQ XWLOLWDULVWLVFKHQ 1XW]HQNRPSRQHQWHQ RULHQ WLHUWHU(QWVFKHLGXQJVSUR]HVVYRUOLHJW'DKHULVWQXQ]XQl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lQNH LQ GHU 8QWHUVXFKXQJ YRQ :HUWHQEURFK ZXUGH (LVWHH XQWHU VXFKW 'DUDXVHUJLEWVLFKGLHIROJHQGH+\SRWKHVH
)U HLQHQ hEHUEOLFN EHU YHUVFKLHGHQH 3IDGH GHU 7KHRULH GHV .RQVXPHQWHQ:DKOYHUKDOWHQV YJO 0DUGHU 9JO'KDU:HUWHQEURFK 6 9JO%DWUD$KWROD 6II Å>«@WKHUHLVOLWWOHGRXEWWKDWFRQVXPHUVFKDUDFWHUL]HVRPHSURGXFWVDVSULPDULO\KHGRQLFDQGRWKHUV DVSULPDULO\XWLOLWDULDQ´'KDU:HUWHQEURFK 6(VNDQQDQDORJDXFK]ZLVFKHQÅ:DQWV´RGHU Å9LUWXHV´DXIGHUHLQHQ6HLWHXQGÅ6KRXOGV´RGHUÅ9LFHV´DXIGHUDQGHUHQ6HLWHXQWHUVFKLHGHQZHU GHQ9JO6KLY)HGRULNLQ XQG:HUWHQEURFK 9JO6WUDKOLOHYLW]0\HUV =XU HLQJHKHQGHQ (UOlXWHUXQJ GHU H[SHULPHQWHOOHQ 9RUJHKHQVZHLVH XQG ]XU %HUHFKQXQJ GHU (UJHE QLVVH]ZHLVHLWLJHUW7HVWGHU0LWWHOZHUWXQWHUVFKLHGHMH$UWLNHO VRZLHHLQHUYROOVWlQGLJHQhEHUVLFKW]X GHQ(UJHEQLVVHQDOOHUYRQ:HUWHQEURFKHLQEH]RJHQHQ$UWLNHOYJO:HUWHQEURFK 6I
+ 6HLWHQVGHU.RQVXPHQWHQZLUGLP9HUJOHLFK]XP]XFNHUUHGX]LHUWHQ$UWLNHOGHU5H IHUHQ]DUWLNHOGHUVHOEHQ:DUHQJUXSSHDOVZHQLJHUVWDUNJHVXQGKHLWVSURILOLHUWZDKUJH QRPPHQ (VVROOGDV=LHOGHVKLHUGDUJHVWHOOWHQH[SHULPHQWHOOHQ'HVLJQVVHLQGHQLQGLHVHU6WXGLH %HIUDJWHQ LP 5DKPHQ GHU *HJHEHQKHLWHQ HLQH P|JOLFKVW NDXIYHUKDOWHQVQDKH ,QIRUPDWL RQVVLWXDWLRQDQ]XELHWHQXQG VLHGHVKDOE PLW$XVQDKPHKDSWLVFKHU5HL]H EH]JOLFKGHV ]XU9HUIJXQJVWHKHQGHQ,QIRUPDWLRQVQLYHDXVLQGLH/DJH]XYHUVHW]HQZHOFKHDP3RLQW RI 3XUFKDVH GHP 2UW GHU .DXIHQWVFKHLGXQJ JHJHEHQ ZlUH 'DIU LVW HV HUIRUGHUOLFK GLH ,QIRUPDWLRQHQ LP )UDJHERJHQ DQ]XJHEHQ ZHOFKH VLFK SRWHQWLHOOH .RQVXPHQWHQ EH VWLPPWHU $UWLNHO LQ GHU UHDOHQ .DXIVLWXDWLRQ GXUFK ,QVSHNWLRQ GHU RIW DXFK JHVHW]OLFK YRUJHVFKULHEHQHQ $QJDEHQDXIGHPMHZHLOLJHQ$UWLNHOVHOEVWEHVFKDIIHQN|QQHQ *OHLFKZRKON|QQWHGDGXUFKZLHLQ$EVFKQLWW(EHVFKULHEHQHLQVRJHQDQQWHU,QVWUX PHQWDWLRQVHIIHNW DXVJHO|VW ZHUGHQ 'LHVHU N|QQWH HQWVWHKHQ ZHLO .RQVXPHQWHQ GLH DQ JHJHEHQHQ,QIRUPDWLRQHQEHLGHU$UWLNHOEHXUWHLOXQJLP5DKPHQGHU([SHULPHQWDOVLWXDWL RQEHUJHZLFKWHQGKDXIJUXQGGHURIIHQVLFKWOLFKHQ'DUELHWXQJLP([SHULPHQWVWlUNHU JHZLFKWHQDOVVLHGLHVLQGHUUHDOHQ.DXIVLWXDWLRQWlWHQ 1HXHUHU )RUVFKXQJ ]XIROJH GLH GHU )UDJH GHU *HZLFKWXQJ YRQ DQJHJHEHQHQ $UWLNHOLQ IRUPDWLRQHQ LKUHUVHLWV H[SHULPHQWHOO QDFKJHKW ZHUGHQ GLH .RQVXPHQWHQHLQVFKlW]XQJHQ EHU LQ H[SHULPHQWHOOHQ %HIUDJXQJHQ DOV 6WLPXOL SUlVHQWLHUWH $UWLNHO GXUFK HUJlQ]HQGH ,QIRUPDWLRQHQ NDXP EHHLQIOXVVW ZHQQ EHVWLPPWH $QIRUGHUXQJHQ DQ GDV (UKHEXQJVLQ VWUXPHQWHUIOOWZHUGHQ$XI%DVLVGHU(UJHEQLVVHYRQ6DQERQPDWVXHWDOJLOWHVLQVEHVRQ GHUHIROJHQGH$QIRUGHUXQJHQ]XHUIOOHQ 'LHDQJHJHEHQHQ,QIRUPDWLRQHQVROOWHQGDV $QWZRUWYHUKDOWHQQLFKWLQHLQHEHVWLPPWH5LFKWXQJOHQNHQ HVVROOWHDOV]ZHLWHU6WLPX OXVHLQ5HIHUHQ]REMHNWSUlVHQWLHUWZHUGHQ 'HU HUVWHQ $QIRUGHUXQJ ZLUG LQ GHU YRUOLHJHQGHQ 6WXGLH GDGXUFK HQWVSURFKHQ GDVV GLH DQJHJHEHQHQ,QIRUPDWLRQHQ ]XPZHLWDXVEHUZLHJHQGHQ 7HLODXI OHEHQVPLWWHO UHFKWOL FKHQ9RUVFKULIWHQEHUXKHQXQGGDKHUQLFKWDOVLP6LQQHGHUZDKUJHQRPPHQHQ*HVXQG
)UHLQHhEHUVLFKW]XGHQNRQNUHWLQGHU(PSLULHKHUDQJH]RJHQHQ$UWLNHOQYJO$EELOGXQJ) =XGHQ0|JOLFKNHLWHQHLQHUEHLOlXILJHQ%HHLQIOXVVXQJGHV.RQVXPHQWHQYHUKDOWHQVEHL0DUNHQDUWLNHOQ GXUFKGLH'DUELHWXQJYRQ=XVDW]LQIRUPDWLRQHQYJO2OVRQ7KRHPRH 9JO6DQERQPDWVXHWDO 6I
KHLWVSURILOLHUXQJ WHQGHQ]L|V JHOWHQ N|QQHQ 'HU ]ZHLWHQ $QIRUGHUXQJ ZLUG GXUFK GDV H[SHULPHQWHOOH:LWKLQ6XEMHFW'HVLJQHQWVSURFKHQ (VNDQQIHVWJHVWHOOWZHUGHQGDVVHLQHLQVWUXPHQWHOOEHGLQJWH%HHLQIOXVVXQJGHU(UJHEQLV VH GXUFK GLH HUJlQ]HQG DQJHERWHQHQ ,QIRUPDWLRQHQ PLWWHOV HQWVSUHFKHQGHU *HVWDOWXQJ GHV (UKHEXQJVLQVWUXPHQWV UHGX]LHUW E]Z XQZDKUVFKHLQOLFKHU JHPDFKW ZHUGHQ NRQQWH 7URW]GHP ZLUG ]XU HPSLULVFKHQ $EVLFKHUXQJ GLHVHU (LQVFKlW]XQJ HLQH ]XVlW]OLFKH )RU VFKXQJVK\SRWKHVHIRUPXOLHUW'LHVHVROOHUIDVVHQREXQGLQZLHIHUQGLHZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ GHU SUlVHQWLHUWHQ $UWLNHO WURW] DOOHU JHQDQQWHQ 0DQDKPHQ GXUFKGLH]XU9HUIJXQJJHVWHOOWHQ$UWLNHOLQIRUPDWLRQHQNRQIXQGLHUWZHUGHQN|QQWH + 'LH +|KH GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ ZLUG GXUFK GLH $QJDEH YRQHUJlQ]HQGHQ$UWLNHOLQIRUPDWLRQHQQLFKWEHHLQIOXVVW
'LH(QWZLFNOXQJYRQ+\SRWKHVHQEHUGDV1LYHDXDXVJHZlKOWHUPDUNHQSR OLWLVFKHU =LHOJU|HQ LQ $EKlQJLJNHLW YRP 1LYHDX GHU DUWLNHOVSH]LILVFKHQ ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
$QNQSIHQGDQGLHLQ $EVFKQLWW 'KHUJHOHLWHWH+\SRWKHVHEHU HLQHQSRVLWLYHQ=X VDPPHQKDQJ ]ZLVFKHQ ZDKUJHQRPPHQHU *HVXQGKHLWVSURILOLHUXQJ XQG ZDKUJHQRPPH QHP0DUNHQZHUW+ Ol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
ILQGHQ +LQVLFKWOLFK GHU .DXILQWHQWLRQ DOV (IIHNWLYLWlWVPD GHU 0DUNHQSROLWLN ZLUG GLH IROJHQGH+\SRWKHVHIRUPXOLHUW + 6HLWHQV GHU %HIUDJWHQ EHVWHKW JHJHQEHU GHQ JHULQJHU JHVXQGKHLWVSURILOLHUW ZDKU JHQRPPHQHQ$UWLNHOQLP9HUJOHLFKHLQHJHULQJHUH.DXILQWHQWLRQ %H]RJHQDXIGLH3UHLVEHUHLWVFKDIWZHOFKH+LQZHLVHDXIGLH(IIL]LHQ]JHVXQGKHLWVEH]RJH QHU PDUNHQSROLWLVFKHU ,QLWLDWLYHQ JLEW VROO GLH IROJHQGH +\SRWKHVH HLQHU HPSLULVFKHQ hEHUSUIXQJXQWHU]RJHQZHUGHQ + 6HLWHQV GHU %HIUDJWHQ EHVWHKW JHJHQEHU GHQ DOV JHULQJHU JHVXQGKHLWVSURILOLHUW ZDKUJHQRPPHQHQ$UWLNHOQLP9HUJOHLFKHLQHJHULQJHUH3UHLVEHUHLWVFKDIW
'DVH[SHULPHQWHOOH'HVLJQGHU8QWHUVXFKXQJLPhEHUEOLFN
+LQVLFKWOLFKGHU=XRUGQXQJGHU8QWHUVXFKXQJVSHUVRQHQ]XH[SHULPHQWHOOHQ6HWWLQJVJLEW HVHLQH9LHO]DKOYRQ$OWHUQDWLYHQDXVGHQHQHVLP+LQEOLFNDXIGDV6SDQQXQJVIHOG]ZL VFKHQ IRUVFKHULVFKHP (UNHQQWQLV]LHO XQG )RUVFKXQJV|NRQRPLN GLHSDVVHQGH DXV]XZlK OHQ JLOW ,Q %H]XJ DXI GLH 3UIXQJ GHU LP YRUDQJHJDQJHQHQ $EVFKQLWW DEJHOHLWHWHQ +\SRWKHVHQ+ELV+ZLUGGDVQDFKIROJHQG]XXPUHLHQGH)RUVFKXQJVGHVLJQYHUZDQGW HLQ VR JHQDQQWHV :LWKLQ6XEMHFW'HVLJQ PLW MHZHLOV HLQIDFKHU 0HVVXQJ XQG ]ZHL UDQGRPL VLHUWHQ8QWHUVWLFKSUREHQ(LQHJUDSKLVFKH$XIEHUHLWXQJLVW$EELOGXQJ(]XHQWQHKPHQ hEOLFKHUZHLVHZLUGLQGHUH[SHULPHQWHOOHQ)RUVFKXQJEHYRUHLQ6WLPXOXVHLQJHVHW]WZLUG HLQH1XOOE]Z9RUKHU0HVVXQJGXUFKJHIKUW'LHVGLHQWGD]XEHUHLQHQ$QNHUIUGLH LQGLYLGXHOOH$EZHLFKXQJGHVLP)RNXVGHU8QWHUVXFKXQJVWHKHQGHQ0HVVZHUWHV]XYHU IJHQ 'D LQ GHU EHDEVLFKWLJWHQ H[SHULPHQWHOOHQ 8QWHUVXFKXQJ GLH LQ $EVFKQLWW ) GDUJHVWHOOWHQ$UWLNHOGLH]XEHZHUWHQGHQ6WLPXOLGDUVWHOOHQLVWQDFKYROO]LHKEDUGDVVHLQH 9RUKHU0HVVXQJQLFKWP|JOLFKLVW'LHVHVHW]WZLHGHUXPHLQHQ6WLPXOXVYRUDXVIUGHQ HVZLHGHUXPNHLQHQ5HIHUHQ]SXQNWJlEH'DKHUZLUGLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJ )U HLQHQ V\VWHPDWLVFKHQ hEHUEOLFN EHU ]XU 9HUIJXQJ VWHKHQGH H[SHULPHQWHOOH 'HVLJQV YJO .LUN 6II 9JO6FKQHOO+LOO(VVHU 6 'LHVOlVVWVLFKDOVHLQ3UREOHPGHVLQILQLWHQ5HJUHVVHVEHVFKUHLEHQGDHLQH/HW]WEHJUQGXQJLQQHUKDOE GHV JHJHEHQHQ 6\VWHPV QLFKW P|JOLFK LVW ZHLO VWHWV HLQ QHXHU %HJUQGXQJVQRWVWDQG HQWVWHKW $XFK
YRQMHGHP%HIUDJWHQGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJLQGHUIUGLHJUDSKL VFKH 'DUVWHOOXQJ YRQ ([SHULPHQWHQ EOLFKHQ 1RWDWLRQ GLH IU GLH $EELOGXQJHQ GLHVHV $EVFKQLWWHV EHUQRPPHQ ZXUGH DOV 2 GDUJHVWHOOW YRQ MH ]ZHL $UWLNHOQ HUKREHQ *OHLFKHV JLOW IU GLH GDPLW MHZHLOV YHUEXQGHQHQ PDUNHQSROLWLVFKHQ =LHOJU|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|HQ HLQH HPSLULVFKH %HVWlWLJXQJ HUIDKUHQ N|QQHQ RGHU DEJHOHKQW ZHUGHQ PVVHQ 'LHV JH VFKLHKWDXVGHPEHUHLWVLQ$EVFKQLWW%DQJHIKUWHQ*UXQGGHU$XVZHLWXQJGHV8QWHU VXFKXQJVNRQWH[WHV DXI *HWUlQNH MHZHLOV LQ ]ZHL UDQGRPLVLHUWHQ JUDSKLVFK 5 DEHU QLFKW GLUHNW PLWHLQDQGHU YHUJOHLFKEDUHQ 8QWHUVWLFKSUREHQ IU 0RONHUHLSURGXNWH XQG DO NRKROIUHLH(UIULVFKXQJVJHWUlQNH
t-Tests
R: XA
OA
XB
OB
R: XC
OC
XD
OD
t-Tests R: randomisierte (Unter-) Stichprobe X: Treatment O: Output Index: jew. Artikel
$EELOGXQJ( 'HUhEHUEOLFNEHUGDVH[SHULPHQWHOOH'HVLJQ]XU3UIXQJGHU+\SRWKHVHQEHUGDV DUWLNHOVSH]LILVFKH1LYHDXGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGDXVJH ZlKOWHUPDUNHQSROLWLVFKHU=LHOJU|HQ KLHUELHWHWVLFKNRQIRUPPLWGHQREHQEHUHLWVJHVFKLOGHUWHQ*HGDQNHQJlQJHQGHVNULWLVFKHQ5DWLRQD OLVPXV DOV$XVZHJGLH$QQDKPHIDOOLEOHQ:LVVHQVDQ 'HUHQWVSUHFKHQGH,QGH[LQ$EELOGXQJ(JLEWMHZHLOVGHQLP)RNXVVWHKHQGHQ$UWLNHODQ
)UGLH3UIXQJGHU+\SRWKHVHQ]XHLQHUP|JOLFKHQ.RQIXQGLHUXQJGHUZDKUJHQRPPH QHQ *HVXQGKHLWVSURILOLHUXQJ GXUFK GLH ]XU 9HUIJXQJ JHVWHOOWHQ $UWLNHOLQIRUPDWLRQHQ ZLUG HUJlQ]HQG HLQ UDQGRPLVLHUWHV .RQWUROOJUXSSHQ'HVLJQ 5 PLW VLQJXOlUHU 1DFKKHU 0HVVXQJ YHUZHQGHW (LQH JUDSKLVFKH $XIEHUHLWXQJ GLHVHV 'HVLJQVLVW $EELOGXQJ ( ]X HQWQHKPHQ 'LH 8QWHUVXFKXQJVSHUVRQHQ ZHUGHQ YRUDE UDQGRPLVLHUW HQWZHGHU HLQHU 8QWHUVXFKXQJV JUXSSH]XJHZLHVHQGLHEHUGLHYROOVWlQGLJHQ$UWLNHODQJDEHQYHUIJWGLHLQGLHVHPVSH ]LHOOHQ H[SHULPHQWHOOHQ 'HVLJQ DOV 6WLPXOL ]X LQWHUSUHWLHUHQ VLQG ; RGHU GHU .RQWUROO JUXSSHEHLGHULPYRUJHOHJWHQ)UDJHERJHQNHLQH$UWLNHOLQIRUPDWLRQXQGVRPLWHLQ1RQ 6WLPXOXVHQWKDOWHQLVW $XFKLQGLHVHP([SHULPHQWDXIEDXLVWHVVDFKORJLVFKQLFKWP|JOLFKDEHUDXFKQLFKWQRW ZHQGLJHLQH9RUKHU0HVVXQJGXUFK]XIKUHQ'LHVLVWZLHDXFKLPREHQEHVFKULHEHQHQ :LWKLQ6XEMHFW'HVLJQKLHUHEHQIDOOVQLFKWP|JOLFKZHLOZLHGHUHLQ]HOQH$UWLNHODOV$QNHU SXQNWHQRWZHQGLJVLQG 7URW]GHP NDQQ LQ %H]XJ DXI GLH LQ $EVFKQLWW ( DXIJHVWHOOWH +\SRWKHVH EHU HLQH P|JOLFKH .RQIXQGLHUXQJ GXUFK GLH GDUJHERWHQHQ $UWLNHOLQIRUPDWLRQHQ PLW +LOIH GHV DXVJHZlKOWHQ 'HVLJQV HLQ ZLFKWLJHU 6FKOXVV JH]RJHQ ZHUGHQ :HQQ GHU 0HVVZHUW GHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ2 EHLLGHQWLVFKHQ$UWLNHOQ3 LQGHU([SH ULPHQWDOJUXSSHVWDWLVWLVFKEHU]XIlOOLJYRPHQWVSUHFKHQGHQ0HVVZHUWGHU.RQWUROOJUXSSH 23 DEZHLFKWNDQQPLWJURHU6LFKHUKHLWDXIHLQHZLHDXFKLPPHUJHDUWHWH:LUNXQJGHU GDUJHERWHQHQ$UWLNHOLQIRUPDWLRQJHVFKORVVHQZHUGHQXQJHULFKWHWH+\SRWKHVH 'LHVHU 7HVWZLUGIUMHGHQ$UWLNHOVHSDUDWGXUFKJHIKUW
9JO6FKQHOO+LOO(VVHU 6
R: X P R:
OP OP
t-Test
R : random isierte (Unter-)Sti chprobe X : Treatm ent O: Output Index: jew. Artik el
$EELOGXQJ('HUhEHUEOLFNEHUGDVH[SHULPHQWHOOH'HVLJQ]XU3UIXQJGHU+\SRWKHVHEHUHLQH P|JOLFKH.RQIXQGLHUXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJGXUFKGDUJHERWHQH $UWLNHOLQIRUPDWLRQHQ 'LHhEHUSUIXQJGHUKLHUSRVWXOLHUWHQ+\SRWKHVHQHUIROJWDXI%DVLVGHVLP5DKPHQGHU ]ZHLWHQ6WXGLHQVWXIHGHUYRUOLHJHQGHQ$UEHLWJHZRQQHQHQ'DWHQPDWHULDOV'LH(UJHEQLV VHGLHVHU+\SRWKHVHQSUIXQJZHUGHQGHWDLOOLHUWLP$EVFKQLWW)GHUYRUOLHJHQGHQ$UEHLW QDFKHLQHPhEHUEOLFNEHUGLH9RUJHKHQVZHLVHXQGGHQ$EODXIGHU'DWHQJHZLQQXQJLQ $EVFKQLWW)GDUJHVWHOOWXQGLQWHUSUHWLHUW
) 'LH.RQ]HSWLRQHLQHUH[SHULPHQWHOOHQXQGNDXVDODQDO\WLVFKHQ8Q WHUVXFKXQJ ]XU $QDO\VH GHV =XVDPPHQKDQJV ]ZLVFKHQ *HVXQG KHLWVSURILOLHUXQJXQG=LHOJU|HQGHV0DUNHQPDQDJHPHQWV 'LHVHU $EVFKQLWW GLHQW GHU (U|UWHUXQJ GHU .RQ]HSWLRQ GHU H[SHULPHQWHOOHQ XQG NDXVDO DQDO\WLVFKHQ+DXSWXQWHUVXFKXQJ'LHLQ$EVFKQLWW&JHZRQQHQHQ(UNHQQWQLVVHKLQVLFKW OLFK HLQHU 2SHUDWLRQDOLVLHUXQJ HLQHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ YRQ /H EHQVPLWWHOQODVVHQVLFKZLVVHQVFKDIWVWKHRUHWLVFKGHU7KHRULHELOGXQJ]XUHFKQHQ+LQJHJHQ OLHJWGHU6FKZHUSXQNWGHU$XVIKUXQJHQGLHVHV.DSLWHOVEHUZLHJHQGLQGHU7KHRULHSU IXQJ LQGHP GXUFK HPSLULVFKH hEHUSUIXQJ GHU *OWLJNHLW SRVWXOLHUWHU :LUNXQJV]XVDP PHQKlQJHQDFKJHVSUWZLUG
'LH9RUJHKHQVZHLVHLP5DKPHQGHUHPSLULVFKHQ8QWHUVXFKXQJ
(LQOHLWHQGJLOWHVQXQGLH=LHOHXQGGHQ$EODXIGHUHPSLULVFKHQ+DXSWXQWHUVXFKXQJ]X HUOlXWHUQ$QVFKOLHHQGZLUGGDQQPLW5FNJULIIDXIHLQHVWDWLVWLVFKH%DVLVGLH+HUDQJH KHQVZHLVHLP5DKPHQGHU$XVZHUWXQJGHUHUKREHQHQ'DWHQHLQJHKHQGWKHPDWLVLHUW 'LH=LHOHXQGGHU$EODXIGHUHPSLULVFKHQ8QWHUVXFKXQJ 8PGDV=LHOGLHVHV.DSLWHOVHPSLULHEDVLHUWH hEHUSUIXQJGHULP HQWZLFNHOWHQ8QWHUVX FKXQJVPRGHOOGXUFK+\SRWKHVHQXQWHUVWHOOWHQ:LUN]XVDPPHQKlQJH]XHUP|JOLFKHQEH GDUIHVYRUDEGHU(QWZLFNOXQJUHOLDEOHUXQGYDOLGHU0HVVNRQ]HSWHIUGLHLQGDV8QWHUVX FKXQJVPRGHOOHLQEH]RJHQHQODWHQWHQ.RQVWUXNWH'DUEHUKLQDXVZLUGLP5DKPHQGHU YRUOLHJHQGHQ$UEHLWDQDORJ]XP9RUJHKHQLP5DKPHQGHV6NDOHQHQWZLFNOXQJVSUR]HVVHV ² XP DXFK GLH 5HLFKZHLWH GHU *OWLJNHLW GHU SRVWXOLHUWHQ :LUNXQJV]XVDPPHQKlQJH DE VFKlW]HQ]XN|QQHQ²HPSLULVFKHV'DWHQPDWHULDODXV]ZHL:DUHQJUXSSHQ0RONHUHLSUR GXNWHDONRKROIUHLH(UIULVFKXQJVJHWUlQNH LQGLH8QWHUVXFKXQJHLQEH]RJHQ
9JOGD]XGLH$XVIKUXQJHQLQ$EVFKQLWW'
Literaturgestützte Bestandsaufnahme zur Formulierung von Forschungshypothesen Vorläufiger Fragebogen
Pretest
Standardisierter Fragebogen
Datenerhebung
Ergebnisse des Feldexperiments
Ergebnisse der Kausalanalyse
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hEHUEOLFN EHU GLH ]HQWUDOHQ
(OHPHQWHGHV(UKHEXQJVLQVWUXPHQWVGHULQ$EVFKQLWW)LP=HQWUXPVWHKHQGHQ]ZHLWHQ 6WXGLHQVWXIH =HQWUDOH(OHPHQWHGHV(UKHEXQJV 8PVHW]XQJLQ5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJ LQVWUXPHQWV .RRSHUDWLRQVSDUWQHU
,QWHUQDWLRQDOWlWLJHU+HUVWHOOHUYRQ1DKUXQJV]XWDWHQ
)RUPGHU'DWHQHUKHEXQJ
6FKULIWOLFKH%HIUDJXQJ
(UKHEXQJV]HLWUDXP
$QIDQJ$SULO²0LWWH0DL:RFKHQ
(UIDVVWH:DUHQJUXSSHQ
0RONHUHLSURGXNWHDONRKROIUHLH(UIULVFKXQJVJHWUlQNH
$XIEDXGHV)UDJHERJHQV
7HLOD )UDJHQ]X3URGXNW$XQG&0RONHUHLSURGXNWH 7HLOE )UDJHQ]X3URGXNW%XQG'DONRKROIUHLH(UIUL VFKXQJVJHWUlQNH 7HLO )UDJHQ]X(LQVWHOOXQJE]Z.DXIYHUKDOWHQGHU$XV NXQIWVSHUVRQ 7HLO )UDJHQ]X6R]LRGHPRJUDSKLNDGHU$XVNXQIWVSHUVRQ
7HLODXQGEZHUGHQGHQ8QWHUVXFKXQJVSHUVRQHQUDQGRPLVLHUW]XJHZLHVHQ
$EELOGXQJ)'LH]HQWUDOHQ(OHPHQWHGHV(UKHEXQJVLQVWUXPHQWVLPhEHUEOLFN $XVZDKOGHU:DUHQJUXSSHQXQG$UWLNHO 'LH $XVZDKO GHU XQWHUVXFKWHQ :DUHQJUXSSHQ XQG $UWLNHO HUIRUGHUW DQDORJ ]XU HUVWHQ 6WXGLHQVWXIHDXFKLQGHU]ZHLWHQ6WXGLHQVWXIHEHVRQGHUHV$XJHQPHUNZHLOHLQH$XVZDKO ]XlKQOLFKHU:DUHQJUXSSHQPLWXQWHUGLH(LQVFKlW]XQJGHU*HQHUDOLVLHUEDUNHLWXQGhEHU WUDJEDUNHLWGHUJHZRQQHQHQ(UNHQQWQLVVHDXIZHLWHUH:DUHQJUXSSHQHLQVFKUlQNHQN|QQ WH ,Q =XVDPPHQDUEHLW PLW ([SHUWHQ GHU /HEHQVPLWWHOLQGXVWULH DXV ,QGXVWULHYHUElQGHQ XQGGHPNRRSHULHUHQGHQ8QWHUQHKPHQIlOOWVFKOLHOLFKGLH$XVZDKODXIGLHEHLGHQ:D UHQJUXSSHQ 0RONHUHLSURGXNWH XQG DONRKROIUHLH (UIULVFKXQJVJHWUlQNH )ROJHQGH %HZHJ JUQGHVLQGIUGLHVH$XVZDKOHQWVFKHLGHQG ,QGHQDXVJHZlKOWHQ:DUHQJUXSSHQLVWVHLWJHUDXPHU=HLWHLQHGHXWOLFKH*HVXQG KHLWVSURILOLHUXQJHLQ]HOQHU3URGXNWH]%GXUFKQHXDUWLJH=XWDWHQRGHU=XFNHUUH GXNWLRQIHVWVWHOOEDUZDVGXUFKDXVDOV6SUHL]XQJGLHVHU3URGXNWPlUNWHLQ6HJPHQWH PLW HLQHU KRKHQ XQG HLQHU JHULQJHUHQ *HVXQGKHLWVRULHQWLHUXQJ JHGHXWHW ZHUGHQ PXVV :HLO IHUQHU DQJHQRPPHQ ZHUGHQ PXVV GDVV GLH $XVNXQIWVSHUVRQHQ LKUH (LQ VFKlW]XQJHQ EHU EHVWLPPWH 3URGXNWH QXU GDQQ DXVGUFNHQ N|QQHQ ZHQQ VLH EHU HLQH JHZLVVH (ULQQHUXQJ GLHVHQ 3URGXNWHQ JHJHQEHU XQG X8 DXFK EHU
HLQVFKOlJLJH 9HUZHQGXQJVHUIDKUXQJ YHUIJHQ VLQG :DUHQJUXSSHQ E]Z $UWLNHO DXV]XZlKOHQ GLH HLQHQ KRKHQ %HNDQQWKHLWVJUDG DXIZHLVHQ PLW GHQHQ DOVR YLHOH .RQVXPHQWHQLQ.RQWDNWNRPPHQXQGPLWGHQHQVLHKLQUHLFKHQGYHUWUDXWVLQG
%HLGHU$XVZDKOGHU$UWLNHOZXUGHQMHZHLOV²QDFKGHPVRJHQDQQWHQ%HVWLQ&ODVV$SSUR DFK ² HLQ $UWLNHO GHV LQ GHU MHZHLOLJHQ :DUHQJUXSSH PDUNWIKUHQGHQ 8QWHUQHKPHQV XQGHLQ]XFNHUIUHLHUE]Z]XFNHUUHGX]LHUWHU$UWLNHODXVJHZlKOW $UWLNHO$
$UWLNHO%
(KUPDQQ$OPLJKXUW
'DQRQH/LJKW)UHVK
-RJKXUW]XEHUHLWXQJ
0LOFKPLVFKHU]HXJQLVPLWHLQHU=XFNHUDUWXQG6 XQJVPLWWHOQZlUPHEHKDQGHOW(QWKlOWHLQH3KHQ\ ODODQLQTXHOOH
=XWDWHQ-RJKXUW)HWWJHKDOWLP0LOFKDQWHLO )UXFKW]XEHUHLWXQJ $URPHQ=X FNHU
=XWDWHQ0RONHQHU]HXJQLV0DUDFXMDVDIWDXV .RQ]HQWUDW)UXNWRVH6WDELOLVDWRU3HNWLQ6lXH UXQJVPLWWHO=LWURQHQVlXUH$URPD6VWRIIH$V SDUWDP$FHVXOIDP
$UWLNHO&
$UWLNHO'
)DQWD/HPRQ
9LWWHO/HPRQ
(UIULVFKXQJVJHWUlQNPLW=LWURQHQJHVFKPDFN
(UIULVFKXQJVJHWUlQNDXVQDWUOLFKHP0LQHUDOZDVVHU PLW)UXFKWJHVFKPDFN
=XWDWHQ:DVVHU=XFNHU=LWURQHQVDIW2UDQJHQ VDIW.RKOHQVlXUH6lXHUXQJVPLWWHO=LWURQHQVlXUH =XWDWHQQDWUOLFKHV0LQHUDOZDVVHU9LWWHO*UDQGH $URPD$QWLR[LGDWLRQVPLWWHO$VFRUELQVlXUHXQG 6RXUFH 6lXHUXQJVPLWWHO=LWURQHQVlXUH )DUEVWRII&KLQROLQJHOE $URPD6VWRIIH$FHVXOIDP.XQG6XFUDORVH
$EELOGXQJ)'HUhEHUEOLFNEHUGLHIUGLH]ZHLWH6WXGLHQVWXIHKHUDQJH]RJHQHQ$UWLNHO $XVZDKOGHU$XVNXQIWVSHUVRQHQ ,QGHU*UXQGJHVDPWKHLWGHUYRUOLHJHQGHQ8QWHUVXFKXQJVLQGMHQH3HUVRQHQYHUWUHWHQGLH DXV 6LFKW GHV +HUVWHOOHUV DOV =LHOJUXSSH IU GLH DXVJHZlKOWHQ $UWLNHO DQ]XVHKHQ VLQG ,Q =XVDPPHQDUEHLWPLWGHP.RRSHUDWLRQVSDUWQHUGHUYRUOLHJHQGHQ8QWHUVXFKXQJLVWGDEHL GLH DXV GHU IROJHQGHQ 7DEHOOH HUVLFKWOLFKH $EJUHQ]XQJ KLQVLFKWOLFK HLQHU $OWHUV 6FKLFKWXQJ JHWURIIHQ ZRUGHQ +LQWHUJUXQG IU GLHVH (QWVFKHLGXQJ ZDU GDV %HVWUHEHQ P|JOLFKH(LQIOVVHDXIGLH*U|HQGHV8QWHUVXFKXQJVPRGHOOVGXUFKHLQHQLFKWDGlTXDWH $OWHUVYHUWHLOXQJYRQYRUQKHUHLQDXV]XVFKOLHHQ,QVRIHUQZXUGHDXIHLQH]HQWUDOH6FKZl
'LHVH%HVWLQ&ODVV$XVZDKOLVWXQWHUGHP9HUVWlQGQLVHLQHVHQWGHFNHQGHQ:HWWEHZHUEV HLQHPSHUL RGLVFKHQ5HYLHZ]XXQWHU]LHKHQGDKHUNDQQKLHUQXUGHU6WDWXV]XP=HLWSXQNWGHU$XVZDKOGHU$UWL NHODOV5HIHUHQ]SXQNWGLHQHQ 9JO9HUEUDXFKHUDQDO\VH 6XQG6
FKH GHU HUVWHQ 8QWHUVXFKXQJVVWXIH LQ GHU GLH 'DWHQEDVLV HLQ VWXGHQWLVFKHV &RQYHQLHQFH 6DPSOHGDUVWHOOW UHDJLHUW ,Q EHLGHQ :DUHQJUXSSHQ ZXUGHQ GLH $GUHVVHQ GHU %HIUDJWHQ PLW HLQHU UDQGRPLVLHUWHQ EXQGHVZHLWHQ6WUHXXQJYRQHLQHP$GUHVVGDWHQDQELHWHUEHUHLWJHVWHOOW$OV6HOHNWLRQVNULWH ULXP GLHQWH GDEHL OHGLJOLFK GLH DXV 7DEHOOH ) HUVLFKWOLFKH 6FKLFKWXQJ GHU 6WLFKSUREH QDFKGHP$OWHUGHU%HIUDJWHQVlPWOLFKHDQGHUHQGHQNEDUHQ6HOHNWLRQVNULWHULHQVROOHQDOV UDQGRPLVLHUWEHWUDFKWHWZHUGHQ
$OWHUVVHJPHQW
$QWHLODQGHUEXQGHVGHXWVFKHQ *HVDPWEHY|ONHUXQJ]ZLVFKHQ XQG-DKUHQ LP-DKU
6WUXNWXUGHU8QWHUVXFKXQJV VWLFKSUREH
%HIUDJWH
%HIUDJWH
%HIUDJWH
*HEXUWVMDKUJDQJ -DKUH *HEXUWVMDKUJDQJ -DKUH *HEXUWVMDKUJDQJ -DKUH 'DWHQTXHOOH6WDWLVWLVFKHV%XQGHVDPW
7DEHOOH)
'LH6FKLFKWXQJGHU6WLFKSUREHGHU]ZHLWHQ6WXGLHQVWXIHQDFKGHP$OWHUGHU%HIUDJWHQ
$EODXIGHUVFKULIWOLFKHQ%HIUDJXQJ 8P]XVlW]OLFK]XGHQJHQDQQWHQ=LHOVHW]XQJHQGHU6WXGLHDXFKGHQ(IIHNWGHULP)UDJH ERJHQ DQJHJHEHQHQ ,QIRUPDWLRQHQ ]X GHQ $UWLNHOQ NRQWUROOLHUHQ ]X N|QQHQ ZXUGHQ QHEHQ GHQ DXFK VFKRQ LQ GHU HUVWHQ 6WXGLHQVWXIH ]XU 6NDOHQHQWZLFNOXQJ YHUZHQGHWHQ )UDJHERJHQYHUVLRQHQPLW,QIRUPDWLRQHQ]X9HUNHKUVEH]HLFKQXQJ4XDQWLWlW&ODLP$Q JDEHQ]X,QKDOWVWRIIHQXQG1lKUZHUWDXFK9HUVLRQHQRKQHMHQH$QJDEHQHQWZLFNHOW,Q HLQHP LP )HEUXDU XQG 0lU] GXUFKJHIKUWHQ 3UHWHVW DOOHU YLHU )UDJHERJHQYHUVLRQHQ DONRKROIUHLH (UIULVFKXQJVJHWUlQNH PLWRKQH ,QIRUPDWLRQHQ 0RONHUHLSURGXNWH PLWRKQH ,QIRUPDWLRQHQ DQ LQVJHVDPW 5HSUlVHQWDQWHQ GHU 6WLFKSUREH RIIHQEDUHQ VLFK LQ GHQ ,WHPV GHU IU GLHVH $UEHLW UHOHYDQWHQ .RQVWUXNWRSHUDWLRQDOLVLHUXQJHQ HLQLJH ZHQLJHPDUJLQDOH9HUVWlQGQLVSUREOHPHGLHVLFKGXUFKHLQHEHKXWVDPHXQGQLFKWEHGHX WXQJVYHUlQGHUQGH5HIRUPXOLHUXQJEHKHEHQOLHHQ
'LH$OWHUVDQJDEHEH]LHKWVLFKDXIGHQ8QWHUVXFKXQJV]HLWSXQNWLP)UKMDKU 9JOGHQHQWVSUHFKHQGHQ$XVVFKQLWWGHU)UDJHE|JHQLQ$QKDQJ&GHUYRUOLHJHQGHQ$UEHLW
6R HUJHEHQ VLFK ]ZHL 8QWHUVWLFKSUREHQ QDFK :DUHQJUXSSHQ XQG $OWHUVVHJPHQWHQ 'LH HQWVSUHFKHQGHQ2XWERXQG)DOO]DKOHQN|QQHQ7DEHOOH)HQWQRPPHQZHUGHQ
:DUHQJUXSSH,
:DUHQJUXSSH,,
Å0RONHUHLSURGXNWH´
ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´
$UWLNHO$ $UWLNHO%
$UWLNHO&
$UWLNHO'
Ɠ
9HUVDQGWH)UDJHE|JHQ
'DYRQPLW$UWLNHOLQIRUPDWLRQ
'DYRQ-DKUH
'DYRQ-DKUH
'DYRQ-DKUH
'DYRQRKQH$UWLNHOLQIRUPDWLRQ
'DYRQ-DKUH
'DYRQ-DKUH
'DYRQ-DKUH
7DEHOOH) 'LH6WLFKSUREHQVWUXNWXUXQGMHZHLOLJH=DKOGHUYHUVHQGHWHQ)UDJHE|JHQ =XU SRVLWLYHQ %HHLQIOXVVXQJ GHU $QWZRUWEHUHLWVFKDIW ZLUG GHQ %HIUDJWHQ LQ HLQHP $Q VFKUHLEHQGLH=LHOVHW]XQJGHU8QWHUVXFKXQJ VNL]]LHUWGLH$QRQ\PLWlWLP5DKPHQGHU %HIUDJXQJ VHOEVW XQG GHU VLFK GDUDQ DQVFKOLHHQGHQ 'DWHQDQDO\VH ]XJHVLFKHUW XQG GHQ 7HLOQHKPHUQ IU LKUH .RRSHUDWLRQ JHGDQNW =XVlW]OLFK ZLUG LQ GLHVHP $QVFKUHLEHQ DXI HLQH9HUORVXQJYRQ8QLYHUVDO(LQNDXIVJXWVFKHLQHQLP*HVDPWZHUWYRQ½XQGGLH 6SHQGH YRQ MH ½ SUR DXVJHIOOW ]XUFNJHVHQGHWHP )UDJHERJHQ DQ HLQH JHPHLQQW]LJH 2UJDQLVDWLRQKLQJHZLHVHQ=XU7HLOQDKPHDQGHU9HUORVXQJPVVHQGLH7HLOQHKPHUHLQHQ HQWVSUHFKHQGHQ&RXSRQDXVIOOHQGLHVHQYRP)UDJHERJHQDEWUHQQHQXQGPLWGHP)UD JHERJHQ]XUFNVHQGHQ)UGLHVH5FNVHQGXQJZHUGHQDGUHVVLHUWHXQGYRQGHQ%HIUDJ WHQQLFKW]XIUDQNLHUHQGH5FNXPVFKOlJHEHLJHOHJW 'LHVJHVFKLHKWLQHLQHU$UWXQG:HLVHGLHDXVVFKOLHWGDVVHVLP+LQEOLFNDXIGLH=LHOHGLHVHU8QWHU VXFKXQJ]X9HU]HUUXQJHQNRPPW9JOGLHHQWVSUHFKHQGHQ$XVIKUXQJHQLQ$EVFKQLWW( =XU:LUNXQJVROFKHU0DQDKPHQYJOEHUHLWV$UPVWURQJ 6II 'DV$QVFKUHLEHQLVWLQ$QKDQJ&GHUYRUOLHJHQGHQ$UEHLWHQWKDOWHQ
'LH6WUXNWXUGHV5FNODXIV $QIDQJ$SULOXQGVRPLWUHFKW]HLWLJYRU%HJLQQGHU2VWHUIHULHQILQGHWGHUJOHLFK]HL WLJH9HUVDQGDOOHULQVJHVDPW)UDJHE|JHQVWDWW'LHLQHLQHU:RFKHQIULVWELV0LWWH 0DL ]XUFNJHVHQGHWHQ )UDJHE|JHQ ZHUGHQ LP 5DKPHQGHU $XVZHUWXQJHQ EHUFN VLFKWLJW%LVGDKLQOLHJHQLQVJHVDPW]XPLQGHVWWHLOZHLVHDXVJHIOOWH)UDJHE|JHQYRU 'LHVHQWVSULFKWHLQHURIIHQEDUDXIJUXQGGHUJHZlKOWHQ$QUHL]HHUIUHXOLFKKRKHQ%UXWWR 5FNODXITXRWH YRQ %HGLQJW GXUFK VFKZHUZLHJHQGH $QWZRUWYHUZHLJHUXQJHQ PVVHQ QXU )UDJHE|JHQ DXV GHQ 5RKGDWHQ HOLPLQLHUW ZHUGHQ (V VWHKHQ LQVJHVDPW 'DWHQVlW]HE]ZMH:DUHQJUXSSH PLW$UWLNHOLQIRUPDWLRQHQXQG'D WHQVlW]H E]Z MH :DUHQJUXSSH RKQH $UWLNHOLQIRUPDWLRQHQ IU GLH IROJHQGHQ $XVZHUWXQJHQ]XU9HUIJXQJ'LHVHQWVSULFKWHLQHU1HWWR5FNODXITXRWHYRQ LP6HJPHQWPLW$UWLNHOLQIRUPDWLRQHQXQGYRQLP6HJPHQWRKQH$UWLNHOLQIRUPD WLRQHQ7DEHOOH)YHUPLWWHOWHLQHQ(LQEOLFNLQGLH6WUXNWXUGHU5FNOlXIHLQGHQ HQW VSUHFKHQGHQ8QWHUVWLFKSUREHQ 1LFKW EHUFNVLFKWLJW VLQG NRPSOHWW OHHU ]XUFNJHVHQGHWH )UDJHE|JHQ OHHUH )UHLXPVFKOlJH RGHU PLW DQGHUHQ,QKDOWHQ]XUFNJHVHQGHWH)UHLXPVFKOlJH 'LH $Q]DKO GHU LQ GLHVHP 'DWHQVDW] GXUFK GHQ MHZHLOLJHQ $QWZRUW0LWWHOZHUW EHU DOOH $QWZRUW 3HUVRQHQ HUVHW]WHQ 'DWHQSXQNH ODJ IU MHGH 9DULDEOH GHXWOLFK XQWHU GHP YRU GHP +LQWHUJUXQG GHV 9HUOXVWHVDQ9DULDQ]DOVNULWLVFKDQJHVHKHQHQ:HUWYRQ9JO5RWK 6 ,Q GLHVHU 1HWWRUFNODXITXRWH VLQG GLH YHUZHUWEDUHQ )UDJHE|JHQ RKQH $UWLNHOLQIRUPDWLRQHQ LQVJH VDPW)UDJHE|JHQ EHUFNVLFKWLJW
:DUHQJUXSSH,
:DUHQJUXSSH,,
Å0RONHUHLSURGXNWH´ ÅDONRKROIUHLH(UIUL VFKXQJVJHWUlQNH´ $UWLNHO$ $UWLNHO% $UWLNHO&
Ɠ
$UWLNHO'
$XVJHIOOW]XUFNJHVDQGWH)UDJHE| JHQ
1HWWR5FNODXIPLW$UWLNHOLQIRUPDWLRQ
GDYRQ-DKUH
GDYRQ-DKUH
GDYRQ-DKUH
GDYRQEHU-DKUH
GDYRQNHLQH$QJDEH
1HWWR5FNODXIRKQH$UWLNHOLQIRU PDWLRQ
GDYRQ-DKUH
GDYRQ-DKUH
GDYRQ-DKUH
GDYRQEHU-DKUH
GDYRQNHLQH$QJDEH
(VZXUGHQMHZHLOV,WHPVIU]ZHL$UWLNHOLQHLQHP)UDJHERJHQLQWHJULHUWYJOGLH$XVIKUXQJHQ]XP
ZLWKLQVXEMHFWGHVLJQLQ$EVFKQLWW(
7DEHOOH)
'LH6WUXNWXUGHU1HWWR5FNOlXIHLQGHQ8QWHUVWLFKSUREHQ
'LH3UIXQJGHV1RQ5HVSRQVH%LDV :LHEHLVFKULIWOLFKHQ%HIUDJXQJHQLQlKQOLFKHQ8QWHUVXFKXQJVVHWWLQJVEOLFKLVW]XXQ WHUVXFKHQREEHGHXWVDPH8QWHUVFKLHGHLQGHU6WUXNWXUGHUDQWZRUWHQGHQXQGGHUQLFKW DQWZRUWHQGHQ %HIUDJWHQ EHVWHKHQ 6ROOWHQ VROFKH 8QWHUVFKLHGH EHVWHKHQ GLH DOV 1RQ 5HVSRQVH%LDVEH]HLFKQHWZHUGHQZUGHGLHVGLHLP3XQNW GLHVHV$EVFKQLWWVHUKRIIWH *HQHUDOLVLHUEDUNHLW GHU LP 5DKPHQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ JHZRQQHQHQ (U NHQQWQLVVH JHIlKUGHQ 6ROOWH HV DOVR EHGHXWVDPH 8QWHUVFKLHGH ]ZLVFKHQ IUK XQG VSlW DQWZRUWHQGHQ%HIUDJWHQJHEHQVRJlEHHVVRPLWDXFK8QWHUVFKLHG]ZLVFKHQDQWZRUWHQ GHQXQGQLFKWDQWZRUWHQGHQ%HIUDJWHQ 8PGLHVDEVFKlW]HQ]XN|QQHQZHUGHQGLHLQGLH8QWHUVXFKXQJHLQEH]RJHQHQ'DWHQVlW ]H MH :DUHQJUXSSH QDFK 0DJDEH GHV (LQJDQJVGDWXPV LQ GUHL JOHLFK JURH 7HLOH JHWHLOW 9JOEHLVSLHOVZHLVH/RHYHQLFK 6 9JO$UPVWURQJ2YHUWRQ
XQG GLH MHZHLOLJHQ 0LWWHOZHUWH GHU HLQ]HOQHQ 9DULDEOHQ GHV HUVWHQ 'ULWWHOV )UK $QWZRUWHU PLW MHQHQ GHV OHW]WHQ 'ULWWHOV 6SlW$QWZRUWHU PLWWHOV W7HVWV PLWHLQDQGHU YHUJOLFKHQ'DEHLZLUGGHXWOLFKGDVVLQMHGHU:DUHQJUXSSHGHXWOLFKXQWHUGHU9DUL DEOHQ HLQHQ VLJQLILNDQWHQ 0LWWHOZHUWXQWHUVFKLHG DXI GHP 1LYHDX DXIZHLVHQ 'DUDXV OlVVW VLFK²GHU$UJXPHQWDWLRQYRQ$UPVWURQJ2YHUWRQIROJHQG²VFKOLHHQGDVVLP5DK PHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJNHLQVFKZHUZLHJHQGHU1RQ5HVSRQVH%LDVYRUOLHJW 'LH5HSUlVHQWDWLYLWlWGHU6WLFKSUREH ,Q3XQNW GLHVHV$EVFKQLWWVZXUGHEHUHLWVGDUJHOHJWGDVVHV²ZHQQJOHLFKDXFKQDFK UDQJLJHV ² =LHO GHU 8QWHUVXFKXQJ LVW UHSUl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|QQHQ 'LH9RUJHKHQVZHLVHEHLGHU$XVZHUWXQJGHUHUKREHQHQ'DWHQ 'LH$XVZHUWXQJGHULP5DKPHQGHU]ZHLWHQ6WXGLHQVWXIHHUKREHQHQ'DWHQOlVVWVLFKLQ ]ZHL 3KDVHQ XQWHUWHLOHQ 'LH (YDOXLHUXQJ GHU 0HVVPRGHOOH GHU ODWHQWHQ WKHRUHWLVFKHQ .RQVWUXNWH XQG GLH 8QWHUVXFKXQJ GHU VWUXNWXUHOOHQ =XVDPPHQKlQJH ]ZLVFKHQ MHQHQ 'LHVH ]ZHLVWXILJH 9RUJHKHQVZHLVH JHKW DXI GLH hEHUOHJXQJHQ YRQ $QGHUVRQ*HUELQJ ]X UFNZRQDFKHLQHUHOLDEOHXQGYDOLGH0HVVXQJGHUHLQ]HOQHQ0HVVPRGHOOHGHUODWHQWHQ .RQVWUXNWHDOVHLQHXQDXVZHLFKOLFKH9RUDXVVHW]XQJIUGLH0RGHOOLHUXQJXQG*WHEHXU WHLOXQJE]Z7HVWXQJGHV%H]LHKXQJVJHIOHFKWV]ZLVFKHQHEHQGLHVHQODWHQWHQ.RQVWUXNWHQ LQHLQHP6WUXNWXUPRGHOODQ]XVHKHQLVW
9JOEHLVSLHOVZHLVH$QGHUVRQ*HUELQJ 6I 9JO3HWHU 6
'LH2SHUDWLRQDOLVLHUXQJGHUODWHQWHQ.RQVWUXNWH 1XU QDFK GHU 6LFKHUVWHOOXQJ GHU *WH GHU 2SHUDWLRQDOLVLHUXQJ GHU ODWHQWHQ .RQVWUXNWH PLWWHOVJHHLJQHWHU0HVVPRGHOOHNDQQGDYRQDXVJHJDQJHQZHUGHQGDVVGLHDXIGLHVHU%DVLV XQWHUVWHOOWHQ.DXVDOEH]LHKXQJHQ]ZLVFKHQMHQHQYHUOlVVOLFKJHVFKlW]WZHUGHQN|QQHQXQG GLH ZLHGHUXP GDUDXI EDVLHUHQGHQ $XVVDJHQ HPSLULVFK JHVWW]W VLQG 'LH *WH HLQHU 0HVVPRGHOO2SHUDWLRQDOLVLHUXQJPDQLIHVWLHUWVLFKLQGHUHQ5HOLDELOLWlWXQG9DOLGLWlW'HQ HQWVSUHFKHQGHQ 9RUJHKHQVZHLVHQ ]XU 6LFKHUVWHOOXQJ GLHVHU $QIRUGHUXQJHQ XQG GHQ MH ZHLOVNRUUHVSRQGLHUHQGHQ.ULWHULHQ ]XUhEHUSUIXQJ ZLUGLQGHQ IROJHQGHQ $XVIKUXQ JHQEHVRQGHUHV$XJHQPHUNJHVFKHQNW ,Q$EVFKQLWW(GHUYRUOLHJHQGHQ$UEHLWZXUGHEHUHLWVGDUDXIKLQJHZLHVHQGDVVHVGDV=LHO LVWGXUFKGDV5HNXUULHUHQDXILP+LQEOLFNDXI5HOLDELOLWlWXQG9DOLGLWlW EHZlKUWH0HVV PRGHOOHYRQYRUQKHUHLQHLQHQKRKHQ6WDQGDUG]XHUUHLFKHQ%HLP.RQVWUXNWGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJNRQQWHZLHEHUHLWVLP$EVFKQLWW$HUOlXWHUWQLFKW YRQ %HJLQQ DQ DXI HLQ HQWVSUHFKHQG JHHLJQHWHV 0HVVNRQ]HSW ]XUFNJHJULIIHQ ZHUGHQ 'HP 3UR]HVV GHU (QWZLFNOXQJ XQG GLHV LVW KLHU YRQ EHVRQGHUHU %HGHXWXQJ GHU HUVWHQ 3UIXQJDXI5HOLDELOLWlWXQG9DOLGLWlWDQKDQGHLQHV&RQYHQLHQFH6DPSOHVZXUGHLQ$EVFKQLWW &HLQHLJHQHV.DSLWHOJHZLGPHW 8PGLH5HOLDELOLWlWXQG9DOLGLWlWGHULP5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJYHUZHQ GHWHQ EHVWHKHQGHQ 0HVVPRGHOOH EHUSUIHQ ]X N|QQHQ JLOW HV ]XQlFKVW JHHLJQHWH * WHPDH ]X EHVWLPPHQ XP GDQQ IU GLHVH MHZHLOV 6FKUDQNHQ IHVW]XOHJHQ EHL GHUHQ hEHU E]Z 8QWHUVFKUHLWHQ HLQH KLQUHLFKHQG KRKH 0HVVPRGHOOJWH XQWHUVWHOOW ZHUGHQ GDUI'D]XH[LVWLHUWLQGHU0DUNHWLQJIRUVFKXQJHLQH5HLKHYRQ3UR]HGXUHQGLHEOLFKHU ZHLVHLQGLH9HUIDKUHQGHUVRJHQDQQWHQHUVWHQXQG]ZHLWHQ*HQHUDWLRQXQWHUWHLOWZHUGHQ 'LH9HUIDKUHQGHUHUVWHQ*HQHUDWLRQ =XGHQ9HUIDKUHQGHUHUVWHQ*HQHUDWLRQ]lKOHQYRUDOOHPGLHLQ$EVFKQLWW&GHUYRUOLH JHQGHQ$UEHLWEHUHLWVLQDQGHUHP=XVDPPHQKDQJWKHPDWLVLHUWHH[SORUDWLYH)DNWRUHQDQD O\VHPLWGHUHQ+LOIH$XVVDJHQ]XU.RQYHUJHQ]XQG'LVNULPLQDQ]YDOLGLWlWJHWURIIHQZHU GHQ VROOHQ XQG ]XGHP GDV EHUHLWV LQ $EVFKQLWW & DXIJHJULIIHQH &URQEDFKV $OSKD DOV 0D IU GLH 5HOLDELOLWlW HLQHV 0HVVPRGHOOV (LQH KLQUHLFKHQG KRKH .RQYHUJHQ] E]Z 'LVNULPLQDQ]YDOLGLWlWNDQQLQGHU5HJHOGDQQ DQJHQRPPHQZHUGHQZHQQGLH]XU.RQ VWUXNWRSHUDWLRQDOLVLHUXQJ YHUZHQGHWHQ 9DULDEOHQ JHQDX HLQHP )DNWRU ]XJHRUGQHW ZHU
GHQ (LQH HPSLULVFK DXVUHLFKHQG KRKH 5HOLDELOLWlW ZLUG LQ GHU 5HJHO GDQQ XQWHUVWHOOW ZHQQ&URQEDFKV$OSKDHLQHQ:HUWYRQPLQGHVWHQVHUUHLFKW9HUPDJ&URQEDFKV$OSKD ZLGHU (UZDUWHQ GLH JHQDQQWH $QIRUGHUXQJ QLFKW ]X HUIOOHQ VR JHELHWHW GLHV GHQ %OLFN DXIGDVGULWWH9HUIDKUHQGHUHUVWHQ*HQHUDWLRQ]XULFKWHQGLH,WHPWR7RWDO.RUUHODWLRQ6R ODVVHQVLFKHLQ]HOQH9DULDEOHQKLQVLFKWOLFKLKUHVX8IHKOHQGHQ %HWUDJV]XU5HOLDELOLWlW EHJXWDFKWHQXQGJJIJH]LHOWHQWIHUQHQ 'LH9HUIDKUHQGHU]ZHLWHQ*HQHUDWLRQ 'LH 9HUIDKUHQ GHU ]ZHLWHQ *HQHUDWLRQ ]HLJHQ VLFK LKUHQ 9RUOlXIHUQ JHJHQEHU LQVRIHUQ EHUOHJHQDOVVLHEHUZLHJHQGDXI7HVWVWDWLVWLNHQEHUXKHQXQGVRVXEMHNWLYJHSUlJWH(LQ VFKlW]XQJHQ HLQ]HOQHU 3DUDPHWHU ZLH EHL GHQ 9HUIDKUHQGHU HUVWHQ *HQHUDWLRQ YHUPHL GHQ6LHODVVHQVLFKLQJOREDOH.ULWHULHQGLHGLH*WHGHV*HVDPWPHVV PRGHOOVEHUSU IHQVROOHQXQGORNDOH.ULWHULHQGLHDXIGLH*WHSUIXQJHLQ]HOQHU)DNWRUHQE]Z9DULDE OHQDE]LHOHQXQWHUWHLOHQ ,P5DKPHQGHUJOREDOHQ*WHNULWHULHQH[LVWLHUHQ]XU]HLWHLQHJDQ]H5HLKHXQWHUVFKLHGOLFK NRQVWUXLHUWHU *WHPDH 'LH 'LVNXVVLRQ EHU GLH 9RU]LHKHQVZUGLJNHLW HLQ]HOQHU 0D ]DKOHQ JHJHQEHU DQGHUHQ XQG GLH 6SH]LIL]LHUXQJ YRQ 8PVWlQGHQ XQWHU GHQHQ GLHV MH ZHLOVDQJHUDWHQHUVFKHLQWLVW²REJOHLFKOLQHDUH6WUXNWXUJOHLFKXQJVPRGHOOHLQGHU0DUNH WLQJZLVVHQVFKDIWXQGSUD[LVHLQHZHLWH9HUEUHLWXQJJHIXQGHQKDEHQ²ELVODQJDOOHVDQGHUH DOV DEJHVFKORVVHQ 8QJHDFKWHW HLQ]HOQHU 8QWHUVFKLHGH LP PDWKHPDWLVFKHQ $XIEDX LVW GHUJHPHLQVDPH1HQQHUGLHVHU0D]DKOHQMHGRFKIROJHQGHU'LH JOREDOHQ*WHNULWHULHQ VROOHQLQHUVWHU/LQLHHLQHQ$QKDOWVSXQNWGDIUELHWHQLQZLHIHUQWKHRULHEDVLHUWH0RGHOOH LQ LKUHU *HVDPWKHLW LQ )RUP HLQHU HPSLULVFKHQ .RYDULDQ]PDWUL[ GLH 5HDOLWlW ZLGHU]X VSLHJHOQ YHUP|JHQ )U )RUVFKHU LVW GLHV LQVRIHUQ ZLFKWLJ DOV VR VFKRQ ]X HLQHP YHU JOHLFKVZHLVHIUKHQ=HLWSXQNWGHU$QDO\VHHQWVFKLHGHQZHUGHQNDQQREHLQ0RGHOOZHL WHUXQWHUVXFKHQVZHUWHUVFKHLQWRGHUQLFKW
'DGLHVHU$QVSUXFKDQGLHMHZHLOLJHQ)DNWRUODGXQJHQEHLHPSLULVFKHQ8QWHUVXFKXQJHQQLFKWLPPHU ]XU*lQ]HHUIOOWZHUGHQNDQQJLOWLQGHU5HJHOHLQ0LQGHVWZHUWYRQDOVDXVUHLFKHQG9JO%DFN KDXVHWDO 6 9JO]XGLHVHU9RUJHKHQVZHLVHEHUHLWV&KXUFKLOO 6*OHLFKZRKOLVWKLHUEHLNULWLVFKHLQ]XZHQ GHQGDVVGLHEHVFKULHEHQH9RUJHKHQVZHLVHLPPHUDXFKHLQHHQWVSUHFKHQGHWKHRUHWLVFKH)ODQNLHUXQJ YRUDXVVHW]WXPQLFKWLQHLQQDLYHPSLULVWLVFKHV9RUJHKHQ]XYHUIDOOHQ9JOGLH$XVIKUXQJHQLQ$E VFKQLWW' %HLVSLHOKDIW IU GLHVH 'LVNXVVLRQ YJO <XDQ 6 II XQG )DQ6LYR 6 II (LQHQ hEHUEOLFNEHUGLHLP5DKPHQGHUYRUOLHJHQGHQ$UEHLWKHUDQJH]RJHQHQJOREDOHQ*WHNULWHULHQELHWHW 7DEHOOH)
1HEHQ GHU $XVZDKO JHHLJQHWHU JOREDOHU *WHNULWHULHQ H[LVWLHUW DXFK KLQVLFKWOLFK GHV MH ZHLOV ]X ZlKOHQGHQ $QVSUXFKVQLYHDXV DQ GLHVH HLQH JHZLVVH 8QHLQLJNHLW hEOLFKHUZHLVH JLOWGDVhEHUVFKUHLWHQHLQHV:HUWHVYRQDOV+LQZHLVDXIHLQHDXVUHLFKHQGKRKH0R GHOODQSDVVXQJ'DEHLLVWJOHLFKZRKOHLQ]XUlXPHQGDVVHLQJHULQJIJLJHV8QWHUVFKUHLWHQ GLHVHU6FKUDQNHQLFKWPLWHLQHU)DOVLIL]LHUXQJGHV]XSUIHQGHQSRVWXOLHUWHQ=XVDPPHQ KDQJVJOHLFK]XVHW]HQZlUHVRQGHUQYLHOPHKUEHVRQGHUHV$XJHQPHUNDXIEHVWLPPWH$V SHNWHEHLVSLHOVZHLVHGHU2SHUDWLRQDOLVLHUXQJOHQNHQVROO ,P5DKPHQGHUORNDOHQ*WHNULWHULHQVLQGMHQHGLHGHU(YDOXDWLRQHLQ]HOQHU,QGLNDWRUHQ GLHQHQYRQVROFKHQGLHGHU(YDOXDWLRQHLQHUJDQ]HQ5HLKHYRQ,QGLNDWRUHQDOVR)DNWR UHQE]Z.RQVWUXNWHQGLHQHQ]XXQWHUVFKHLGHQ=XUHUVWHQ*UXSSHJHK|UHQGLH,QGLND WRUUHOLDELOLWlWXQGGHUW:HUWGHU)DNWRUODGXQJ=XU]ZHLWHQ*UXSSHVLQGGLH)DNWRUUHOLD ELOLWlW XQG GLH GXUFKVFKQLWWOLFK HUIDVVWH 9DULDQ] ]X ]lKOHQ 'LH HQWVSUHFKHQGHQ 6FKUDQ NHQGLHGLHJHQDQQWHQORNDOHQXQGJOREDOHQ*WHNULWHULHQEHUE]ZXQWHUVFKUHLWHQVROO WHQZHQQYRQHLQHUJXWHQ0RGHOOVSH]LILNDWLRQJHVSURFKHQZLUGN|QQHQ7DEHOOH)HQW QRPPHQZHUGHQ 'LHVVROODXFKLP5DKPHQGHUYRUOLHJHQGHQLQZHLWHQ7HLOHQDOVH[SORUDWLY]XNHQQ]HLFKQHQGHQ8Q WHUVXFKXQJJHVFKHKHQ²ZHQQJOHLFKLQQHXHUHQ9HU|IIHQWOLFKXQJHQLQVROFKHQ)lOOHQDXFKJHULQJHUH $QSDVVXQJVJWHQDOVDN]HSWDEHOHUDFKWHWZHUGHQ9JO6KRSRY)XQFN 9JO.URKPHU
*OREDOH*WHNULWHULHQ
*WHNULWHULXP
6FKUDQNH
ƷGI
7/,
&),
,),
1),
506($
%H]RJHQDXIGLHMHZHLOLJHQ0HVVPRGHOOH
/RNDOH*WHNULWHULHQ
,QGLNDWRUUHOLDELOLWlW
)DNWRUUHOLDELOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DUL DQ]MH)DNWRU'(9
6LJQLILNDQ]GHU)DNWRUODGXQJ W:HUW DXIGHP6LJQ 1LYHDX
%H]RJHQDXIGDV6WUXNWXUPRGHOO 4XDGULHUWHUPXOWLSOHU.RUUHOD WLRQVNRHIIL]LHQW 4XHOOH,Q$QOHKQXQJDQ/RHYHQLFK 6
7DEHOOH) 'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQ]XU%HXUWHLOXQJGHU$QSDVVXQJVJWHYRQ0HVV XQG6WUXNWXUPRGHOOHQ 'LH*WHEHXUWHLOXQJGHU6WUXNWXUPRGHOOH 1DFK (YDOXDWLRQ GHU HLQ]HOQHQ 0HVVPRGHOOH XQG GHU *HVDPWPHVVPRGHOOH KLQVLFKWOLFK LKUHU.RQYHUJHQ]XQG'LVNULPLQDQ]YDOLGLWlWPVVHQLQHLQHP]ZHLWHQ6FKULWWGLH6WUXN WXUPRGHOOH LQVJHVDPW KLQVLFKWOLFK LKUHU $QSDVVXQJVJWH DQ GDV YRUOLHJHQGH HPSLULVFKH 'DWHQPDWHULDOXQWHUVXFKWZHUGHQ+LHU]XZLUGDQDORJ]XU%HXUWHLOXQJGHV*HVDPWPHVV DQVDW]HVHLQLGHQWLVFKHV9RUJHKHQJHZlKOWXQGEHLGHU %HXUWHLOXQJGHV6WUXNWXUPRGHOOV DXIGLHVHOEHQ JOREDOHQ XQGORNDOHQ.ULWHULHQ GLHDXFKDOV)LW:HUWH EH]HLFKQHWZHUGHQ ]XUFNJHJULIIHQ6ROOWHGDVSRVWXOLHUWHXQGWKHRUHWLVFKIXQGLHUWH+\SRWKHVHQV\VWHPNHLQH DXVUHLFKHQGH $QSDVVXQJVJWH DXIZHLVHQ VR EHGDUI GLHVHV 6\VWHP HLQHU 0RGLILNDWLRQ 'LH0RGLILNDWLRQHUIROJWGDQQLQ]ZHL6FKULWWHQ 9JO+RPEXUJ3IOHVVHU 6II
'LH3DUDPHWHUH[SDQVLRQ =XU9HUEHVVHUXQJGHU$QSDVVXQJVJWHGHV6WUXNWXUPRGHOOVNDQQHVVLQQYROOVHLQ]XVlW] OLFKH 3IDGH GLHVHV 0RGHOOV ]XU 6FKlW]XQJ IUHL]XJHEHQ 'LH (QWVFKHLGXQJ GHV )RUVFKHUV VROOWHGDEHLDXI]ZHL)XQGDPHQWHQUXKHQ=XHUVWDXIGHQHQWVSUHFKHQGHQ0RGLILNDWLRQV LQGLFHV GLH IU MHGHQ LP $XVJDQJVPRGHOO QLFKW EHUFNVLFKWLJWHQ 3DUDPHWHU DQJHEHQ LQ ZHOFKHP$XVPDVLFKGHUƷ:HUWGHUGLH$QSDVVXQJVJWHDEELOGHWYHUEHVVHUWZHQQGHU HQWVSUHFKHQGH3DUDPHWHULQGLH0RGHOOVFKlW]XQJHLQEH]RJHQZLUG'LH,QWHJUDWLRQ]X VlW]OLFKHU 3IDGH LQ GLH 0RGHOOVFKlW]XQJ VROOWH PLW GHPMHQLJHQ 3DUDPHWHU EHJLQQHQ GHU GHQK|FKVWHQWKHRUHWLVFKIXQGLHUEDUHQ0RGLILNDWLRQVLQGH[DXIZHLVW 'LHVH9RUJHKHQVZHLVHGDUIMHGRFKJOHLFKZRKOQLFKWGD]XIKUHQGDVVOHGLJOLFKDXI%DVLV GHU'DWHQODJH]XVlW]OLFKH3IDGHLQGDV0RGHOODXIJHQRPPHQZHUGHQXPVRUHLQGDWHQJH WULHEHQGLH$QSDVVXQJVJWH]XYHUEHVVHUQXQGGDGXUFKGLHHUIRUGHUOLFKH7KHRULHEDVLVLQV :DQNHQ JHUlW 'HVKDOE LVW QHEHQ GHQ 0RGLILNDWLRQVLQGLFHV DXFK LQ EHVRQGHUHP 0DH HLQHWKHRUHWLVFKH)XQGLHUXQJGHU]XU6FKlW]XQJIUHLJHJHEHQHQ3IDGHXQGGHVHUZHLWHUWHQ 6WUXNWXUPRGHOOVQRWZHQGLJXPQLFKWVSlWHVWHQVDQGLHVHU6WHOOHLQHLQQDLYHPSLULVWLVFKHV 9RUJHKHQ]XYHUIDOOHQ 'LH3DUDPHWHUNRQWUDNWLRQ ,VWHVEHLGHU3DUDPHWHUH[SDQVLRQGDV=LHO]XVlW]OLFKH3IDGHLQGLH3DUDPHWHUVFKlW]XQJ GHV6WUXNWXUPRGHOOVDXI]XQHKPHQDOVR]XU6FKl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lOOL JH9HUEHVVHUXQJGHU0RGHOOJWHDQJHQRPPHQZLUGOLHJWEHLHLQHP:HUWYRQ =XU9RUJHKHQVZHLVHGHU3DUDPHWHUH[SDQVLRQYJO%\UQH 6 9JOGD]X%DFNKDXVHWDO 6I 0LW GHU )RUGHUXQJ QDFK 6SDUVDPNHLW 3DUVLPRQ\ LVW YHUEXQGHQ GLH 5HDOLWlW DQJHPHVVHQ MHGRFK ]XJOHLFKDXFKLQP|JOLFKVWHLQIDFKHU)RUPDE]XELOGHQVRIHUQGDPLWGLH(UNOlUXQJVNUDIWQLFKWHLQJH VFKUlQNWZLUG9JO2SS 6IXQG3HWHU 6 9JO%DFNKDXVHWDO 6I
QDQQWHQ WKHRUHWLVFKHQ )XQGLHUXQJ KLQ]XJHIJWHU E]Z HQWIHUQWHU 3IDGH MHZHLOV GHU Ʒ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lVVW
'LH(UJHEQLVVHGHV)HOGH[SHULPHQWV]XU0HVVXQJGHV1LYHDXVGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGPDUNHQSROLWLVFKHU=LHOJU|HQ
'LH(UJHEQLVVHGHVLQ GHU]ZHLWHQ6WXGLHQVWXIHGXUFKJHIKUWHQ([SHULPHQWVODVVHQVLFK DQDORJ]XGHQLQ$EVFKQLWW(DXIJHZRUIHQHQ)UDJHVWHOOXQJHQLQGUHL6FKULWWHQGDUVWHOOHQ =XQlFKVWLVW]XSUIHQREGLHLQWHQGLHUWH0DQLSXODWLRQGXUFKGLHLQGHU6WXGLHYHUZHQGH WHQ 6WLPXOL GLH SRVWXOLHUWHQ (UJHEQLVVH ]HLJW 0DQLSXODWLRQVFKHFN ,Q HLQHP ]ZHLWHQ 6FKULWWVROOGDUJHOHJWZHUGHQZHOFKH$XVZLUNXQJHQGXUFKGLHVHH[SHULPHQWHOOH0DQLSXOD WLRQDXIGLHLQ$EVFKQLWW'EHVFKULHEHQHQPDUNHQSROLWLVFKHQ=LHOJU|HQRIIHQEDUZHU GHQ 6FKOLHOLFK EOHLEW LQ HLQHP GULWWHQ 6FKULWW GLH )UDJH QDFK HLQHU P|JOLFKHQ 9HUIlO VFKXQJGHU(UJHEQLVVHGXUFKGLH'DUELHWXQJDUWLNHOVSH]LILVFKHU,QIRUPDWLRQHQLP(UKH EXQJVLQVWUXPHQW]XEHDQWZRUWHQ 'HU0DQLSXODWLRQVFKHFN =XQlFKVWJLOWHV]XEHUSUIHQLQZLHZHLWGLHJHVHW]WHQ6WLPXOLVHLWHQVGHU.RQVXPHQWHQ WDWVlFKOLFK NRQIRUP ]X GHQ LQ $EVFKQLWW ( HQWZLFNHOWHQ +\SRWKHVHQ ZDKUJHQRPPHQ ZXUGHQ:LHEHUHLWVLQ$EVFKQLWW(HUOlXWHUWKDQGHOWHVVLFKEHLGHP]XJUXQGHOLHJHQ GHQ8QWHUVXFKXQJVGHVLJQXPHLQVRJHQDQQWHV:LWKLQ6XEMHFW'HVLJQEHLGHPGHQ8QWHUVX FKXQJVSHUVRQHQPHKUHUH7UHDWPHQWVE]Z6WLPXOLKLQWHUHLQDQGHUYRUJHOHJWZHUGHQ 'D GLH HLQ]HOQHQ 'DWHQSXQNWH LP GLUHNWHQ 9HUJOHLFK ]ZLVFKHQ GHQ 6WLPXOL NRUUHOLHUHQ VRPLWQLFKWXQDEKlQJLJYRQHLQDQGHUVLQGZHLOVLHDXVGHUVHOEHQ6WLFKSUREHHQWVWDPPHQ 6FKZHOOHQZHUWIUGLH$QQDKPHHLQHUDXIGHP1LYHDXVLJQLILNDQWHQbQGHUXQJGHU$QSDVVXQJV
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lOOHEHUHFKQHW'LH0LWWHOZHUWHGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJIUGLHHLQ]HOQHQ$UWLNHON|QQHQGHUIROJHQGHQ7DEHOOH)HQW QRPPHQZHUGHQ'HU:HUWGHU]ZHLVHLWLJHQ6LJQLILNDQ]JLEWMHZHLOV$XIVFKOXVVGDUEHU REGLH+\SRWKHVH+DEJHOHKQWZHUGHQPXVVRGHUEHLEHKDOWHQZHUGHQNDQQ/LHJWGLH VHU:HUWGHU]ZHLVHLWLJHQ6LJQLILNDQ]XQWHUGHPNULWLVFKHQ:HUWYRQLQPDWKHPDWL VFKHU1RWDWLRQS VRLVWGLH+\SRWKHVH+ PLWHLQHU,UUWXPVZDKUVFKHLQOLFKNHLWYRQ DE]XOHKQHQ 'LHV EHGHXWHW LP YRUOLHJHQGHQ )DOO GDVV GLH 0LWWHOZHUWH GHU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ IU VlPWOLFKH YLHU GHU DOV 6WLPXOL KHUDQJH]RJHQHQ $UWLNHO LPPHU LP 9HUJOHLFK ]XP 3HQGDQW LQ GHU MHZHLOLJHQ :DUHQJUXSSH DOV LQ GHU *UXQGJHVDPWKHLWPLWKRKHU:DKUVFKHLQOLFKNHLW! DOVQLFKWJOHLFKDQ]XVHKHQVLQG JWHLVWHLQH'LIIHUHQ]GHVƷ:HUWVYRQEHLHLQHP)UHLKHLWVJUDG'LIIHUHQ] (LQH8QWHUVXFKXQJVSHUVRQKDWVRZRKO$UWLNHO$DOVDXFK$UWLNHO%ZHQQLKUUDQGRPLVLHUWHLQ)UDJH ERJHQ GHU :DUHQJUXSSH , Å0RONHUHLSURGXNWH´ ]XJHVHQGHW ZXUGH UHVSHNWLYH VRZRKO $UWLNHO & DOV DXFK$UWLNHO'VRIHUQLKUHLQ)UDJHERJHQGHU:DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´ ]XJHJDQJHQLVW KLQVLFKWOLFKGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJEHZHUWHW=XGLHVHP9HU IDKUHQYJO+DJHU 6 9JO-DQVVHQ/DDW] 6 =XU 9RUJHKHQVZHLVH YJO -DQVVHQ/DDW] 6 II 'LH HQWVSUHFKHQGHQ ,WHPV VLQG $EVFKQLWW ']XHQWQHKPHQ 9JO%KO=|IHO 6
:DUHQJUXSSH, Å0RONHUHLSURGXNWH $UWLNHO$
$Q]DKOGHU0HVVZHUWH1
$UWLNHO%
:DUHQJUXSSH,, ÅDONRKROIUHLH(UIUL VFKXQJVJHWUlQNH´ $UWLNHO&
$UWLNHO'
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*H VXQGKHLWVSURILOLHUXQJ0
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]S
7DEHOOH) 'LH(UJHEQLVVHGHV0LWWHOZHUWYHUJOHLFKVDQKDQGGHUÅZDKUJHQRPPHQHQ*HVXQGKHLWVSUR ILOLHUXQJ´]ZLVFKHQGHQ$UWLNHOQLQQHUKDOEHLQHU:DUHQJUXSSH 'LH (UJHEQLVVH GHV W7HVWV EHL DEKlQJLJHQ 6WLFKSUREHQ GLH 7DEHOOH ) ]X HQWQHKPHQ VLQG]HLJHQGDVVHVLQ EHLGHQ:DUHQJUXSSHQ JHOXQJHQLVWIUGLHYRUOLHJHQGH8QWHUVX FKXQJ $UWLNHO DOV 6WLPXOL E]Z WUHDWPHQWV GHV H[SHULPHQWHOOHQ 'HVLJQV DXV]XZlKOHQ GLH KLQVLFKWOLFKLKUHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLQGHU*UXQGJHVDPWKHLWGHU 8QWHUVXFKXQJPLWKRKHU:DKUVFKHLQOLFKNHLWDOVYHUVFKLHGHQDUWLJDXIJHIDVVWZHUGHQ'LHV EHOHJHQMHZHLOVGLH6LJQLILNDQ]HQGHU0LWWHOZHUWGLIIHUHQ]HQE]Z 'LH LQ $EVFKQLWW ( SRVWXOLHUWHQ +\SRWKHVHQ EHU GDV DUWLNHOVSH]LILVFKH 1LYHDX GHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDXIJUHLIHQGPXVVMHGRFKIHVWJHVWHOOWZHUGHQ GDVV ² WURW] VLJQLILNDQWHU 8QWHUVFKLHGH LQ EHLGHQ :DUHQJUXSSHQ S E]Z ²QXUGLHJHULFKWHWH+\SRWKHVH+IUGLH:DUHQJUXSSH,,ÅDONRKROIUHLH(U IULVFKXQJVJHWUlQNH´DXIJUXQG GHU 'DWHQEDVLVDXIUHFKWHUKDOWHQZHUGHQ NDQQ'HU 0LWWHO ZHUWXQWHUVFKLHGLQGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´LVWWURW]DXVUHLFKHQGHU6LJQL ILNDQ] KLQVLFKWOLFKGHU5LFKWXQJGHV0LWWHOZHUWXQWHUVFKLHGVDOVQLFKWK\SRWKHVHQNRQIRUP ]XEH]HLFKQHQZHLODXVGUFNOLFKHLQHJHULFKWHWH+\SRWKHVHIRUPXOLHUWZXUGH :HLOVRPLW]XNRQVWDWLHUHQLVWGDVVGLH0DQLSXODWLRQLQ:DUHQJUXSSH,Å0RONHUHLSURGXN WH´QLFKWLQGHULQWHQGLHUWHQ)RUPJHOXQJHQ]XVHLQVFKHLQWJLOWHVVLFKDQJHVLFKWVGLHVHU $XVJDQJVODJHEHLGHUZHLWHUHQ3UIXQJGHUH[SHULPHQWHOOHQ+\SRWKHVHQXQGLP5DKPHQ 'DEHL ZLUG DXIJUXQG GHU QLHGULJHQ S:HUWH RIIHQVLFKWOLFK GDVV HV XQHUKHEOLFK LVWGLH 5LFKWXQJ GHU ]XJUXQGHOLHJHQGHQWKHRUHWLVFKHQ+\SRWKHVHQVWDWLVWLVFKDXI]XJUHLIHQDQGHQJUXQGVlW]OLFKHQ8QWHU VXFKXQJVEHIXQGHQlQGHUWHGLHVQLFKWV (QWJHJHQGHULQ$EVFKQLWW(DXIJHVWHOOWHQ+\SRWKHVHLVWGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLH UXQJYRQ$UWLNHO%QLFKWJU|HUVRQGHUQNOHLQHUDOVYRQ$UWLNHO$
GHU%HWUDFKWXQJGHU(UJHEQLVVHGHUNDXVDODQDO\WLVFKHQ8QWHUVXFKXQJGDUDQDXV]XULFKWHQ (V JLOW LQVEHVRQGHUH IHVW]XKDOWHQ GDVV HV VLFK LQ GHU :DUHQJUXSSH Å0RONHUHLSURGXNWH´ EHL$UWLNHO$0$ RIIHQEDUXPGHQLP9HUJOHLFK]X$UWLNHO%0% VLJQLILNDQW W S JHVXQGKHLWVSURILOLHUWHUHQ6WLPXOXVKDQGHOW 'LH$XVZLUNXQJHQGHU0DQLSXODWLRQDXIDXVJHZlKOWH=LHOJU|HQGHU0DUNHQSROLWLN 1DFK 3UIXQJ GHU :LUNVDPNHLW GHU 0DQLSXODWLRQ PXVV QXQ JHWHVWHW ZHUGHQ LQZLHIHUQ VLFK GLHVH 0DQLSXODWLRQ LQ HLQHU 9DULDWLRQ DXVJHZlKOWHU PDUNHQSROLWLVFKHU =LHOJU|HQ QLHGHUVFKOlJW+LHUEHLJLOWZLHGHUXP]XEHDFKWHQGDVVMH=LHOJU|HXQWHUHLQDQGHUDEKlQ JLJH 0HVVZHUWH IU MH ]ZHL $UWLNHO ]X YHUJOHLFKHQ VLQG 'DKHU ZLUG DXFK KLHU HUQHXW GLH 3UR]HGXU GHV EHUHLWV LP YRUDQJHJDQJHQHQ $EVFKQLWW GDUJHVWHOOWHQ W7HVWV EHL JHSDDUWHQ 6WLFKSUREHQYROO]RJHQ 'LH3DUDPHWHUELOGXQJJHVFKLHKWDQDORJ]XP0DQLSXODWLRQVFKHFN GXUFK HLQH 0LWWHOZHUWELOGXQJ MH 8QWHUVXFKXQJVSHUVRQ P EHU GLH ,WHPV GHU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ XQG ]XVlW]OLFK MHZHLOV EHU GLH GHV ZDKUJHQRPPH QHQ0DUNHQZHUWHVGHU.DXILQWHQWLRQXQGGHU3UHLVEHUHLWVFKDIW 'LHHQWVSUHFKHQGHQW7HVWVIU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´]HLJHQGDVVGHUMHQLJH $UWLNHO PLW GHU K|KHUHQ *HVXQGKHLWVSURILOLHUXQJ DXFK HLQHQ VLJQLILNDQW W S K|KHUHQZDKUJHQRPPHQHQ 0DUNHQZHUW 0$ 0% DXIZHLVW (LQH LGHQWLVFKH %HIXQGODJH ]HLJW VLFK KLQVLFKWOLFK GHU .DXILQWHQWLRQ ZHQQ PDQ EHLGH $UWLNHO YHUJOHLFKW 'HU JHVXQGKHLWVSURILOLHUWH $UWLNHO $ ZHLVW HLQH VLJQLILNDQW W S K|KHUH .DXILQWHQWLRQ 0$ JHJHQEHU $UWLNHO % 0% DXI$QGHUVLVWGDV(UJHEQLVMHGRFKLP +LQEOLFNDXIGLH3UHLVEHUHLWVFKDIW]XLQWHUSUHWLH UHQ +LHU ZHLVW $UWLNHO % 0% HLQH VLJQLILNDQW W S K|KHUH 3UHLVEHUHLWVFKDIWJHJHQEHU$UWLNHO$0$ DXI+LHU]HLJWVLFKP|JOLFKHUZHLVHHLQ (IIHNW GHU $UWLNHODXVZDKO ZHLO HLQ 7ULQNMRJKXUW HKHU GHP &RQYHQLHQFH.DXIPRWLY HQWVSULFKWXQGGDKHUHLQHK|KHUH3UHLVEHUHLWVFKDIWDXIVLFK ]LHKW(LQHhEHUVLFKWEHU GLHHQWVSUHFKHQGHQ(UJHEQLVVHHQWKlOW7DEHOOH)
'LHV LVW XPVR HUVWDXQOLFKHU DOV DXI %DVLV GHU (UNHQQWQLVVH YRQ :HUWHQEURFK ]X HUZDUWHQ ZDU GDVVGLH0DQLSXODWLRQLQ:DUHQJUXSSH,EHVVHUJHOLQJHQVROOWHDOVLQ:DUHQJUXSSH,,9JO:HUWHQEURFK 6 'LHHQWVSUHFKHQGHQ2SHUDWLRQDOLVLHUXQJHQGHUJHQDQQWHQ.RQVWUXNWHVLQG$EVFKQLWW']XHQWQHK PHQ =XP.DXIPRWLYGHU&RQYHQLHQFH2ULHQWLHUXQJYJO/RHYHQLFK 6II=XGHQDXVGHU$XVZDKO GHU$UWLNHOHUZDFKVHQGHQ/LPLWDWLRQHQGHU8QWHUVXFKXQJYJO$EVFKQLWW*
$XI%DVLVLGHQWLVFKHUW7HVWVLQGHU:DUHQJUXSSH,,]HLJWVLFKIROJHQGHV%LOG'HU$UWLNHO GHU :DUHQJUXSSH ,, ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´ PLW HLQHU VLJQLILNDQW W S K|KHUHQ ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ 0' JH JHQEHU GHP 5HIHUHQ]DUWLNHO PLW JHULQJHUHU ZDKUJHQRPPHQHU *HVXQGKHLWVSURILOLHUXQJ 0& LVWDXFKLQGHU/DJHHLQHQVLJQLILNDQWW S K|KHUHQZDKU JHQRPPHQHQ0DUNHQZHUW0' DOVGDVHQWVSUHFKHQGH5HIHUHQ]SURGXNW0& ]XHU]LHOHQ*OHLFKHVJLOWIUGLHDUWLNHOEH]RJHQH.DXILQWHQWLRQ'HUDOVJHVXQGKHLWVSURIL OLHUWHUHLQJHVFKlW]WH$UWLNHO'YHUPDJHLQHQVLJQLILNDQWW S K|KHUHQ 0LWWHOZHUW GHU .DXILQWHQWLRQ YRU]XZHLVHQ 0' DOV GHU ZHQLJHU JHVXQGKHLWVSURIL OLHUW ZDKUJHQRPPHQH $UWLNHO & 0& $XI %DVLV GHU YRUOLHJHQGHQ 'DWHQ OlVVW VLFK DXFKHLQNQDSSK|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
:DUHQJUXSSH,
$UWLNHO$ 1
$UWLNHO%
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
0LWWHOZHUWGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
0LWWHOZHUWGHU.DXILQWHQWLRQ
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
0LWWHOZHUWGHU3UHLVEHUHLWVFKDIW
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
7DEHOOH)
'LH(UJHEQLVVHGHV0LWWHOZHUWYHUJOHLFKVDXVJHZlKOWHU=LHOJU|HQGHU0DUNHQSROLWLN ]ZLVFKHQGHQ$UWLNHOQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´
:DUHQJUXSSH,,
$UWLNHO& 1
$UWLNHO'
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
0LWWHOZHUWGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
0LWWHOZHUWGHU.DXILQWHQWLRQ
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
0LWWHOZHUWGHU3UHLVEHUHLWVFKDIW
6WDQGDUGDEZHLFKXQJ
W:HUW
=ZHLVHLWLJH6LJQLILNDQ]
7DEHOOH)
'LH(UJHEQLVVHGHV0LWWHOZHUWYHUJOHLFKVDXVJHZlKOWHU=LHOJU|HQGHU0DUNHQSROLWLN ]ZLVFKHQGHQ$UWLNHOQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
'LH.RQIXQGLHUXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJGXUFKGDUJHERWH QH$UWLNHOLQIRUPDWLRQHQ 'LH=LHOVHW]XQJKLQWHUGHULQ$EVFKQLWW(SRVWXOLHUWHQXQGQXQ]XSUIHQGHQ+\SRWKH VH + LVW GDVV RKQH HLQH H[SHULPHQWHOOH $EVLFKHUXQJ H[ DQWH NHLQH $XVVDJH GDUEHU ]X WUHIIHQ ZlUH LQZLHIHUQ GLH LP )UDJHERJHQ GDUJHERWHQHQ $UWLNHOLQIRUPDWLRQHQ GLH NRQ VXPHQWHQVHLWLJH(LQVFKlW]XQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLQXQ]XOlV VLJHU )RUP YHU]HUUHQ =XU 3UIXQJ RE E]Z LQ ZHOFKHU :HLVH HLQH 9HU]HUUXQJ GHU (U JHEQLVVHYRUOLHJWZLUGGHVKDOEHLQHUDQGRPLVLHUWH.RQWUROOJUXSSHKHUDQJH]RJHQLQGHUHQ )UDJHERJHQ GLH HQWVSUHFKHQGHQ $UWLNHOLQIRUPDWLRQHQ HOLPLQLHUW ZXUGHQ GHUHQ (UKH EXQJVLQVWUXPHQWVRQVWMHGRFKLQMHGHU+LQVLFKWLGHQWLVFKLVW
'LH0LWWHOZHUWHGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ VLQG ²LP *HJHQVDW]]X GHQYRUDQJHJDQJHQHQ8QWHUVXFKXQJVVFKULWWHQ²IUEHLGH*UXSSHQ([SHULPHQWDOJUXSSH PLW $UWLNHOLQIRUPDWLRQ XQG .RQWUROOJUXSSH RKQH $UWLNHOLQIRUPDWLRQ DOV XQDEKlQJLJ YRQHLQDQGHU]XNHQQ]HLFKQHQZHLOGLHYHUJOLFKHQHQ0LWWHOZHUWHGLFKRWRPHQ6WLFKSUREHQ HQWVWDPPHQ $XV GLHVHP *UXQG NRPPW LQ GLHVHP 8QWHUVXFKXQJVVFKULWW HLQ W7HVW IU GHQ 9HUJOHLFK GHU 0LWWHOZHUWH XQDEKlQJLJHU 6WLFKSUREHQ VRJHQDQQWHU =ZHL*UXSSHQ )DOO DOVJHHLJQHWHV3UINULWHULXPIUV\VWHPDWLVFKH0LWWHOZHUWXQWHUVFKLHGHLQ%HWUDFKW $OV*UXSSHVROOGLHMHZHLOLJH([SHULPHQWDOJUXSSHGHU:DUHQJUXSSHEH]HLFKQHWZHUGHQ DOV*UXSSHGLHNRUUHVSRQGLHUHQGH.RQWUROOJUXSSHLQGHUMHZHLOLJHQ:DUHQJUXSSH$Q KDQG GHV VNL]]LHUWHQ =ZHL*UXSSHQW7HVWV NDQQ JH]HLJW ZHUGHQ GDVV GLH GHP 7HVW ]XJUXQGHOLHJHQGH+\SRWKHVH+Å'LH0LWWHOZHUWHVLQGLQGHU*UXQGJHVDPWKHLWJOHLFK´ EHL,UUWXPVZDKUVFKHLQOLFKNHLWIUDOOHYLHU$UWLNHOQLFKWYHUZRUIHQZHUGHQNDQQXQG VRPLWDXI%DVLVGHU]X JHULQJHQ6LJQLILNDQ]GHU W:HUWHS! DOV ZHLWHUKLQ JOWLJDN ]HSWLHUWZHUGHQPVVHQ'LHVEHGHXWHWGDVV]ZLVFKHQGHQXQWHUVXFKWHQ6WLFKSUREHQPLW XQGRKQH$UWLNHOLQIRUPDWLRQHQNHLQV\VWHPDWLVFKHU8QWHUVFKLHGGHU0LWWHOZHUWH]XNRQV WDWLHUHQ LVW (LQH hEHUVLFKW EHU VlPWOLFKH :HUWH GHVW7HVWV LQ GHU :DUHQJUXSSH ELHWHW 7DEHOOH)'LHHQWVSUHFKHQGHQ:HUWHIUGLH:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJV JHWUlQNH´N|QQHQ7DEHOOH)HQWQRPPHQZHUGHQ =XU9RUJHKHQVZHLVHYJO-DQVVHQ/DDW] 6II
*UXSSH ÅPLW,QIRU PDWLRQ´
1
*UXSSH ÅRKQH,QIRU PDWLRQ´
$UWLNHO$
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
6WDQGDUGDEZHLFKXQJ
W:HUW
]ZHLVHLWLJH6LJQLILNDQ]
$UWLNHO%
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
6WDQGDUGDEZHLFKXQJ
W:HUW
]ZHLVHLWLJH6LJQLILNDQ]
'DGHU/HYHQH7HVWDXI9DULDQ]JOHLFKKHLWGHU*UXSSHQIU$UWLNHO$XQG%MHZHLOVHLQH6LJQLILNDQ] YRQS!EHVFKHLQLJWVLQGKLHUMHZHLOV:HUWHIUGLH$QQDKPHGLH9DULDQ]HQVHLHQJOHLFKGRNX PHQWLHUW
7DEHOOH) 'DV$XVPDGHU.RQIXQGLHUXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLQGHU :DUHQJUXSSH,Å0RONHUHLSURGXNWH´
*UXSSH ÅPLW,QIRU PDWLRQ´
1
*UXSSH ÅRKQH,QIRU PDWLRQ´
$UWLNHO&
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
6WDQGDUGDEZHLFKXQJ
W:HUW
]ZHLVHLWLJH6LJQLILNDQ]
$UWLNHO'
0LWWHOZHUWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
6WDQGDUGDEZHLFKXQJ
W:HUW
]ZHLVHLWLJH6LJQLILNDQ]
'DGHU/HYHQH7HVWDXI9DULDQ]JOHLFKKHLWGHU*UXSSHQIU$UWLNHO&XQG'MHZHLOVHLQH6LJQLILNDQ] YRQS!EHVFKHLQLJWVLQGKLHUMHZHLOV:HUWHIUGLH$QQDKPHGLH9DULDQ]HQVHLHQJOHLFKGRNX PHQWLHUW
7DEHOOH) 'DV$XVPDGHU.RQIXQGLHUXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJLQGHU :DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´ $OV=ZLVFKHQID]LWOlVVWVLFKQDFK$EVFKOXVVGHU$XVZHUWXQJGHV([SHULPHQWVIHVWKDOWHQ GDVV GLH LQWHQGLHUWH 0DQLSXODWLRQ LQ GHU :DUHQJUXSSH ,, ÅDONRKROIUHLH (UIULVFKXQJVJH WUlQNH´DOVJHOXQJHQDQJHVHKHQZHUGHQNDQQ'HUDXIJUXQGYRUKHULJHU)RUVFKXQJDOVJH VXQGKHLWVSURILOLHUWHUDQJHVHKHQH$UWLNHO]HLJWVLFKDXFKLP/LFKWHGHUHPSLULVFKHQ(UJHE QLVVH DOV JHVXQGKHLWVSURILOLHUWHU ,Q GLHVHU :DUHQJUXSSH OlVVW VLFK DXIJUXQG GHU ([SHUL PHQWHUJHEQLVVH DXFK NRQVWDWLHUHQ GDVV GLHVHP $UWLNHO HLQ VLJQLILNDQW K|KHUHU 0DUNHQ ZHUWXQGHLQHVLJQLILNDQWK|KHUH.DXILQWHQWLRQ]XJHPHVVHQZHUGHQ 'LH(UJHEQLVVHGHV([SHULPHQWVLQGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´VLQGQXUWHLO ZHLVHDOVK\SRWKHVHQNRQIRUP]XZHUWHQ'HUDXI%DVLVGHUYRUDQJHJDQJHQHQ)RUVFKXQJ DOV JHVXQGKHLWVSURILOLHUWHU HLQJHVFKlW]WH $UWLNHO NRQQWH LP 5DKPHQ GHU HPSLULVFKHQ hEHUSUIXQJQLFKWDOVVROFKHUEHVWlWLJWZHUGHQ'HU9HUJOHLFKVDUWLNHOZXUGHJHVXQGKHLWV SURILOLHUWHU HLQJHVFKlW]W :LUG GLHVH 5HLKHQIROJHXPNHKU KLQVLFKWOLFK GHU ZDKUJHQRPPH QHQ*HVXQGKHLWVSURILOLHUXQJEHUFNVLFKWLJWVRVLQGGLHHUZDUWHWHQ:LUNXQJHQGHUZDKU JHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXI GHQ ZDKUJHQRPPHQHQ 0DUNHQZHUW XQG GLH
.DXILQWHQWLRQ ZLHGHUXP K\SRWKHVHQNRQIRUP (LQ]LJ KLQVLFKWOLFK GHU 3UHLVEHUHLWVFKDIW NRPPW HV ]X $EZHLFKXQJHQ 7DEHOOH ) ]HLJW HLQH hEHUVLFKW EHU GLH (UJHEQLVVH GHU H[SHULPHQWHOOHQ+\SRWKHVHQSUIXQJ(UJlQ]HQGNDQQIHVWJHVWHOOWZHUGHQGDVVHLQH9HU ]HUUXQJGHU(UJHEQLVVHGXUFKGDUJHERWHQH$UWLNHOLQIRUPDWLRQHQQLFKW]XYHU]HLFKQHQLVW ZDVDXIHLQLQVJHVDPWUHFKWKRKHV:LVVHQVQLYHDXGHU.RQVXPHQWHQKLQVLFKWOLFKGHUGDU JHERWHQHQ$UWLNHOKLQGHXWHW
+\SRWKHVHQ .XU] 8UVDFKH:LUNXQJV=XVDPPHQKDQJ EH]HLFKQXQJ
%HIXQGGHUH[SHULPHQWHOOHQ +\SRWKHVHQSUIXQJ :DUHQJUXSSH, Å0RONHUHLSURGXNWH´
:DUHQJUXSSH,, ÅDONRKROIUHLH(UIUL VFKXQJVJHWUlQNH´
+
6HLWHQVGHU.RQVXPHQWHQZLUGLP9HU JOHLFK]XP]XFNHUUHGX]LHUWHQ$UWLNHO GHU5HIHUHQ]DUWLNHOGHUVHOEHQ:DUHQ JUXSSHDOVZHQLJHUVWDUNJHVXQGKHLWV SURILOLHUWZDKUJHQRPPHQ
1LFKWEHVWlWLJW
%HVWlWLJW
+
'LH+|KHGHUZDKUJHQRPPHQHQ*H VXQGKHLWVSURILOLHUXQJZLUGGXUFKGLH $QJDEHHUJlQ]HQGHU$UWLNHOLQIRUPDWLR QHQQLFKWEHHLQIOXVVW
%HVWlWLJW
%HVWlWLJW
+
'LHJHULQJHUDOVJHVXQGKHLWVSURILOLHUW ZDKUJHQRPPHQHQ$UWLNHOZHLVHQLP 9HUJOHLFKHLQHQJHULQJHUHQZDKUJH QRPPHQHQ0DUNHQZHUWDXI
%HVWlWLJW
%HVWlWLJW
+
6HLWHQVGHU%HIUDJWHQEHVWHKWJHJHQEHU GHPJHULQJHUJHVXQGKHLWVSURILOLHUWHQ $UWLNHOLP9HUJOHLFKHLQHJHULQJHUH .DXILQWHQWLRQ
%HVWlWLJW
%HVWlWLJW
+
6HLWHQVGHU%HIUDJWHQEHVWHKWJHJHQEHU GHQDOVJHULQJHUJHVXQGKHLWVSURILOLHUW ZDKUJHQRPPHQHQ$UWLNHOQLP9HU JOHLFKHLQHJHULQJHUH3UHLVEHUHLWVFKDIW
1LFKWEHVWlWLJW
%HVWlWLJW
7DEHOOH) 'HUhEHUEOLFNEHUGLH(UJHEQLVVHGHUH[SHULPHQWHOOHQ+\SRWKHVHQSUIXQJ 1DFK$EVFKOXVVGHU3UIXQJGHUH[SHULPHQWHOOHQ+\SRWKHVHQVWHKWGLH3UIXQJGHU=X VDPPHQKlQJH GHV 8QWHUVXFKXQJVPRGHOOV PLWWHOV HLQHV NDXVDODQDO\WLVFKHQ $QVDW]HV LP 0LWWHOSXQNW +LHUEHL VWHKW LQ $EVFKQLWW ) ]XQlFKVW GLH :DUHQJUXSSH , Å0RONHUHLSUR GXNWH´LP=HQWUXPEHYRULQ$EVFKQLWW)GLH(UJHEQLVVHIUGLH:DUHQJUXSSH,,Å$O NRKROIUHLH(UIULVFKXQJVJHWUlQNH´LQGHQ)RNXVUFNHQ
'LH NDXVDODQDO\WLVFKH 8QWHUVXFKXQJ YRQ (LQIOXVVIDNWRUHQ XQG (UIROJVZLU NXQJHQ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LQ GHU :DUHQJUXSSH Å0RONHUHLSURGXNWH´
'LH2SHUDWLRQDOLVLHUXQJGHUWKHRUHWLVFKHQ.RQVWUXNWH 'LHODWHQWH[RJHQHQ.RQVWUXNWH 'DVZDKUJHQRPPHQH3UHLVQLYHDX ,Q%H]XJDXIGLH2SHUDWLRQDOLVLHUXQJGHVZDKUJHQRPPHQHQ3UHLVQLYHDXVN|QQHQIUEHL GHXQWHUVXFKWHQ$UWLNHOGXUFKZHJDN]HSWDEOH:HUWHHU]LHOWZHUGHQ6RZRKO&URQEDFKV$O SKD DOV DXFK GLH GXUFKVFKQLWWOLFK HUIDVVWH 9DULDQ] OLHJHQ EHU GHQ JHIRUGHUWHQ 0LQGHVW ZHUWHQ 'LHV JLOW JOHLFKHUPDHQ IU VlPWOLFKH *WHNULWHULHQ DXI ,QGLNDWRUHEHQH YJO GLH IROJHQGH7DEHOOH)XQGGLH7DEHOOH) ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$3UHLVB
$3UHLVB
$3UHLVB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV3UHLVQLYHDX $UWLNHO$ ´
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%3UHLVB
%3UHLVB
%3UHLVB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV3UHLVQLYHDX $UWLNHO% ´ 'LHZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH 'LH ZDKUJHQRPPHQH 'LVWULEXWLRQVGLFKWH NHQQ]HLFKQHW GLH VHLWHQV GHU .RQVXPHQWHQ ZDKUJHQRPPHQH $EVDW]NDQDOZDKO GHU /HEHQVPLWWHOKHUVWHOOHU 'LH LP YRUOLHJHQGHQ )RU VFKXQJVPRGHOOYHUZHQGHWH2SHUDWLRQDOLVLHUXQJIXWDXIGHPLQ$EVFKQLWW'HQWZL FNHOWHQXQGLQVJHVDPWGUHL,WHPVXPIDVVHQGHQ0HVVNRQ]HSW'LHGXUFKJHIKUWHH[SORUD WLYH)DNWRUHQDQDO\VHEHOHJWGDVVVlPWOLFKH,WHPVHLQHP)DNWRU]X]XRUGQHQVLQGXQG]X VDPPHQPHKUDOVGHU9DULDQ]GLHVHV)DNWRUVHUNOlUHQ'LHGXUFKVFKQLWWOLFKHUIDVVWH 9DULDQ]OLHJWPLWHEHQVRZLH&URQEDFKV$OSKD EHUGHPJHIRUGHUWHQ0LQGHVW ZHUWIUHLQHJXWH0HVVPRGHOODQSDVVXQJ(LQ]LJGLH,QGLNDWRUUHOLDELOLWlWGHVGULWWHQ,WHPV YHUPDJPLWHLQHP:HUWYRQGLHHLQJDQJVDXIJHVWHOOWHQ$QIRUGHUXQJHQEHL$UWLNHO$ QLFKWJDQ]]XHUIOOHQ$QGLHVHU6WHOOHVHLMHGRFKDQJHPHUNWGDVVVlPWOLFKHDQGHUHQ.UL WHULHQ GLH JHIRUGHUWHQ 0LQGHVWZHUWH DE GHQHQ HLQH KRKH *WH GHV 0HVVPRGHOOV DQJH QRPPHQZHUGHQNDQQPLWXQWHUDXFKGHXWOLFKEHUVFKUHLWHQXQGGDKHUHLQ8QWHUVFKUHL WHQHLQ]HOQHUGLHVHU0LQGHVWZHUWHLQVEHVRQGHUHEHL%HUFNVLFKWLJXQJGHUKLHUYRUOLHJHQ GHQ6WLFKSUREHQJU|HQ DOVDN]HSWDEHOJHOWHQNDQQ 9JO/DXHU 6
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$'LVWUB
$'LVWUB
$'LVWUB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO$ ´ ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
%'LVWUB
%'LVWUB
%'LVWUB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO% ´
'HUZDKUJHQRPPHQH:HUEHGUXFN 'XUFK GDV .RQVWUXNW ÅZDKUJHQRPPHQHU :HUEHGUXFN´ ZLUG DEJHELOGHW LQZLHZHLW GLH %HIUDJWHQ GHU $QVLFKW VLQG GDVV IU GHQ EHWUHIIHQGHQ $UWLNHO KlXILJ :HUEXQJ JHPDFKW ZLUG=XU2SHUDWLRQDOLVLHUXQJGLHVHV.RQVWUXNWVNRPPHQMHQHGUHL,QGLNDWRUHQ]XP(LQ VDW] GLH LQ $EVFKQLWW ' DOV JHHLJQHW LGHQWLIL]LHUW ZHUGHQ 'LH :HUWH YRQ&URQEDFKV $OSKD IU $UWLNHO $ E]Z EHL $UWLNHO % VSUHFKHQ IU HLQH DXVUHLFKHQG KRKH 5HOLDELOLWlW GHV 0HVVPRGHOOV =XGHP DWWHVWLHUW GLH H[SORUDWLYH )DNWRUHQDQDO\VH YHU JOHLFKVZHLVHKRKHHUNOlUWH9DULDQ]DQWHLOHIU$UWLNHO$E]ZEHL$UWLNHO % 'DKHUEHGDUIHVDXFKDXIJUXQGGHVhEHUVFKUHLWHQVVlPWOLFKHUZHLWHUHU0LQGHVWDQIRU GHUXQJHQ NHLQHUOHL 0RGLILNDWLRQ GHV XUVSUQJOLFK JHZlKOWHQ 2SHUDWLRQDOLVLHUXQJVDQVDW ]HV ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$$GYB
$$GYB
$$GYB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO $ ´
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%$GYB
%$GYB
%$GYB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU:HUEHGUXFN $UWLNHO% ´ 'LHODWHQWHQGRJHQHQ.RQVWUXNWH 'LHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ :LH LQ $EVFKQLWW & IHVWJHOHJW XPIDVVW GDV KLHUHQWZLFNHOWH .RQVWUXNW ÅZDKUJHQRP PHQH *HVXQGKHLWVSURILOLHUXQJ´ GLH YRP .RQVXPHQWHQ PLW GHP 3URGXNW YHUEXQGHQHQ (LJHQVFKDIWHQ DOVR GLH :HUWLJNHLW GHV 3URGXNWV LQ %H]XJ DXI HLQH LQWHQGLHUWH JHVXQGH (UQlKUXQJ 'LH ,WHP]XVDPPHQVWHOOXQJ IXW DXI GHP LP $EVFKQLWW ' GDUJHVWHOOWHQ 0HVVDQVDW] 'LH hEHUSUIXQJ GHU HLQ]HOQHQ )DNWRUHQ GHU ZDKUJHQRPPHQHQ *HVXQG KHLWVSURILOLHUXQJHUJLEWHLQHEHLQDKHDXVQDKPVORVJXWH0HVVPRGHOOJWH 'HU )DNWRU ÅSK\VLVFKH :LUNXQJHQ´ UHSUlVHQWLHUW GLH YRQ GHQ .RQVXPHQWHQ PLW GHP 3URGXNWNDXIE]ZYHU]HKUHUKRIIWHQSRVLWLYHQJHVXQGKHLWOLFKHQ.RQVHTXHQ]HQXQGOlVVW VLFK ZLH LQ $EVFKQLWW & HUOlXWHUW PRWLYDWLRQVWKHRUHWLVFK IXQGLHUHQ $XIJUXQG GHU 7DWVDFKHGDVVGLHVHU)DNWRUDXI%DVLVGHULQ$EVFKQLWW&GDUJHVWHOOWHQ(UJHEQLVVHGHU H[SORUDWLYHQHUVWHQ6WXGLHQVWXIHOHGLJOLFKPLW]ZHL,QGLNDWRUHQ]XPHVVHQLVWN|QQHQLP 5DKPHQGLHVHU6WXGLHNHLQH.ULWHULHQGHU]ZHLWHQ*HQHUDWLRQ]XU%HXUWHLOXQJGHU0HVV
PRGHOOJWHEHUHFKQHWZHUGHQ&URQEDFKV$OSKDPLWHLQHP:HUWYRQEHLEHLGHQ$U WLNHOQXQGGLHDQVFKOLHHQGGXUFKJHIKUWHH[SORUDWRULVFKH)DNWRUHQDQDO\VHGLHHLQHQHU NOlUWHQ9DULDQ]DQWHLOYRQPLQGHVWHQVHUJLEWEHVFKHLQLJHQMHGRFKGDVVDPSRVWXOLHU WHQ 2SHUDWLRQDOLVLHUXQJVDQVDW] GHU PLW GHP .RQVXP LQ 9HUELQGXQJ JHEUDFKWHQ SK\VL VFKHQ:LUNXQJHQIHVW]XKDOWHQLVWZHLOVLHHLQHDXVUHLFKHQGKRKH0RGHOOJWHVLJQDOLVLHUHQ ,QIRUPDWLRQHQ]XP)DNWRUÅSK\VLVFKH:LUNXQJHQ$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
$3K\ZLB
$3K\ZLB
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO$ ´ ,QIRUPDWLRQHQ]XP)DNWRUÅSK\VLVFKH:LUNXQJHQ$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
%3K\ZLB
%3K\ZLB
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO% ´ 'HU*UXQGKLHUIULVWGDVVEHLHLQHPVROFKHUPDHQRSHUDWLRQDOLVLHUWHQ)DNWRULP=XJHHLQHUNRQILU PDWRULVFKHQ)DNWRUDQDO\VHDXIGHUVlPWOLFKH*WHNULWHULHQGHU]ZHLWHQ*HQHUDWLRQIXHQ HLQHQHJD WLYH$Q]DKOYRQ)UHLKHLWVJUDGHQYRUOlJHZDVHLQH%HUHFKQXQJXQP|JOLFKPDFKW
=XU 0HVVXQJ GHV )DNWRUV Å6XFKHLJHQVFKDIWHQ´ GLHQHQ GLH LQ $EVFKQLWW & GHVWLOOLHUWHQ ,QGLNDWRUHQGLH)DFHWWHQGHU*HVXQGKHLWVSURILOLHUXQJDEELOGHQQDFKGHQHQ.RQVXPHQ WHQDP3RLQWRI6DOHVXFKHQN|QQHQE]ZGLHLKQHQGRUWJJIDXVLKUHU(ULQQHUXQJKHUDXV ]XU 9HUIJXQJ VWHKHQ :LH VLFK DXV GHQ IROJHQGHQ 7DEHOOHQ HUJLEW EHVWHKW EHL HLQHP &URQEDFKV$OSKDYRQ$UWLNHO$ E]Z$UWLNHO% NHLQHUOHL9HUDQODVVXQJIUHLQH ,WHP(OLPLQDWLRQ 'LH H[SORUDWRULVFKH )DNWRUHQDQDO\VH EHVFKHLQLJW HLQHQ JHQJHQG KR KHQ9DULDQ]HUNOlUXQJVDQWHLOYRQ$UWLNHO$ E]Z$UWLNHO% XQGEHVWl WLJWVRPLWWURW]GHUYHUJOHLFKVZHLVHKRKHQ,WHPDQ]DKOHLQHHLQGLPHQVLRQDOH2SHUDWLRQD OLVLHUXQJGLHVHV)DNWRUV $XIJUXQGGHUDXVUHLFKHQGHQ$Q]DKODQ]XU9HUIJXQJVWHKHQGHQ,QGLNDWRUHQEHLP)DN WRU Å6XFKHLJHQVFKDIWHQ´ ZLUG LP *HJHQVDW] ]XP YRUDQJHJDQJHQHQ $EVFKQLWW HLQH NRQ ILUPDWRULVFKH)DNWRUHQDQDO\VHGXUFKJHIKUWGHUHQJOREDOH*WHNULWHULHQPLW$XVQDKPH GHV Ʒ:HUWHVXQGHLQHVGDUDXVUHVXOWLHUHQGPDUJLQDOHUK|KWHQ506($:HUWHVEHL$U WLNHO% HLQHJXWH0RGHOODQSDVVXQJDWWHVWLHUHQ)HUQHUOLHJHQVlPWOLFKH,QGLNDWRUUHOLDELOLWl WHQWHLOZHLVHGHXWOLFKEHUGHPDOVDN]HSWDEHODQ]XVHKHQGHQ:HUWXQGVlPWOLFKH)DNWR UHQODGXQJHQVLQGDOVVWDWLVWLVFKVLJQLILNDQWDQ]XVHKHQ +LHUEHL JLOW HV DQ]XPHUNHQ GDVV EHL JU|HUHQ 6WLFKSUREHQ Q GHU ƷGI:HUW HLQ DOOHQIDOOV HU JlQ]HQG KHUDQ]X]LHKHQGHV *WHPD LVW GD LQ HQWVSUHFKHQGHQ 6LPXODWLRQHQ YJO %DFNKDXV HW DO 6 XQG DXFK DXI %DVLV GHV YRUOLHJHQGHQ 'DWHQPDWHULDOV JH]HLJW ZHUGHQ NDQQ GDVV VLFK GXUFK9HUlQGHUXQJGHV6WLFKSUREHQXPIDQJVXQWHUVRQVWNRQVWDQWHQ%HGLQJXQJHQGHUƷGI:HUWXQ WHU GHQ 6FKZHOOHQZHUW YRQ EHZHJW 'DEHL YHUlQGHUQ VLFK GLH JHVFKlW]WHQ 3IDGNRHIIL]LHQWHQ QLFKW ZHVHQWOLFK 'HVKDOE GDUI LP 5DKPHQ GHU YRUOLHJHQGHQ $UEHLW HLQH hEHUVFKUHLWXQJ GHV JHQDQQWHQ 6FKZHOOHQZHUWHV GHU Ʒ4XRWLHQW DOOHLQH QLFKW ]X HLQHU SDXVFKDOHQ $EOHKQXQJ GHV *HVDPW 0HVV PRGHOOVKHUDQJH]RJHQZHUGHQ9JO)ULW] 6
,QIRUPDWLRQHQ]XP)DNWRUÅ6XFKHLJHQVFKDIWHQ$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$6XFKB
$6XFKB
$6XFKB
$6XFKB
$6XFKB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO$ ´ ,QIRUPDWLRQHQ]XP)DNWRUÅ6XFKHLJHQVFKDIWHQ$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%6XFKB
%6XFKB
%6XFKB
%6XFKB
%6XFKB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO% ´
6FKOLHOLFKZLUGDXFKLP5DKPHQGHU]ZHLWHQ6WXGLHQVWXIHGLHLQ$EVFKQLWW&SRVWX OLHUWH2SHUDWLRQDOLVLHUXQJGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ´EHVWlWLJW$EHUPDOVJH EHQZHGHU&URQEDFKV$OSKDPLWHLQHP:HUWYRQ$UWLNHO$ E]Z$UWLNHO% $Q ODVV ]X HLQHU ,QGLNDWRU(OLPLQDWLRQ QRFK GLH H[SORUDWRULVFKH )DNWRUHQDQDO\VH PLW 9DUL DQ]HUNOlUXQJVDQWHLOHQYRQ$UWLNHO$ E]Z$UWLNHO % $QODVV]XHLQHU 1HXGLPHQVLRQLHUXQJ GHU DXI GHU ,QIRUPDWLRQV|NRQRPLH IXHQGHQ )DNWRUVWUXNWXU 6R ZRKOGLH)DNWRUUHOLDELOLWlWDOVDXFKVlPWOLFKH,QGLNDWRUUHOLDELOLWlWHQXQGW:HUWHGHU)DN WRUODGXQJHQEHUVFKUHLWHQGLHLQ7DEHOOH)JHIRUGHUWHQ:HUWH]XU$QQDKPHHLQHUJXWHQ 0HVVPRGHOOJWH ,QIRUPDWLRQHQ]XP)DNWRUÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$9HUWUB
$9HUWUB
$9HUWUB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO$ ´
,QIRUPDWLRQHQ]XP)DNWRUÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%9HUWUB
%9HUWUB
%9HUWUB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO% ´ 1DFKGHP LP YRUDQJHJDQJHQHQ 6FKULWW GLH )DNWRUHQ GHU ÅZDKUJHQRPPHQHQ *HVXQG KHLWVSURILOLHUXQJ´ KLQVLFKWOLFK LKUHU 0HVVPRGHOOJWH LVROLHUW EHWUDFKWHW ZXUGHQ ZHUGHQ GLHVHQXQLQHLQHPZHLWHUHQ6FKULWWVLPXOWDQLQHLQHPPHKUIDNWRULHOOHQ0HVVNRQ]HSW]X VDPPHQJHIDVVW XQG LQ LKUHU *HVDPWKHLW KLQVLFKWOLFK GHU $QSDVVXQJ DQ GDV YRUOLHJHQGH 'DWHQPDWHULDOEHXUWHLOW=XU%HXUWHLOXQJGHU0HVVPRGHOOJWHYRQ0RGHOOHQ]ZHLWHU2UG QXQJZHUGHQHUQHXWGLHLQ7DEHOOH)GDUJHVWHOOWHQ*WHPDHPLWGHQGRUWGDUJHVWHOOWHQ .ULWHULHQ YHUZHQGHW ,QVJHVDPW VFKHLQW VLFK GLH ]XIULHGHQVWHOOHQGH $QSDVVXQJ GHU 0HVVPRGHOOHGHU)DNWRUHQGHUÅZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ´DXFKDXIGHU (EHQH GHV XPIDVVHQGHQ 0HVVPRGHOOV ]X EHVWlWLJHQ 0LW :HUWHQ YRQ $UWLNHO $ E]Z$UWLNHO% ZHLVW&URQEDFKV$OSKDGDV]XSUIHQGH0HVVPRGHOOIUGLH]XJUXQGH JHOHJWH :DUHQJUXSSH DOV DQJHPHVVHQ UHOLDEHO DXV YJO 7DEHOOH ) XQG 7DEHOOH ) 6l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
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
VX
*),
$*),
&),
,),
VX
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO$ ´ .XU]EH]HLFKQXQJGHV)DNWRUV
,QGLNDWRUUHOLDELOLWlW
$6XFK
)DNWRUUHOLDELOLWlW
'(9
$3K\:L
$9HUWU
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO$ ´ )DNWRUUHOLDELOLWlW6XFKHLJHQVFKDIWHQ )DNWRUUHOLDEOLWlWSK\VLVFKH:LUNXQ JHQ )DNWRUUHOLDELOLWlW9HUWUDXHQVHLJHQ VFKDIWHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(96XFKHLJHQVFKDIWHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 SK\VLVFKH:LUNXQJHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 9HUWUDXHQVHLJHQVFKDIWHQ
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO$ ´ .XU]EH]HLFKQXQJGHV,QGLND WRUV $6XFKHLJHQVFKDIWHQ $6XFKB $6XFKB $6XFKB $6XFKB $6XFKB $3K\VLVFKH:LUNXQJHQ $3K\ZLB $3K\ZLB $9HUWUDXHQVHLJHQVFKDIWHQ $9HUWUB $9HUWUB $9HUWUB
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLHUXQJ GHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLH UXQJ$UWLNHO$ ´
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
VX
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
VX
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´ $UWLNHO% .XU]EH]HLFKQXQJGHV)DNWRUV
,QGLNDWRUUHOLDELOLWlW
%6XFK
)DNWRUUHOLDELOLWlW
'(9
%3K\:L
%9HUWU
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO% ´ )DNWRUUHOLDELOLWlW6XFKHLJHQVFKDIWHQ )DNWRUUHOLDELOLWlW3K\VLVFKH:LUNXQ JHQ )DNWRUUHOLDELOLWlW9HUWUDXHQVHLJHQ VFKDIWHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 6XFKHLJHQVFKDIWHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 3K\VLVFKH:LUNXQJHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 9HUWUDXHQVHLJHQVFKDIWHQ
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO% ´ .XU]EH]HLFKQXQJGHV,QGLND WRUV %6XFKHLJHQVFKDIWHQ %6XFKB %6XFKB %6XFKB %6XFKB %6XFKB %3K\VLVFKH:LUNXQJHQ %3K\ZLB %3K\ZLB %9HUWUDXHQVHLJHQVFKDIWHQ %9HUWUB %9HUWUB %9HUWUB
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLHUXQJ GHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLH UXQJ$UWLNHO% ´
'HUZDKUJHQRPPHQH0DUNHQZHUW *HPl GHQ $XVIKUXQJHQ LQ $EVFKQLWW ' VROO PLW GHP ZDKUJHQRPPHQHQ 0DUNHQ ZHUWHUIDVVWZHUGHQLQZLHIHUQ.RQVXPHQWHQPDUNLHUWHQ$UWLNHOQLP9HUJOHLFK]XQLFKW PDUNLHUWHQHLQHQEHVRQGHUHQ0HKUZHUW]XZHLVHQ'LHVHV.RQVWUXNWLVWGHQWKHRULHJHOHLWH WHQhEHUOHJXQJHQXQG GHQIUGLHVH8QWHUVXFKXQJDXVJHZHUWHWHQHPSLULVFKHQ(UNHQQW QLVVHQ]XIROJHGUHLIDNWRULHOOPLWGHQ)DNWRUHQÅZDKUJHQRPPHQH4XDOLWlW´Å0DUNHQOR\D OLWlW´XQGÅ0DUNHQEHNDQQWKHLW´]XNRQ]HSWLRQDOLVLHUHQ 'LHDXVJHZLHVHQHQ*WHNULWHULHQIUGHQ)DNWRUÅZDKUJHQRPPHQH4XDOLWlW´GHXWHQDXV QDKPVORVDXIHLQHJXWH0RGHOODQSDVVXQJKLQ6RZRKO&URQEDFKV$OSKDGLH)DNWRUUHOLDELOL WlWGHUHUNOlUWH9DULDQ]DQWHLOGLHGXUFKVFKQLWWOLFKHUIDVVWH9DULDQ]VRZLHVlPWOLFKH,QGL NDWRUUHOLDELOLWlWHQ XQG W:HUWH GHU )DNWRUODGXQJHQ HUIOOHQ EHL EHLGHQ $UWLNHOQ GLH HLQ JDQJVJHIRUGHUWHQ6WDQGDUGVIUGLH$QQDKPHHLQHUJXWHQ0HVVPRGHOODQSDVVXQJ'DKHU VFKHLQWNHLQH0RGLILNDWLRQGHV2SHUDWLRQDOLVLHUXQJVDQVDW]HVGHVZDKUJHQRPPHQHQ0DU NHQZHUWHVHUIRUGHUOLFK]XVHLQ ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
$TXDOLB
$4XDOLB
$4XDOLB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO$ ´ 9JO$EVFKQLWW'
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%4XDOLB
%4XDOLB
%4XDOLB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO% ´ 'LHZDKUJHQRPPHQH0DUNHQOR\DOLWlWPLWGHUHQ+LOIHHUIDVVWZHUGHQVROOLQZLHZHLW.RQ VXPHQWHQ DXIJUXQG HLQHU LQQHUHQ hEHU]HXJXQJ 0DUNHQ $UWLNHO JH]LHOW XQG ZLHGHUKROW NDXIHQ YJO $EVFKQLWW ' ZXUGH XQWHU =XJUXQGHOHJHQ GHU 8QWHUVXFKXQJ YRQ %DO GDXI&UDYHQV%LQGHURSHUDWLRQDOLVLHUW=XQlFKVWZLUGPLW+LOIHHLQHUH[SORUDWRULVFKHQ)DN WRUHQDQDO\VHXQWHUVXFKWLQZLHIHUQVLFKGDVKLQ]XJHIJWHSURMHNWLYH,WHPÅ/R\DOB´LQGLH )DNWRUVWUXNWXUHLQIJW%HL$QDO\VHGHUURWLHUWHQ.RPSRQHQWHQPDWUL[IU$UWLNHO%ZLUG HYLGHQW GDVV VLFK GDV KLQ]XJHIJWH ,WHP Å%/R\DOB´ KDUPRQLVFK HLQIJW 'DV ,WHP Å%/R\DOB´]HLJWVLFKMHGRFKQLFKWPLWGHULQWHQGLHUWHQ(LQ.RPSRQHQWHQO|VXQJNRPSD WLEHO ZHLO HV QLFKW LQ JOHLFKHU :HLVH DXI GHQVHOEHQ )DNWRU ZLH VlPWOLFKH DQGHUHQ ,WHPV VRQGHUQHQWZHGHUQHJDWLY$UWLNHO$ RGHUYHUJOHLFKVZHLVHKRFKDXIHLQHQ]ZHLWHQ)DNWRU OlGW YJO 7DEHOOH ) $XV GLHVHP *UXQG ZLUG GDV ,WHP IU GLH IROJHQGHQ $QDO\VHQ QLFKW ZHLWHU KHUDQJH]RJHQ ]XPDO VlPWOLFKH LQ $EVFKQLWW ' EHL GHU 2SHUDWLRQDOLVLH UXQJ DXIJHZRUIHQHQ )DFHWWHQ GHU ÅZDKUJHQRPPHQHQ 0DUNHQOR\DOLWlW´ PLW GHQ YHUEOLH EHQHQ,WHPVKLQUHLFKHQGDEJHGHFNWZHUGHQN|QQHQ
,WHPEH]HLFKQXQJ .RPSRQHQWHQ
$UWLNHO$
$UWLNHO%
$UWLNHO&
$UWLNHO'
/R\DOB
/R\DOB
/R\DOB
/R\DOB
/R\DOB
/R\DOB
)DNWRUODGXQJHQZHUGHQDXV*UQGHQGHUhEHUVLFKWOLFKNHLWEHLDOOHQ$UWLNHOQXQWHUGUFNW
7DEHOOH) (LQHhEHUVLFKWEHUGLHYDULPD[URWLHUWHQ.RPSRQHQWHQPDWUL]HQGHUVHFKV,WHPVGHV .RQVWUXNWVÅ0DUNHQOR\DOLWlW´$UWLNHO$ELV' 'HU 7DEHOOH ) XQG GHU 7DEHOOH ) VLQG GLH $XVSUlJXQJHQ GHU *WHPDH QDFK GHU ,WHPUHGXNWLRQ]XHQWQHKPHQ(UQHXW]HLJWVLFKHLQHDXVUHLFKHQGKRFKHLQJHVFKlW]WH5HOL DELOLWlW &URQEDFKV $OSKD OLHJW EHL $UWLNHO $ XQG $UWLNHO % 'HP .DLVHU .ULWHULXPIROJHQGZLUGGXUFKH[SORUDWRULVFKH)DNWRUHQDQDO\VHQMHZHLOVHLQ)DNWRUHUPLW WHOW GHU E]Z GHU GHQ 9DULDEOHQ LQQHZRKQHQGHQ 9DULDQ] HUNOlUW 'LH HUPLWWHOWHQ*WHNULWHULHQGHU]ZHLWHQ*HQHUDWLRQGHXWHQPLW)DNWRUUHOLDELOLWlWHQYRQ $UWLNHO$ XQG$UWLNHO% VRZLH HLQHUGXUFKVFKQLWWOLFKHUIDVVWHQ 9DULDQ]YRQ XQGGDUDXIKLQGDVVGHU)DNWRULQGHQYHUEOLHEHQHQ,WHPVLQDXVUHLFKHQGHP0DH UHSUlVHQWLHUWZLUG
,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQOR\DOLWlW$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$/R\DOB
$/R\DOB
$/R\DOB
$/R\DOB
$/R\DOB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO$ ´ ,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQOR\DOLWlW$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%/R\DOB
%/R\DOB
%/R\DOB
%/R\DOB
%/R\DOB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO% ´
'LH=LHOVHW]XQJEHVWHKWGDULQPLW+LOIHGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW´$XVVDJHQEHU GHQ*UDGGHU(ULQQHUXQJGHU%HIUDJWHQDQGLHSUlVHQWLHUWHQ$UWLNHO]XHUKDOWHQYJO$E VFKQLWW ' ,QVEHVRQGHUH DQJHVLFKWV GHU XQDXVZHLFKOLFKHQ 1HXDUWLJNHLW HLQ]HOQHU LP 5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJSUlVHQWLHUWHU$UWLNHOZXUGHEHUHLWVDXIGLHGDUDXV P|JOLFKHUZHLVHUHVXOWLHUHQGH3UREOHPDWLNEHLGHU2SHUDWLRQDOLVLHUXQJKLQJHZLHVHQ (QWJHJHQGHQJHlXHUWHQ6FKZLHULJNHLWHQLVWDXI%DVLVGHUJHZRQQHQHQ'DWHQGLH5HOLD ELOLWlW GHV )DNWRUV GXUFK HLQ &URQEDFKV $OSKD PLW $UWLNHO $ E]Z $UWLNHO % DXVUHLFKHQG KRFK HLQ]XVFKlW]HQ $XFK GLH PLWWHOV H[SORUDWRULVFKHU )DNWRUHQDQDO\VHQ HU PLWWHOWHQ $QWHLOH DQ HUNOlUWHU 9DULDQ] GHU ,WHPV GXUFK GHQ MHZHLOLJHQ )DNWRU VLQG PLW $UWLNHO$ E]Z$UWLNHO% DOVDN]HSWDEHOHLQ]XVWXIHQYJO7DEHOOH) XQG7DEHOOH) 'LHOHGLJOLFKJHULQJIJLJH8QWHUVFKUHLWXQJGHVDQJHVWUHEWHQ:HUWHEH UHLFKV GHU GXUFKVFKQLWWOLFK HUIDVVWHQ 9DULDQ] DXVVFKOLHOLFK EHL $UWLNHO $ GDUI GHVKDOE QLFKWGD]XIKUHQGHQ)DNWRUYRQGHUZHLWHUHQ$QDO\VHDXV]XVFKOLHHQ ,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQEHNDQQWKHLW$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
$5HFDOB
$5HFDOB
$5HFDOB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO$ ´
,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQEHNDQQWKHLW$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
%5HFDOB
%5HFDOB
%5HFDOB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO% ´ $QDORJ]XP9RUJHKHQLQ$EVFKQLWWJLOWHVQXQQDFKHLQHULVROLHUWHQ%HWUDFKWXQJ GHU HLQ]HOQHQ )DNWRUHQ GLHVH VLPXOWDQ DOV HLQ JHPHLQVDPHV 0HVVPRGHOO ]X EHWUDFKWHQ XQGHQWVSUHFKHQGLP+LQEOLFNDXIGLH0HVVPRGHOOJWH]XXQWHUVXFKHQ'DEHL]HLJWVLFK DXFKKLHUHLQEHUHLWVLQ$EVFKQLWWIHVWJHVWHOOWHUXQGGRUWPLW%H]XJDXIVHLQHQ(LQ IOXVVDXIGLH%HXUWHLOXQJGHU0HVVPRGHOOJWHGLVNXWLHUWHUHUK|KWHU ƷGI:HUWEHLEHLGHQ XQWHUVXFKWHQ$UWLNHOQ 'XUFKHLQ&URQEDFKV$OSKDYRQEHLEHLGHQLQGLHVHU:DUHQJUXSSHXQWHUVXFKWHQ$UWL NHOQZLUGGHP.RQVWUXNWÅZDKUJHQRPPHQHU0DUNHQZHUW´HLQHLGHQWLVFKKRKH5HOLDELOL WlWEHLJHPHVVHQ,P5DKPHQGHUGXUFKJHIKUWHQH[SORUDWRULVFKHQ)DNWRUHQDQDO\VHQQDFK GHP(LJHQZHUWNULWHULXPZLUGGLHWKHRUHWLVFKLQ$EVFKQLWW'IXQGLHUWHGUHLIDNWRULHOOH 6WUXNWXUPLWHLQHUMHZHLOVNRQJUXHQWHQ=XRUGQXQJGHUHLQ]HOQHQ,WHPVDXIGLHMHZHLOLJHQ .RPSRQHQWHQ EHVWlWLJW GLHVH .RPSRQHQWHQ ]HLFKQHQ IU $UWLNHO $ E]Z $UWLNHO% 9DULDQ]HUNOlUXQJYHUDQWZRUWOLFK6lPWOLFKH*WHPDHDXI,QGLNDWRU HEHQH ,QGLNDWRUUHOLDELOLWlWHQ XQG W:HUWH GHU )DNWRUODGXQJHQ VSUHFKHQ IU HLQH JXWH $QSDVVXQJGHV0RGHOOV
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQHU0DUNHQZHUW$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ]HQ '(9 VX
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlWHQ
VX
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO$ ´ )DNWRUUHOLDELOLWlWZDKUJHQRPPHQH 4XDOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 ZDKUJHQRPPHQH4XDOLWlW
)DNWRUUHOLDELOLWlW0DUNHQOR\DOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQOR\DOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQEHNDQQWKHLW
)DNWRUUHOLDELOLWlW0DUNHQEHNDQQW KHLW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO$ ´ .XU]EH]HLFKQXQJGHV,QGL NDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUOD GXQJ
$4XDOLWlW
$4XDOLB $4XDOLB $4XDOLB
$0DUNHQOR\DOLWlW $/R\DOB $/R\DOB $/R\DOB $/R\DOB $/R\DOB $0DUNHQEHNDQQWKHLW $5HFDOB $5HFDOB $5HFDOB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO$ ´
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQHU0DUNHQZHUW$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ]HQ '(9 VX
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlWHQ
VX
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO% ´ )DNWRUUHOLDELOLWlWZDKUJHQRPPHQH 4XDOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 ZDKUJHQRPPHQH4XDOLWlW
)DNWRUUHOLDELOLWlW0DUNHQOR\DOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQOR\DOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQEHNDQQWKHLW
)DNWRUUHOLDELOLWlW0DUNHQEHNDQQW KHLW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO% ´ .XU]EH]HLFKQXQJGHV,QGL NDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUOD GXQJ
%4XDOLWlW
%4XDOLB %4XDOLB %4XDOLB
%0DUNHQOR\DOLWlW %/R\DOB %/R\DOB %/R\DOB %/R\DOB %/R\DOB %0DUNHQEHNDQQWKHLW %5HFDOB %5HFDOB %5HFDOB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO% ´
'LH.DXILQWHQWLRQ $EJHOHLWHWDXVGHU7KHRULHGHVEHUOHJWHQ+DQGHOQVXQGGHU7KHRULHGHVJHSODQWHQ9HU KDOWHQVOlVVWVLFKGDV.RQVWUXNWÅ.DXILQWHQWLRQ´DOV9RUOlXIHUGHVNRQNUHWEHREDFKWEDUHQ 9HUKDOWHQVLQWHUSUHWLHUHQYJO$EVFKQLWW' 'LHDXV7DEHOOH)XQG7DEHOOH) DEOHVEDUHQ*WHPDHGHXWHQRKQH(LQVFKUlQNXQJDXIHLQHJXWH0RGHOODQSDVVXQJKLQ(V ZLUGHLQ&URQEDFKV$OSKDYRQ$UWLNHO$ E]Z$UWLNHO% HU]LHOWGLHHEHQIDOOV GXUFKJHIKUWHH[SORUDWLYH)DNWRUHQDQDO\VHI|UGHUWMHZHLOVHLQH.RPSRQHQWH]X7DJHGLH E]ZGHULQGHQ,WHPVHQWKDOWHQHQ9DULDQ]HUNOlUW (LQLGHQWLVFKHV%LOGHUJLEWGHUhEHUEOLFNEHUGLHORNDOHQ*WHPDHGHU]ZHLWHQ*HQHUD WLRQ 6lPWOLFKH ,QGLNDWRUUHOLDELOLWlWHQ )DNWRUUHOLDELOLWlWHQ VRZLH GLH GXUFKVFKQLWWOLFK HU IDVVWHQ9DULDQ]HQXQGGLHW:HUWHGHU)DNWRUODGXQJHQHUUHLFKHQGLHLQ7DEHOOH)SRVWX OLHUWHQ :HUWHEHUHLFKH IU HLQH KRKH 0HVVPRGHOOJWH )ROJOLFK VFKHLQW NHLQH $QSDVVXQJ GHV 2SHUDWLRQDOLVLHUXQJVDQVDW]HV GHU .DXILQWHQWLRQ HUIRUGHUOLFK YJO 7DEHOOH ) XQG 7DEHOOH) ,QIRUPDWLRQHQ]XP)DNWRUÅ.DXILQWHQWLRQ$UWLNHO$ ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ.DXILQWHQWLRQ$UWLNHO$ ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
$9HUDEB
$9HUDEB
$9HUDEB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ$UWLNHO$ ´
,QIRUPDWLRQHQ]XP)DNWRUÅ.DXILQWHQWLRQ$UWLNHO% ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ.DXILQWHQWLRQ$UWLNHO% ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
%9HUDEB
%9HUDEB
%9HUDEB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ$UWLNHO% ´ 'LH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ %HUHLWV LP XPIDQJUHLFKHQ 3UHWHVW GHU ]ZHLWHQ 6WXGLHQVWXIH lXHUWHQ GLH 8QWHUVXFKXQJV SHUVRQHQNHLQHUOHL9HUVWlQGQLVSUREOHPHPLWGHUSUlVHQWLHUWHQ6NDODZDVIUHLQHDN]HS WDEOH 2SHUDWLRQDOLVLHUXQJ VSULFKW 'D HV VLFK XP HLQHQ LQ GHU )RUVFKXQJVSUD[LV NHLQHV ZHJVXQEOLFKHQ VRJHQDQQWHQ6LQJOH,QGLNDWRU0HVVDQVDW]KDQGHOWLVWHLQHNRQILUPDWR ULVFKHhEHUSUIXQJGHU0HVVPRGHOOJWHQLFKWP|JOLFK)UGLHVSlWHUHhEHUSUIXQJGHV 6WUXNWXUPRGHOOV PLWWHOV HLQHU .RYDULDQ]VWUXNWXUDQDO\VH ZLUG GLH )HKOHUYDULDQ] GLHVHV .RQVWUXNWVDQDORJ]XUEOLFKHQ9RUJHKHQVZHLVHLQVROFKHQ)lOOHQDXIQXOOIL[LHUW 'LHhEHUSUIXQJGHU .RQYHUJHQ]XQG 'LVNULPLQDQ]YDOLGLWlWGHU *HVDPWPHVVPR GHOOH ,PYRUKHUJHKHQGHQ$EVFKQLWW ZXUGHGHU*WHGHUHLQ]HOQHQ0HVVPRGHOOH]XQlFKVWDXI )DNWRUHQGDQQDXI.RQVWUXNWHEHQHMHZHLOVLVROLHUWQDFKJHVSUW1XQVROOHLQHLQWHJULHUWH 0HVVXQJ GHU .RQYHUJHQ] XQG 'LVNULPLQDQ]YDOLGLWlW DOOHU LP )RUVFKXQJVPRGHOO HQWKDO 9JO 5LJGRQ 6 %|LQJ 6 'LH)L[LHUXQJ DXIQXOO VWHOOW HLQH VHKU ULJLGH$Q QDKPHLQ%H]XJDXIGHQ0HVVIHKOHUGDU
WHQHQ0HVVPRGHOOHVLPXOWDQYRUJHQRPPHQZHUGHQ'DEHLZLUGGLH.RQYHUJHQ]YDOLGL WlW GHV *HVDPWPHVVPRGHOOV HUQHXW DQKDQG GHU EHUHLWV JHQDQQWHQ ORNDOHQ XQG JOREDOHQ *WHNULWHULHQHLQHUNRQILUPDWRULVFKHQ)DNWRUHQDQDO\VHEHXUWHLOW $OV 9HUIDKUHQ ]XU %HVWLPPXQJ GHU 'LVNULPLQDQ]YDOLGLWlW KLQJHJHQ VWHKHQ JUXQGVlW]OLFK GDV)RUQHOO/DUFNHU.ULWHULXPXQGGHU Ʒ'LIIHUHQ]WHVW]XU$XVZDKO$XIJUXQGGHU7DW VDFKH GDVV GDV )RUQHOO/DUFNHU.ULWHULXP LQ GHU 5HJHO ZHVHQWOLFK K|KHUH +UGHQ IU GLH $N]HSWDQ]HLQHUDXVUHLFKHQGHQ'LVNULPLQDQ]YDOLGLWlWVHW]WVROO]XQlFKVWGLHVHV.ULWHUL XP $QZHQGXQJ ILQGHQ EHYRU JJI HLQ Ʒ'LIIHUHQ]WHVW HUJlQ]HQG KHUDQJH]RJHQ ZLUG 'LH(UJHEQLVVHN|QQHQ7DEHOOH)XQG7DEHOOH)HQWQRPPHQZHUGHQ 0LW$XVQDKPHGHV*),XQGGHV$*),ZHUGHQGLHLP6LQQHGHU$QQDKPHHLQHUDXVUHL FKHQG KRKHQ .RQYHUJHQ]YDOLGLWlW ZQVFKHQVZHUWHQ *U|HQRUGQXQJHQ JOREDOHU *WH PDH HUUHLFKW $XFK GLH ORNDOHQ *WHPDH VSUHFKHQ IU HLQH KLQUHLFKHQG JXWH 0RGHOO DQSDVVXQJ ² OHGLJOLFK LQ HLQHP )DOO ZLUG GDV JHIRUGHUWH 1LYHDX GHU ,QGLNDWRUUHOLDELOLWlW NQDSSYHUIHKOWZDVMHGRFKGXUFK HLQHKRKH)DNWRUUHOLDEOLWlWNRPSHQVLHUWZLUG,QVJH VDPWLVWDOVRYRQHLQHUDXVUHLFKHQGKRKHQ5HOLDELOLWlWXQG9DOLGLWlWGHU*HVDPWPHVVPR GHOOHIUGLH$UWLNHO$XQG%DXV]XJHKHQ 9JO%UDXQVWHLQ 6]XUGHWDLOOLHUWHQ'DUOHJXQJGHVKLHUVNL]]LHUWHQ9RUJHKHQV (LQHQhEHUEOLFNEHUGLHKHUDQJH]RJHQHQ*WHNULWHULHQYHUPLWWHOW7DEHOOH) 9JO:LHVHNH 6I 9JO)RUQHOO/DUFNHU 6+RPEXUJ*LHULQJ 6 =XGLHVHU9RUJHKHQVZHLVHYJO*LHULQJ 6 =XZHLWHUHQ9HUZHLVHQYJO/DXHU 6
*OREDOH*WHNULWHULHQ *WHPD
Ʒ:HUW
GI
506($
*),
$*),
7/,
&),
,),
:HUW
/RNDOH*WHNULWHULHQ .RQVWUXNW
:DKUJHQRPPHQHV3UHLVQLYHDX
)DNWRU ODGXQJ
W:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
$3UHLVB
$3UHLVB
$3UHLVB
$'LVWUB
$'LVWUB
$'LVWUB
$$GYB
$$GYB
$$GYB
:DKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
3K\VLVFKH:LUNXQJHQ
:DKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW
:DKUJHQRPPHQHU:HUEHGUXFN
$3K\:LB
$3K\:LB
6XFKHLJHQVFKDIWHQ
$6XFKB
$6XFKB
$6XFKB
$6XFKB
$6XFKB
9HUWUDXHQVHLJHQVFKDIWHQ
$9HUWUB
$9HUWUB
$9HUWUB
:DKUJHQRPPHQHU0DUNHQZHUW
:DKUJHQRPPHQH4XDOLWlW
$4XDOLB
$4XDOLB
$4XDOLB
)DNWRU ODGXQJ
0DUNHQOR\DOLWlW
W:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
$/R\DOB
$/R\DOB
$/R\DOB
$/R\DOB
$/R\DOB
0DUNHQEHNDQQWKHLW
$5HFDOOB
$5HFDOOB
$5HFDOOB
$9HUDEB
$9HUDEB
$9HUDEB
.DXILQWHQWLRQ
3UHLVEHUHLWVFKDIW
(LQH%HUHFKQXQJGHUHQWVSUHFKHQGHQ:HUWHLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU ]XU6WDQGDUGLVLHUXQJGHU9DULDQ]GHVEHWUHIIHQGHQ.RQVWUXNWVE]Z)DNWRUVGLHQW
7DEHOOH) 'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV$UWLNHO$ *OREDOH*WHNULWHULHQ *WHPD
Ʒ:HUW
'I
506($
*),
$*),
7/,
&),
,),
:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
/RNDOH*WHNULWHULHQ .RQVWUXNW
)DNWRU ODGXQJ
:DKUJHQRPPHQHV3UHLVQLYHDX
%3UHLVB
%3UHLVB
%3UHLVB
%'LVWUB
%'LVWUB
%'LVWUB
:DKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW
W:HUW
.RQVWUXNW :DKUJHQRPPHQHU:HUEHGUXFN
)DNWRU ODGXQJ
W:HUW
,QGLNDWRU )DNWRU UHOLDELOLWlW UHOLDELOLWlW
%$GYB
%$GYB
%$GYB
:DKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ 3K\VLVFKH:LUNXQJHQ
'(9
%3K\:LB
%3K\:LB
6XFKHLJHQVFKDIWHQ
%6XFKB
%6XFKB
%6XFKB
%6XFKB
%6XFKB
9HUWUDXHQVHLJHQVFKDIWHQ
%9HUWUB
%9HUWUB
%9HUWUB
:DKUJHQRPPHQHU0DUNHQZHUW
:DKUJHQRPPHQH4XDOLWlW
%4XDOLB
%4XDOLB
%4XDOLB
0DUNHQOR\DOLWlW
%/R\DOB
%/R\DOB
%/R\DOB
%/R\DOB
%/R\DOB
0DUNHQEHNDQQWKHLW
%5HFDOOB
%5HFDOOB
%5HFDOOB
.DXILQWHQWLRQ
%9HUDEB
%9HUDEB
%9HUDEB
.RQVWUXNW
)DNWRU ODGXQJ
W:HUW
3UHLVEHUHLWVFKDIW
,QGLNDWRU )DNWRU UHOLDELOLWlW UHOLDELOLWlW
'(9
(LQH%HUHFKQXQJGHUHQWVSUHFKHQGHQ:HUWHLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQ GDUGLVLHUXQJGHU9DULDQ]GHVEHWUHIIHQGHQ.RQVWUXNWVE]Z)DNWRUVGLHQW
7DEHOOH) 'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV$UWLNHO% $EVFKOLHHQG VROO PLW +LOIH GHV )RUQHOO/DUFNHU.ULWHULXPV JJI HUJlQ]W GXUFK GHQ Ʒ 'LIIHUHQ]WHVWHLQH%HXUWHLOXQJGHU'LVNULPLQDQ]YDOLGLWlWGHV*HVDPWPHVVPRGHOOVYRUJH QRPPHQ ZHUGHQ :LH 7DEHOOH ) HQWQRPPHQ ZHUGHQ NDQQ EOHLEHQ GLH :HUWH GHU TXDGULHUWHQ.RUUHODWLRQHQ]ZLVFKHQGHQLP*HVDPWPHVVPRGHOOHQWKDOWHQHQ.RQVWUXNWHQ ²ELVDXIHLQHJHULQJIJLJH$EZHLFKXQJEHL$UWLNHO$²VWHWVXQGRIWPDOVGHXWOLFKXQWHU GHQ :HUWHQ IU GLH MHZHLOV GXUFKVFKQLWWOLFK HUIDVVWHQ 9DULDQ]HQ ² ZLH HV YRP )RU QHOO/DUFNHU.ULWHULXPJHIRUGHUWZLUG'RUWZRGLHGHU8QWHUVXFKXQJ]XJUXQGHOLHJHQGH 'DWHQEDVLVGLHVWUHQJH$QIRUGHUXQJGHV)RUQHOO/DUFNHU.ULWHULXPVQLFKW]XHUIOOHQYHU PDJ 'LVNULPLQDQ]YDOLGLWlW ]ZLVFKHQ 0DUNHQOR\DOLWlW XQG .DXILQWHQWLRQ EHL $UWLNHO $ ZLUGHUJlQ]HQGHLQƷ'LIIHUHQ]WHVWGXUFKJHIKUW'HULQ7DEHOOH)DXVJHZLHVHQH:HUW YRQ'LIIHUHQ]]ZLVFKHQGHPƷ:HUWGHVXUVSUQJOLFKHQ*HVDPWPHVVPRGHOOVXQG GHPGHV0RGHOOVLQGHPGLHHQWVSUHFKHQGH.RYDULDQ]DXIHLQVIL[LHUWZXUGHOLHJWGHXW OLFKEHUGHP0LQGHVWZHUWYRQDEGHPHLQHDXVUHLFKHQGH'LVNULPLQDQ]YDOLGLWlWXQ WHUVWHOOWZHUGHQNDQQ'LHVPDFKWHLQPDOPHKUGLH6WUHQJHGHV)RUQHOO/DUFNHU.ULWHULXPV GHXWOLFK :HLO IU GDV .RQVWUXNW Å3UHLVEHUHLWVFKDIW´ DXIJUXQG GHU 6LQJOH,QGLNDWRU 2SHUDWLRQDOLVLHUXQJNHLQHGXUFKVFKQLWWOLFKHUIDVVWHQ9DULDQ]HQEHUHFKQHWZHUGHQN|QQHQ ZHUGHQ IU GLHVHV .RQVWUXNW MHZHLOV Ʒ'LIIHUHQ]WHVWV GXUFKJHIKUW 'LH GDEHL ]X 7DJH JHI|UGHUWHQ Ʒ'LIIHUHQ]HQ OLHJHQ RKQH $XVQDKPH XQG PHLVW GHXWOLFK EHU GHP REHQ EHUHLWV JHQDQQWHQ 6FKZHOOHQZHUW YRQ DE GHP EHL HLQHP )UHLKHLWVJUDG 'LIIHUHQ] PLWHU6LFKHUKHLWHLQHVLJQLILNDQWH 9HUlQGHUXQJGHU0RGHOODQSDVVXQJDQJHQRPPHQ ZHUGHQNDQQ 'DKHUNDQQDXIHLQHDXVUHLFKHQGKRKH'LVNULPLQDQ]YDOLGLWlWGHULQGHUYRUOLHJHQGHQ8Q WHUVXFKXQJYHUZHQGHWHQ.RQVWUXNW2SHUDWLRQDOLVLHUXQJHQIUGLH$UWLNHOGHU:DUHQJUXS SH Å0RONHUHLSURGXNWH´ JHVFKORVVHQ ZHUGHQ 'LHV GDUI DOV ZHLWHUHV ,QGL] IU HLQH LQVJH VDPWDXVUHLFKHQGH*WHGHV*HVDPWPHVVPRGHOOVJHOWHQ
$OV (UJHEQLV GHU hEHUSUIXQJ GHU SRVWXOLHUWHQ 2SHUDWLRQDOLVLHUXQJHQ DQKDQG GHV JH ZRQQHQHQ'DWHQVDW]HVOlVVWVLFKNRQVWDWLHUHQGDVVHVRIIHQEDUJHOXQJHQLVWDXVUHLFKHQG UHOLDEOHXQGYDOLGH0HVVPRGHOOHIUGLH:DUHQJUXSSHÅ0RONHUHLSURGXNWH´KHUDQ]X]LHKHQ E]Z]XHQWZLFNHOQ%HOHJWZLUGGLHVGXUFKHLQH9LHO]DKOYRQVWUHQJHQ*WHPDHQ$OOH 0HVVPRGHOOHTXDOLIL]LHUHQVLFKVRPLWIUGLHQDFKIROJHQGHQ$QDO\VHQGHV6WUXNWXUPRGHOOV XQGN|QQHQLQHLQ*HVDPWPRGHOOLQWHJULHUWZHUGHQZHOFKHVIUGLHQDFKIROJHQGHQ$QD O\VHQWDXJOLFKHUVFKHLQW
$3K\:L
$6XFK
$9HUWU
$4XDOL
$/R\DO
$UHFDOO
$9HUDE
$:73
$$GY
'(9
$'LVWU
$3UHLV
'(9
$'LVWU
$$GY
$3K\:L
$6XFK
$9HUWU
$4XDOL
$/R\DO
$5HFDOO
$9HUDE
7DEHOOH) 'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV)RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO$
'LHVH:HUWHVLQGDXI%DVLVGHVƷ'LIIHUHQ]WHVWVHUPLWWHOWZRUGHQ$OOHEULJHQ:HUWHUHSUlVHQWLHUHQTXDGULHUWH.RUUHODWLRQHQ]ZLVFKHQGHQ .RQVWUXNWHQ
%9HUWU
%4XDOL
%/R\DO
%5HFDOO
%9HUDE
%:73
%3UHLV
%'LVWU
%$GY
%3K\:L
%6XFK
%9HUWU
%4XDOL
%/R\DO
%5HFDOO
%9HUDE
7DEHOOH) 'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV)RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV$UWLNHO%
'LHVH:HUWHVLQGDXI%DVLVGHVƷ'LIIHUHQ]WHVWVHUPLWWHOWZRUGHQ$OOHEULJHQ:HUWHUHSUlVHQWLHUHQTXDGULHUWH.RUUHODWLRQHQ]ZLVFKHQGHQ .RQVWUXNWHQ
%6XFK
%$GY
%3K\:L
'(9
%'LVWU
'(9
'LH(YDOXDWLRQYHUVFKLHGHQHU9DULDQWHQGHU)RUVFKXQJVPRGHOOH ,QGHU)ROJHVROOHQGLHLQ$EVFKQLWW'GHUYRUOLHJHQGHQ$UEHLWHQWZLFNHOWHQ)RUVFKXQJV K\SRWKHVHQPLWGHULP=XJHGHU]ZHLWHQ6WXGLHQVWXIHJHZRQQHQHQ'DWHQEDVLVYJOGLH %HVFKUHLEXQJLQ$EVFKQLWW) NRQIURQWLHUWZHUGHQ'DEHLVROOHQ]XQlFKVWGLHDXI%DVLV EHVWHKHQGHU HPSLULVFKHU (UNHQQWQLVVH E]Z DXI WKHRUHWLVFKHU %DVLV HQWZLFNHOWHQ )RU VFKXQJVPRGHOOH KHUDQJH]RJHQ ZHUGHQ $XIEDXHQG DXI GHQ %DVLVHLQVWHOOXQJHQ GHU ]XU $QDO\VHYHUZHQGHWHQ6RIWZDUH$026ZLUGGHQODWHQWH[RJHQHQ.RQVWUXNWHQHLQH.RUUH ODWLRQXQWHUHLQDQGHU]XJHVWDQGHQ 'LHNRQILUPDWRULVFKHhEHUSUIXQJGHU)RUVFKXQJVPRGHOOH 1DFKDEJHVFKORVVHQHU 9DOLGLHUXQJGHUHLQXQGPHKUGLPHQVLRQDOHQ .RQVWUXNWHXQGGHU hEHUSUIXQJGHU*HVDPWPHVVPRGHOOHGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´JLOWHVQXQ DQKDQG GHU LQ 7DEHOOH ) GDUJHVWHOOWHQ JOREDOHQ *WHPDH GLH MHZHLOLJHQ %D VLVVWUXNWXU PRGHOOH DXI LKUH 6WLPPLJNHLW ]X EHUSUIHQ 'LH VLFK IU GLH %DVLVPRGHOOH HUJHEHQGHQ )LW:HUWH VLQG DXV 7DEHOOH ) ]X HQWQHKPHQ 'LH JHVFKlW]WHQ 3IDGNRHIIL ]LHQWHQVLQGDXV$EELOGXQJ)HUVLFKWOLFKXQGZHUGHQQDFKIROJHQGHUOlXWHUW %DVLVPRGHOO
Ʒ:HUW
'I
*),
$*),
7/,
&),
,),
506($
$UWLNHO$
$UWLNHO%
7DEHOOH) 'LH(UJHEQLVVHGHUhEHUSUIXQJGHU$QSDVVXQJGHU%DVLVPRGHOOHLQGHU:DUHQJUXSSH Å0RONHUHLSURGXNWH´ 'LH:HUWHGHV*),XQGGHV$*),OLHJHQEHLEHLGHQXQWHUVXFKWHQ$UWLNHOQXQWHUKDOEGHV IUGLH$QQDKPHHLQHUJXWHQ0RGHOODQSDVVXQJHUIRUGHUOLFKHQ:HUWHVYRQ(VVHLDQ GLHVHU6WHOOHHLQHUVHLWVDXIGLH$XVIKUXQJHQLQ$EVFKQLWW&YHUZLHVHQLQGHQHQEH UHLWV YHUGHXWOLFKW ZXUGH GDVV DXIJUXQG GHU .RPSOH[LWlW GHV KRKHQ ([SORUDWLRQVDQWHLOV GHVYRUOLHJHQGHQ8QWHUVXFKXQJVPRGHOOVHLQ]HOQHGHUJHQDQQWHQ*WHPDHQXUYRQHLQ JHVFKUlQNWHU$XVVDJHNUDIWIUGLH%HZHUWXQJGHU$QSDVVXQJVJWHVLQG$QGHUHUVHLWVVROO )UHLQLGHQWLVFKHV9RUJHKHQYJO:LHVHNH 6 8PGLHhEHUVLFKWOLFKNHLWGHU'DUVWHOOXQJHQ]XJHZlKUOHLVWHQZLUGLQ$EELOGXQJ)DXIHLQH'DUVWHO OXQJGHU.RUUHODWLRQVVWlUNHQ]ZLVFKHQGHQODWHQWH[RJHQHQ.RQVWUXNWHQYHU]LFKWHW'LHVHN|QQHQIU $UWLNHO$XQG$UWLNHO%7DEHOOH)HQWQRPPHQZHUGHQ
KLHUPLW QLFKW LQ $EUHGH JHVWHOOW ZHUGHQ GDVV HLQ]HOQH GHU EHUHLWV JHQDQQWHQ XQG LQ 7DEHOOH ) DXIJHIKUWHQ *WHPDH HLQH 0RGHOOPRGLILNDWLRQ UDWVDP HUVFKHLQHQ ODVVHQ GLHV LQVEHVRQGHUH DXFK GHVKDOE ZHLO GHU :HUW GHV 7/, ² ZHQQ DXFK GHQNEDU NQDSS ² XQWHUKDOE GHV IU GLH $QQDKPH HLQHU JXWHQ 0RGHOODQSDVVXQJ HUIRUGHUOLFKHQ 6FKZHOOHQ ZHUWHVOLHJW *OHLFKZRKO PXVV VFKOLHOLFK IHVWJHVWHOOW ZHUGHQ GDVV DQJHVLFKWV GHV VWDUN H[SORUDWLYHQ 6FKZHUSXQNWV GHV YRUOLHJHQGHQ )RUVFKXQJVPRGHOOV LQVEHVRQGHUH PLW %H]XJ DXI $UWLNHO %LQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´DXFKLQGHUXUVSUQJOLFKHQ0RGHOOVSH]LILND WLRQHLQHLQVJHVDPWDOVSDVVDEHOHLQ]XVFKlW]HQGH0RGHOODQSDVVXQJDQGLHYRUOLHJHQGH'D WHQEDVLVJHOXQJHQLVW
'LH9RUJHKHQVZHLVHXQGGLH(UJHEQLVVHVLQGGHQIROJHQGHQ$EVFKQLWWHQ)E]Z)]XHQW QHKPHQ
Werbung 0,17***
Kaufintention 0,89***
0,35*** Distribution
0,79*** Gesundheitsprofilierung
Markenwert 0,22*** Preisbereitschaft
-0,20***
Basismodell Artikel A
Preis
* signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
Discrepancy: 1962,044 Df: 513 P-Value: 0,000
TLI: 0,893 CFI: 0,902 IFI: 0,902
Werbung 0,22***
Kaufintention 0,81***
0,27*** Distribution
0,91*** Gesundheitsprofilierung
Markenwert 0,18*** Preisbereitschaft
-0,01 Preis
Basismodell Artikel B
* signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
Discrepancy: 1532,521 Df: 513 P-Value: 0,000
TLI: 0,924 CFI: 0,931 IFI: 0,931
$EELOGXQJ)'LH6FKlW]HUJHEQLVVHGHU6WUXNWXUNRHIIL]LHQWHQGHU%DVLVPRGHOOHLQGHU:DUHQJUXSSH Å0RONHUHLSURGXNWH´
3UHLV
$UWLNHO
$
'LVWULEXWLRQ %
$
:HUEXQJ
%
$
%
3UHLV
'LVWULEXWLRQ
:HUEXQJ
7DEHOOH) 'LH.RUUHODWLRQHQ]ZLVFKHQGHQODWHQWH[RJHQHQ.RQVWUXNWHQLQGHU:DUHQJUXSSH Å0RONHUHLSURGXNWH´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² ZHQQ VLH DXFK LQ $QEHWUDFKW GHU .RPSOH[LWlW GHV 8QWHUVXFKXQJVPRGHOOV DOV DN]HSWDEHO ]X EH]HLFKQHQ VLQG ² 9HUEHVVHUXQJVSRWHQWLDO HUNHQQHQ $XIEDXHQG DXI GHQ IU GDV %D VLVPRGHOOHUUHFKQHWHQ0RGLILNDWLRQVLQGLFHVXQGGHULQGHU)ROJHDXIJH]HLJWHQWKHRUHWL VFKHQ VRZLH HPSLULVFKHQ )XQGLHUXQJ VLQG GLH LQ 7DEHOOH ) JHQDQQWHQ 5HODWLRQHQ ]X HUJlQ]HQ (LQ QHJDWLYHU =XVDPPHQKDQJ ]ZLVFKHQ ZDKUJHQRPPHQHP 3UHLVQLYHDX XQG PD[LPDOHU 3UHLVEHUHLWVFKDIW LVW WKHRUHWLVFK PLWWHOV GHU $GDSWLRQVQLYHDXWKHRULH QDFK +HOVRQ XQG GHU GDUDXI DXIEDXHQGHQ )DLU3ULFH+\SRWKHVH ]X HUNOlUHQ 0LW +LOIH GHU $GDSWLRQVQLYHDX WKHRULH ZHOFKH DXFK DOV DOOJHPHLQH 5HODWLYLWlWVWKHRULH GHV 3UHLV 9HUKDOWHQV EH]HLFKQHW ZLUGVROOGLH3UHLVZDKUQHKPXQJDOV$QSDVVXQJDQLQQHUHXQGlXHUH.UlIWHPLWWHOVLQGL 9JOGD]XGLH$XVIKUXQJHQLQ$EVFKQLWW' 9JO]XU9RUJHKHQVZHLVHVRZLH]XGHQGDPLWYHUEXQGHQHQ5LVLNHQGLHHQWVSUHFKHQGHQ$XVIKUXQJHQ LQ$EVFKQLWW) 9JO.DPHQ7RPDQ 6II
YLGXHOOHU8UWHLOVSUR]HVVHHUNOlUEDUZHUGHQ'LH$GDSWLRQVQLYHDXWKHRULHEHVDJWKLHUEH ]RJHQDXIGDVZDKUJHQRPPHQH3UHLVQLYHDXGDVVLQGLHVH3UHLVZDKUQHKPXQJQHEHQGHP HLJHQWOLFKHQ 3UHLV LP HQJHUHQ 6LQQH DXFK ZHLWHUH )DNWRUHQ VRJHQDQQWH .RQWH[WVWLPXOL XQG5HVLGXDOUHL]H HLQIOLHHQ 9RU GLHVHP SV\FKR|NRQRPLVFKHQ 7KHRULHKLQWHUJUXQG LVW GDV LQ $EVFKQLWW ' NRQ ]HSWLRQDOLVLHUWH ZDKUJHQRPPHQH 3UHLVQLYHDX DOV 6XPPH GLHVHU JHQDQQWHQ 6WLPXOL$UWHQ DQ]XVHKHQ,Q%H]XJDXIGDVDXVGLHVHU%HZHUWXQJUHVXOWLHUHQGH9HUKDOWHQSRVWXOLHUWGLH )DLU3ULFH+\SRWKHVHQXQGDVV$UWLNHOEHLGHQHQGHUZDKUJHQRPPHQH3UHLVSRVLWLYYRP LQWHUQHQDOVIDLUHUDFKWHWHQ3UHLV$GDSWLRQVQLYHDX DEZHLFKWZHQLJHUSUlIHULHUWZHUGHQ ZDVVLFKLQGHUYRUOLHJHQGHQ8QWHUVXFKXQJLQHLQHUJHULQJHUHQYHUKDOWHQVQDKNRQ]HSWLR QDOLVLHUWHQPD[LPDOHQ3UHLVEHUHLWVFKDIWQLHGHUVFKOlJW (LQ HPSLULVFKHU %HOHJ GLHVHV SRVWXOLHUWHQ XQG KLHU DOV ([SRVW)RUVFKXQJVK\SRWKHVH ]X IRUPXOLHUHQGHQ QHJDWLYHQ =XVDPPHQKDQJV OlVVW VLFK LQ HLQHU NDXVDODQDO\WLVFKHQ 6WXGLH YRQ /LFKWHQVWHLQ%ORFK%ODFN ILQGHQ ,P 5DKPHQ GLHVHU 8QWHUVXFKXQJ LP .RQVXPJWHU VHJPHQW NRQQWH HLQ VLJQLILNDQWHU QHJDWLYHU =XVDPPHQKDQJ ]ZLVFKHQ ZDKUJHQRPPHQHU 3UHLVK|KHXQG3UHLVDN]HSWDQ]LGHQWLIL]LHUWZHUGHQ'LHVOlVVWGLH)RUPXOLHUXQJGHUIRO JHQGHQ([3RVW+\SRWKHVHJHUHFKWIHUWLJWHUVFKHLQHQ + -HK|KHUGDV3UHLVQLYHDXHLQHV$UWLNHOVZDKUJHQRPPHQZLUGGHVWRJHULQJHULVWGLH PD[LPDOH3UHLVEHUHLWVFKDIWJHJHQEHUGLHVHP$UWLNHODXVJHSUlJW 'LHVHUGXUFKHLQH([3RVW+\SRWKHVHXQWHUPDXHUWH=XVDPPHQKDQJZLUGLQGHQIROJHQ GHQ $QDO\VHQ ]XU 3DUDPHWHUVFKlW]XQJ IUHLJHJHEHQ 'LH VLFK GDUDXV HUJHEHQGHQ HQWVSUH FKHQGHQ:HUWHN|QQHQIU:DUHQJUXSSH,XQG,,$EELOGXQJ)XQG7DEHOOH)HQW QRPPHQZHUGHQ 'LH3DUDPHWHUNRQWUDNWLRQ ,P ]ZHLWHQ 6FKULWW GHV YRQ +RPEXUJ'REUDW] YRUJHVFKODJHQHQ 9HUIDKUHQV ]XU 2SWLPLH UXQJ GHV NDXVDODQDO\WLVFKHQ 6WUXNWXUPRGHOOV VROO ]X HLQHP VSDUVDPHUHQ 0RGHOODXIEDX 9JO'LOOHU 6 9JO -DQLV]HZVNL/LFKWHQVWHLQ ]XU .RQ]HSWLRQDOLVLHUXQJ GHU PD[LPDOHQ 3UHLVEHUHLWVFKDIW YJO $EVFKQLWW' 9JO/LFKWHQVWHLQ%ORFK%ODFN 6
JHODQJW ZHUGHQ LQGHP WKHRUHWLVFK SRVWXOLHUWH %H]LHKXQJHQ GLH NHLQHUOHL HPSLULVFKHQ 1LHGHUVFKODJ JHIXQGHQ KDEHQ DXV GHP 8QWHUVXFKXQJVPRGHOO HOLPLQLHUW ZHUGHQ $OV PDJHEOLFK IU GHQ $XVVFKOXVV ZLUG GLH VWDWLVWLVFKH 6LJQLILNDQ] DXVJHGUFNW LQ HLQHP QLFKWVLJQLILNDQWHQW:HUWDQJHVHKHQ )UGLHYRUOLHJHQGH8QWHUVXFKXQJNDQQ$EELOGXQJ)HQWQRPPHQZHUGHQGDVVVLFKEHL $UWLNHO $ VlPWOLFKH SRVWXOLHUWHQ 3IDGNRHIIL]LHQWHQ DOV PLQGHVWHQV DXI GHP 1LYHDX VLJQLILNDQWHUZHLVHQ'DKHUHUJHEHQ VLFKLQ %H]XJDXIGDVIU GLHVHQ $UWLNHOGDUJHVWHOOWH 0RGHOONHLQH$QVDW]SXQNWHIUHLQH3DUDPHWHUNRQWUDNWLRQGHU3IDGNRHIIL]LHQWHQ/HGLJ OLFK]ZHL.RUUHODWLRQHQGHUH[RJHQHQ.RQVWUXNWHNRQQWHQGHU6FKlW]XQJHQW]RJHQZHU GHQ%HL$UWLNHO%LVWGLHVIUGLH.RUUHODWLRQ ]ZLVFKHQZDKUJHQRPPHQHP:HUEHGUXFN XQGZDKUJHQRPPHQHP3UHLVQLYHDXHEHQIDOOVQRWZHQGLJ=XGHPZHLVWKLHUGHU(LQIOXVV GHV ZDKUJHQRPPHQHQ 3UHLVHV DXI GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ NHLQH DXVUHLFKHQGH 6LJQLILNDQ] DXI XQG VROOWHQ GDKHU DXV *UQGHQ HLQHU P|JOLFKVW VSDUVDPHQ 0RGHOONRQILJXUDWLRQZHJHQVHLQHUQLFKWDXVUHLFKHQGHQ(UNOlUXQJVNUDIWHOLPLQLHUWZHUGHQ 'LH HQWVSUHFKHQGHQ YHUlQGHUWHQ *WHPDH N|QQHQ GHP IROJHQGHQ $EVFKQLWW HQWQRP PHQ ZHUGHQ :HLO HV MHGRFK QLFKW YRUUDQJLJHV =LHO GHU 8QWHUVXFKXQJ LVW HLQ P|JOLFKVW VSDUVDPHV0RGHOO]XNRQVWUXLHUHQVRQGHUQHVYLHOPHKULP5DKPHQGHUYRUOLHJHQGHQ8Q WHUVXFKXQJ EHDEVLFKWLJW LVW XD UHOHYDQWH (LQIOXVVJU|HQ GHU ZDKUJHQRPPHQHQ *H VXQGKHLWVSURILOLHUXQJLPPDUNHQSROLWLVFKHQ,QVWUXPHQWDOEHUHLFK]XLGHQWLIL]LHUHQZHUGHQ DXFK GLH QLFKWVLJQLILNDQWHQ %H]LHKXQJHQ LQ GHQ IROJHQGHQ $XVIKUXQJHQ EHUFNVLFK WLJW 'LH *WH XQG GLH :LUNXQJVEH]LHKXQJHQ GHU EHVWDQJHSDVVWHQ 7HLOIRUVFKXQJVPR GHOOH =XU %HXUWHLOXQJ GHV PLWWHOV 3DUDPHWHUH[SDQVLRQ XQG NRQWUDNWLRQ JHZRQQHQHQ EHVWDQJHSDVVWHQ*HVDPWPRGHOOVN|QQHQHUQHXWGLHEHUHLWVYRUKHUYHUZHQGHWHQ JOREDOHQ *WHNULWHULHQ KHUDQJH]RJHQ ZHUGHQ 7DEHOOH ) XQG 7DEHOOH ) LVW ]X HQWQHKPHQ GDVV GLHVH *WHNULWHULHQ IU EHLGH $UWLNHO GHU :DUHQJUXSSH 0RONHUHLSURGXNWH QXQ HLQH GXUFKDXV SDVVDEOH 0RGHOODQSDVVXQJ DXIZHLVHQ =ZDU OLHJHQ *), XQG $*), QRFK OHLFKW XQWHUGHULQ7DEHOOH)QLHGHUJHOHJWHQ5LFKWJU|HYRQMHGRFKLVWGLHVEHL %HUFN 9JO+RPEXUJ'REUDW] 6II 9JOIUGLHVH9RUJHKHQVZHLVH%UDXQVWHLQ 6 'LHVH$XVIKUXQJHQJHOWHQIUGLH9RUJHKHQVZHLVHLQ:DUHQJUXSSH,,HQWVSUHFKHQG²]XPDO7DEHOOH ) XQG 7DEHOOH ) IU :DUHQJUXSSH , ]X HQWQHKPHQ LVW GDVV VLFK GLH HQWVSUHFKHQGHQ Ʒ 'LIIHUHQ]HQDOVYHUJOHLFKVZHLVHPDUJLQDOKHUDXVVWHOOHQ
VLFKWLJXQJ GHU YRUOLHJHQGHQ 0RGHOONRPSOH[LWlW DOV YHUQDFKOlVVLJEDU DQ]XVHKHQ $EELOGXQJ)VLQGGLH3IDGNRHIIL]LHQWHQGHUEHVWDQJHSDVVWHQ8QWHUVXFKXQJVPRGHOOHGHU :DUHQJUXSSH,Å0RONHUHLSURGXNWH´]XHQWQHKPHQ Ʒ
'I
*),
$*),
7/,
&),
,),
506($
ΔƷ
ΔGI
*),
$*),
7/,
&),
,),
506($
%DVLVPRGHOO
3DUDPHWHUH[SDQVLRQ $3UHLVJ$:WS
3DUDPHWHUNRQWUDNWLRQ $3UHLVQ$'LVWU
$$GYQ$3UHLV
'LHDQJHJHEHQHQ:HUWHEH]LHKHQVLFKDXIGLH$EZHLFKXQJYRQGHQREHQGDUJHVWHOOWHQ:HUWHQGHV %DVLVPRGHOOV
'LHDQJHJHEHQHQ:HUWHEH]LHKHQVLFKDXIGLH9HUlQGHUXQJEH]RJHQDXIGHQYRUDQJHJDQJHQHQ6FKULWW GHU0RGHOOPRGLILNDWLRQ
7DEHOOH) 'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV%DVLVPRGHOOVDQKDQGGHV Ʒ'LIIHUHQ]WHVWV$UWLNHO$ Ʒ
'I
*),
$*),
7/,
&),
,),
506($
ΔƷ
ΔGI
*),
$*),
7/,
&),
,),
506($
%DVLVPRGHOO 3DUDPHWHUH[SDQVLRQ %3UHLVJ%:WS
3DUDPHWHUNRQWUDNWLRQ %3UHLVJ%*HVSURI
%$GYQ%3UHLV
'LHDQJHJHEHQHQ:HUWHEH]LHKHQVLFKDXIGLH$EZHLFKXQJYRQGHQREHQGDUJHVWHOOWHQ:HUWHQGHV %DVLVPRGHOOV
'LHDQJHJHEHQHQ:HUWHEH]LHKHQVLFKDXIGLH9HUlQGHUXQJEH]RJHQDXIGHQYRUDQJHJDQJHQHQ6FKULWW GHU0RGHOOPRGLILNDWLRQ
7DEHOOH) 'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV%DVLVPRGHOOVDQKDQGGHV Ʒ'LIIHUHQ]WHVWV$UWLNHO%
Werbung 0,19***
Kaufintention 0,89***
0,17*** Distribution
0,79*** Gesundheitsprofilierung
Markenwert 0,10*** Preisbereitschaft
-0,20*** -0,67***
Preis
Bestangepasstes Modell Artikel A * signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
Discrepancy: 1647,309 Df: 512 P-Value: 0,000
TLI: 0,916 CFI: 0,923 IFI: 0,923
Werbung 0,22***
Kaufintention 0,81***
0,27*** Distribution
0,91*** Gesundheitsprofilierung
Markenwert 0,17*** Preisbereitschaft
-0,01 -0,15***
Preis
Bestangepasstes Modell Artikel B * signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
Discrepancy: 1519,741 Df: 512 P-Value: 0,000
TLI: 0,925 CFI: 0,932 IFI: 0,932
$EELOGXQJ)'LH6FKlW]HUJHEQLVVHIUGLH3IDGNRHIIL]LHQWHQGHUEHVWDQJHSDVVWHQ6WUXNWXUPRGHOOHLQ GHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´
'LH=XVDPPHQIDVVXQJGHU(UJHEQLVVHIUGLH:DUHQJUXSSHÅ0RONHUHLSURGXNWH´ ,QVJHVDPW ]HLJHQ VLFK EHL GHQ 0RGHOOHQ GHU ]XU 8QWHUVXFKXQJ LQ GHU :DUHQJUXSSH , Å0RONHUHLSURGXNWH´ KHUDQJH]RJHQHQ $UWLNHOQ KRKH 6LJQLILNDQ]HQ GHU 3IDGNRHIIL]LHQWHQ $XI6HLWHQGHUP|JOLFKHQ'HWHUPLQDQWHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ LVW DXIIlOOLJ GDVV OHGLJOLFK EHL $UWLNHO % GDV ZDKUJHQRPPHQH 3UHLVQLYHDX NHLQHUOHL (LQ IOXVVDXIGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJDXV]XEHQVFKHLQW%HLPJHVXQG KHLWVSURILOLHUWHUHQ $UWLNHO $ LVW GHU =XVDPPHQKDQJ ]ZLVFKHQ GLHVHQ EHLGHQ *U|HQ NRQWUDK\SRWKHWLVFKQHJDWLY'LHVHV(UJHEQLVGHXWHWGDUDXIKLQGDVVEHLGHQXQWHUVXFKWHQ /HEHQVPLWWHOQGDV3UHLVQLYHDXYRQGHQ%HIUDJWHQQLFKWDOV,QGLNDWRUGHUZDKUJHQRPPH QHQ*HVXQGKHLWVSURILOLHUXQJKHUDQJH]RJHQZLUG%HLPDXV%HIUDJWHQVLFKWVWlUNHUJHVXQG KHLWVSURILOLHUWHQ$UWLNHO$]HLJHQGLH(UJHEQLVVHGDVVVLFKPLWSUHLVSROLWLVFKHQ0LWWHOQGLH *HVXQGKHLWVSURILOLHUXQJQLFKWYHUVWlUNHQOlVVWVRQGHUQGLHVH$XIJDEHGHQNRPPXQLNDWL RQVXQGGLVWULEXWLRQVSROLWLVFKHQ0DQDKPHQ]XNRPPWEHLPZHQLJHUJHVXQGKHLWVSURIL OLHUWHQ$UWLNHO%ZlUHDXI%DVLVGHUYRUOLHJHQGHQ(UJHEQLVVHHLQHLQWHQGLHUWH6WlUNXQJGHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ PLWWHOV HLQHV K|KHUHQ 3UHLVQLYHDXV NRQWUD SURGXNWLY %HL %HWUDFKWXQJ GHU (UIROJVZLUNXQJHQ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ IUGLH$UWLNHOGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´VWLFKW]XQlFKVWGHUIUEHLGH$UWL NHO KRKH :HUW GHU %H]LHKXQJ ]ZLVFKHQ ZDKUJHQRPPHQHU *HVXQGKHLWVSURILOLHUXQJ XQG ZDKUJHQRPPHQHP0DUNHQZHUWKHUYRU%HLEHLGHQ$UWLNHOQLVWGLH:LUNXQJGHUZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXI GHQ ZDKUJHQRPPHQHQ 0DUNHQZHUW VHKU VWDUN 6HLWHQVGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV]HLJHQVLFKGLH:LUNXQJHQDXIGLHLQGLYLGX HOOH .DXILQWHQWLRQ MHZHLOV GHXWOLFK K|KHU ! DOV GLH :LUNXQJ DXI GLH LQGLYLGXHOOH 3UHLVEHUHLWVFKDIW E]Z ,QVJHVDPWNDQQVRIUEHLGHXQWHUVXFKWHQ $UWLNHOGHU :DUHQJUXSSH , Å0RONHUHLSURGXNWH´ NRQVWDWLHUW ZHUGHQ GDVV HLQH VWlUNHUH *HVXQGKHLWV SURILOLHUXQJHLQHSRVLWLYH:LUNXQJDXIGHQZDKUJHQRPPHQHQ0DUNHQZHUWXQG|NRQRPL VFKH =LHOJUHQ GHU 0DUNHQIKUXQJ DXIZHLVW 'LH IROJHQGH 7DEHOOH ) YHUPLWWHOW DOV =XVDPPHQVWHOOXQJHLQHQhEHUEOLFNEHUGLHPLWWHOVGHU]ZHLWHQ6WXGLHQVWXIHGHUYRUOLH JHQGHQ$UEHLWJHZRQQHQHQ(UNHQQWQLVVHKLQVLFKWOLFKGHU+\SRWKHVHQSUIXQJGXUFKOLQH DUH6WUXNWXUJOHLFKXQJVPRGHOOH
%HIXQGGHUHPSLULVFKHQ +\SRWKHVHQSUIXQJ
+\SRWKHVHQ .XU] EH]HLFKQXQJ
8UVDFKH:LUNXQJV=XVDPPHQKDQJ
$UWLNHO$
$UWLNHO%
+
-HDXVJHSUlJWHUGLHZDKUJHQRPPHQH*HVXQGKHLWVSUR ILOLHUXQJGHVWRK|KHUGHUZDKUJHQRPPHQH0DUNHQ ZHUWHLQHV$UWLNHOV
%HVWlWLJW
%HVWlWLJW
+
'HUZDKUJHQRPPHQH0DUNHQZHUWHLQHV$UWLNHOVEW HLQHQSRVLWLYHQ(LQIOXVVDXIGLH.DXILQWHQWLRQDXV
%HVWlWLJW
%HVWlWLJW
+
-HVWlUNHUGHUZDKUJHQRPPHQH0DUNHQZHUWEHVWLPP WHU$UWLNHOLVWGHVWRJU|HULVWGLHPD[LPDOH3UHLVEH UHLWVFKDIWIUGLHVHQ$UWLNHO
%HVWlWLJW
%HVWlWLJW
+
-HK|KHUGHUZDKUJHQRPPHQH:HUEHGUXFNIUEH VWLPPWH$UWLNHOLVWGHVWRJHVXQGKHLWVSURILOLHUWHUZLUG GHU$UWLNHOZDKUJHQRPPHQ
%HVWlWLJW
%HVWlWLJW
+
-HK|KHUGLHZDKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW EHVWLPPWHU$UWLNHOLVWGHVWRDXVJHSUlJWHULVWGLH ZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
%HVWlWLJW
%HVWlWLJW
+
-HK|KHUGDV3UHLVQLYHDXEHVWLPPWHU$UWLNHOHLQJH VFKlW]WZLUGGHVWRVWlUNHULVWGLHZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJGLHVHV$UWLNHOV
1LFKWEHVWlWLJW
1LFKWEHVWlWLJW
+
-HK|KHUGDV3UHLVQLYHDXHLQHV$UWLNHOVZDKUJHQRP PHQZLUGGHVWRJHULQJHULVWGLHPD[LPDOH3UHLVEHUHLW VFKDIWJHJHQEHUGLHVHP$UWLNHODXVJHSUlJW
%HVWlWLJW
%HVWlWLJW
'LH(UJHEQLVVHGHU3UIXQJGHUH[SHULPHQWHOOHQ+\SRWKHVHQ++VLQGDXV7DEHOOH)HUVLFKWOLFK
7DEHOOH) 'LH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHUNDXVDODQDO\WLVFKHQ8QWHUVXFKXQJVK\SRWKHVHQ VRZLHGHU%HIXQGHGHUHPSLULVFKHQhEHUSUIXQJLQGHU:DUHQJUXSSH,Å0RONHUHLSUR GXNWH´
'LH (LQIOXVVIDNWRUHQ XQG (UIROJVZLUNXQJHQ GHU ZDKUJHQRPPHQHQ *HVXQG KHLWVSURILOLHUXQJLQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
'HU $XIEDX XQG DQVFKOLHHQGH 7HVW GHV 8QWHUVXFKXQJVPRGHOOV ]X 0DUNHWLQJ 6WHOOVFKUDXEHQ XQG (UIROJVZLUNXQJHQ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LQ GHU:DUHQJUXSSHGHUDONRKROIUHLHQ(UIULVFKXQJVJHWUlQNH$UWLNHO&XQG' HUIROJWDQDORJ ]XP9RUJHKHQEHLGHQ$UWLNHOQ$XQG%LQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´(EHQ VRZLHGRUWZLUG]XQlFKVWLVROLHUWGLH5HOLDELOLWlWXQG9DOLGLWlWGHUKHUDQJH]RJHQHQE]Z HQWZLFNHOWHQ0HVVPRGHOOHXQWHUVXFKWEHYRUGLH.RQYHUJHQ]XQG'LVNULPLQDQ]YDOLGLWlW GHV *HVDPWPHVVPRGHOOV EHUSUIW ZLUG ,P $QVFKOXVV ZHUGHQ 9DULDQWHQ GHV 6WUXNWXU PRGHOOVHQWZLFNHOWXQGKLQVLFKWOLFKLKUHU3DVVJHQDXLJNHLWLQ %H]XJDXIGHQJHZRQQHQHQ 'DWHQVDW]EHZHUWHW'DV=LHOLVWHVDXFKLQGLHVHU:DUHQJUXSSHMH$UWLNHOHLQEHVWDQJH SDVVWHV0RGHOO]XHQWZLFNHOQZHOFKHVDEVFKOLHHQGYRUGHP+LQWHUJUXQGGHUEHUHLWVLQ
:DUHQJUXSSH,JHZRQQHQHQ(UNHQQWQLVVHLQVWUDWHJLVFKHUWDNWLVFKHUXQGRSHUDWLYHU0DU NHWLQJHQWVFKHLGXQJ]XEHZHUWHQLVW 'LH2SHUDWLRQDOLVLHUXQJGHUWKHRUHWLVFKHQ.RQVWUXNWH 8P GLH 0|JOLFKNHLW ]X HUKDOWHQ HLQ HQWVSUHFKHQG IOH[LEOHV 6WUXNWXUPRGHOO DXI]XEDXHQ EHGDUI HV DXFK LQ GHU :DUHQJUXSSH ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´ EHVWHKHQGHU DQ]XSDVVHQGHUE]Z]XHQWZLFNHOQGHUQHXHU0HVVPRGHOOHGLHKLQVLFKWOLFKLKUHU5HOLDELOL WlW XQG 9DOLGLWlW HUQHXW ]X EHZHUWHQ VLQG ZHLO GHQ (UJHEQLVVHQ GLH %HZHUWXQJ DQGHUHU $UWLNHO]X*UXQGHOLHJW 'LHODWHQWH[RJHQHQ.RQVWUXNWH 'DVZDKUJHQRPPHQH3UHLVQLYHDX 0LW HLQHP :HUW YRQ $UWLNHO & XQG $UWLNHO ' EHVFKHLQLJW &URQEDFKV $OSKD GHP0HVVDQVDW]]XPZDKUJHQRPPHQHQ3UHLVQLYHDXHLQHDOVJXW]XEH]HLFKQHQGH5HOLDEL OLWlW'LHDQVFKOLHHQGGXUFKJHIKUWHH[SORUDWLYH)DNWRUHQDQDO\VHH[WUDKLHUWDXVDOOHQGUHL 9DULDEOHQ QDFK GHP .DLVHU.ULWHULXP HLQHQ )DNWRU ZHOFKHU $UWLNHO & E]Z $UWLNHO' GHUGHQ9DULDEOHQLQQHZRKQHQGHQ9DULDQ]]XHUNOlUHQYHUPDJ:LH EHUHLWVLP=XJHGHU0HVVPRGHOOEHXUWHLOXQJHQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´DXV JHIKUW ODVVHQ VLFK EHL HLQHU $Q]DKO YRQ GUHL ,WHPV LP 5DKPHQ GHU NRQILUPDWRULVFKHQ )DNWRUHQDQDO\VH NHLQH $XVVDJHQ ]XU JOREDOHQ $QSDVVXQJVJWH HLQHV 0HVVPRGHOOV PD FKHQZLHZRKOVLFKGHQQRFK$XVVDJHQDXI%DVLVGHUORNDOHQ*WHPDHGHUNRQILUPDWRUL VFKHQ)DNWRUHQDQDO\VHWUHIIHQODVVHQ ,PYRUOLHJHQGHQ)DOOVSUHFKHQDXFKGLHVHORNDOHQ*WHPDHDXVQDKPVORVIUHLQH%HLEH KDOWXQJGHV0HVVDQVDW]HVGHQQVlPWOLFKH,QGLNDWRUUHOLDELOLWlWHQHUIOOHQGLHLQ7DEHOOH) GDUJHVWHOOWHQ 0LQGHVWDQIRUGHUXQJHQ DE GHQHQ YRQ HLQHU JXWHQ 0RGHOOJWH DXV]XJHKHQ LVW=XGHPHUZHLVHQVLFKGLHHUUHFKQHWHQ)DNWRUODGXQJHQDOVDXVQDKPVORVVWDWLVWLVFKVLJ QLILNDQW (EHQVR EHUVFKUHLWHQ GLH 0DH GHU )DNWRUUHOLDELOLWlW XQG GHU GXUFKVFKQLWWOLFK HUIDVVWHQ9DULDQ]GLHHQWVSUHFKHQGHQ5LFKWZHUWHYJO7DEHOOH)XQG7DEHOOH) 9JO$EVFKQLWW)
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
&3UHLVB
&3UHLVB
&3UHLVB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV3UHLVQLYHDX $UWLNHO& ´ ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ɨ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHV3UHLVQLYHDX$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
'3UHLVB
'3UHLVB
'3UHLVB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHV3UHLVQLYHDX $UWLNHO' ´
'LHZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH %HLP0HVVLQYHQWDU]XU2SHUDWLRQDOLVLHUXQJGHUÅZDKUJHQRPPHQHQ'LVWULEXWLRQVGLFKWH´ LQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´GHXWHWGDV&URQEDFKV$OSKDPLW HLQHP:HUWYRQ$UWLNHO&XQG$UWLNHO' HEHQIDOOVDXIHLQHKRKH5HOLDELOLWlWKLQ,Q GHU DQVFKOLHHQG GXUFKJHIKUWHQ H[SORUDWRULVFKHQ )DNWRUHQDQDO\VH ZLUG HLQH HLQ]LJH .RPSRQHQWH H[WUDKLHUW GLH $UWLNHO & E]Z $UWLNHO ' GHU GHQ GUHL ]XJUXQGHOLHJHQGHQ,QGLNDWRUHQLQQHZRKQHQGHQ9DULDQ]DXI]XNOlUHQYHUPDJ'LHORNDOHQ *WHNULWHULHQ GHU NRQILUPDWRULVFKHQ )DNWRUHQDQDO\VH OLHJHQ DXVQDKPVORV LQ ZQVFKHQV ZHUWHQ %HUHLFKHQ YJO 7DEHOOH ) XQG 7DEHOOH ) XQG ]HXJHQ VR YRQ HLQHU KRKHQ 5HOLDELOLWlW XQG 9DOLGLWlW GHV KHUDQJH]RJHQHQ 0HVVPRGHOOV 'DKHU VSULFKW DXV *UQGHQ GHU 5HOLDELOLWlW XQG 9DOLGLWlW QLFKWV GDJHJHQ GLHVHQ 2SHUDWLRQDOLVLHUXQJVDQVDW] LQ VHLQHU XUVSUQJOLFKHQ )RUP DXFK LQ GHQ ZHLWHUHQ 8QWHUVXFKXQJHQ ]XU :DUHQJUXSSH ,, ÅDONR KROIUHLH(UIULVFKXQJVJHWUlQNH´]XJUXQGH]XOHJHQ ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
''LVWUB
''LVWUB
''LVWUB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
W:HUWGHU)DNWRUOD
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
''LVWUB
''LVWUB
''LVWUB
GXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH'LVWULEXWLRQVGLFKWH $UWLNHO' ´ 'HUZDKUJHQRPPHQH:HUEHGUXFN 'LH5HOLDEOLWlWVXQG9DOLGLWlWVDQDO\VHGHV)DNWRUVÅZDKUJHQRPPHQHU:HUEHGUXFN´EHV WlWLJWGLHLQ$EVFKQLWW'KHUJHOHLWHWH.RQ]HSWXDOLVLHUXQJXQG2SHUDWLRQDOLVLHUXQJGLH VHV.RQVWUXNWV(VHUJHEHQVLFKZHGHUDXVGHU%HUHFKQXQJGHV&URQEDFKV$OSKDZHOFKHV :HUWH YRQ $UWLNHO & E]Z $UWLNHO ' DXIZHLVW QRFK DXV GHU DQVFKOLHHQG GXUFKJHIKUWHQ H[SORUDWRULVFKHQ )DNWRUHQDQDO\VH GLH MHZHLOV HLQH HLQ]LJH .RPSRQHQWH H[WUDKLHUWZHOFKH$UWLNHO& E]Z$UWLNHO' GHU9DULDQ]GHU,QGLNDWR UHQHUNOlUW$QVDW]SXQNWHIUGLH1RWZHQGLJNHLWHLQHUZHLWHUJHKHQGHQ0HVVPRGHOOPRGL ILNDWLRQ 'LH GXUFKVFKQLWWOLFK HUIDVVWH 9DULDQ] LVW PLW HLQHP :HUW YRQ $UWLNHO & XQG$UWLNHO' HEHQVRLQHLQHPXQSUREOHPDWLVFKHQ:HUWHEHUHLFKZLHGLH)DNWRUUH OLDELOLWlWHQ7DEHOOH)XQG7DEHOOH) 'LHLP5DKPHQHLQHUNRQILUPDWRULVFKHQ)DN WRUHQDQDO\VHHUUHFKQHWHQ,QGLNDWRUUHOLDELOLWlWHQXQGGLHW:HUWHGHU)DNWRUODGXQJHQHUIO OHQ GLH LQ 7DEHOOH ) DXIJHVWHOOWHQ $QIRUGHUXQJHQ IU GLH $QQDKPH HLQHU JHOXQJHQHQ 0RGHOONRQ]HSWLRQDOLVLHUXQJ 'DKHU HUJLEW VLFK DXFK KLHU NHLQH 1RWZHQGLJNHLW HLQHU $Q SDVVXQJGHVKHUDQJH]RJHQHQ0HVVPRGHOOV
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
&$GYB
&$GYB
&$GYB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU:HUEHGUXFN $UWLNHO& ´ ,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQHU:HUEHGUXFN$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
'$GYB
'$GYB
'$GYB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU:HUEHGUXFN $UWLNHO' ´
'LHODWHQWHQGRJHQHQ.RQVWUXNWH 'LHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ :LHEHUHLWVLP=XJHGHU%HZHUWXQJGHUHLQ]HOQHQ0HVVPRGHOOHKLQVLFKWOLFKLKUHU5HOLDEL OLWlWXQG9DOLGLWlWIUGLH$UWLNHOGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´GDUJHVWHOOWYJO $EVFKQLWW ) VROO GDV LQ $EVFKQLWW & HQWZLFNHOWH 0HVVNRQ]HSW ]XU 0HVVXQJ GHU ÅZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ´ GUHLIDNWRULHOOPLW GHQ)DNWRUHQ ÅSK\VLVFKH :LUNXQJHQ´ Å6XFKHLJHQVFKDIWHQ´ XQG Å9HUWUDXHQVHLJHQVFKDIWHQ´ NRQ]HSWLRQDOLVLHUW ZHUGHQ =XU XPIDVVHQGHQ $QDO\VH GHU 5HOLDELOLWlW XQG 9DOLGLWlWZHUGHQ LQ HLQHP HUVWHQ 6FKULWW GLH 0HVVNRQ]HSWH GHU )DNWRUHQ LVROLHUW EHZHUWHW XQG LQ HLQHP ]ZHLWHQ 6FKULWW GDQQVLPXOWDQHYDOXLHUW 'LH VSDUVDPH 2SHUDWLRQDOLVLHUXQJ GXUFK ]ZHL ,WHPV OlVVW EHLP )DNWRU ÅSK\VLVFKH :LU NXQJHQ´ NHLQH NRQILUPDWRULVFKH )DNWRUHQDQDO\VH ]X :HLO MHGRFK &URQEDFKV $OSKD HLQHQ :HUW YRQ $UWLNHO & E]Z $UWLNHO ' DQQLPPW ZDV DQJHVLFKWV GHU JHULQJHQ ,WHPDQ]DKO DOV JXW ELV VHKU JXW DQ]XVHKHQ LVW XQG GLH HUNOlUWHQ 9DULDQ]DQWHLOH PLW $UWLNHO& E]Z$UWLNHO' YJO7DEHOOH)XQG7DEHOOH) HEHQ IDOOV YHUJOHLFKVZHLVH KRFK VLQG VSULFKW DXFK KLHU QLFKWV JHJHQ HLQH %HLEHKDOWXQJ GHV LQ $EVFKQLWW'SRVWXOLHUWHQ0HVVNRQ]HSWHV ,QIRUPDWLRQHQ]XP)DNWRUÅSK\VLVFKH:LUNXQJHQ$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
&3K\ZLB
&3K\ZLB
(LQH%HUHFKQXQJGLHVHU:HUWHLVWQLFKWP|JOLFKGDEHL]ZHL,QGLNDWRUHQHLQNRQILUPDWRULVFKHV0RGHOO HLQHQHJDWLYH$Q]DKOYRQ)UHLKHLWVJUDGHQDXIZHLVWXQGVRPLW3IDGNRHIIL]LHQWHQQLFKWJHVFKlW]WZHU GHQN|QQHQ
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅSK\VLVFKH:LUNXQJHQ$UWLNHO' ´
&URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
'3K\ZLB
'3K\ZLB
(LQH%HUHFKQXQJGLHVHU:HUWHLVWQLFKWP|JOLFKGDEHL]ZHL,QGLNDWRUHQHLQNRQILUPDWRULVFKHV0RGHOO HLQHQHJDWLYH$Q]DKOYRQ)UHLKHLWVJUDGHQDXIZHLVWXQGVRPLW3IDGNRHIIL]LHQWHQQLFKWJHVFKlW]WZHUGHQ N|QQHQ
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅSK\VLVFKH:LUNXQJHQ$UWLNHO' ´ :LHDXV7DEHOOH)XQG7DEHOOH)KHUYRUJHKWHUJLEW&URQEDFKV$OSKDIUGHQ)DNWRU Å6XFKHLJHQVFKDIWHQ´PLW$UWLNHO& E]Z$UWLNHO' YHUJOHLFKVZHLVHKRKH:HU WHGHVKDOEVFKHLQWNHLQH(OLPLQDWLRQHLQHV,WHPVDQJHEUDFKW'LHDQVFKOLHHQGGXUFKJH IKUWH)DNWRUHQDQDO\VHH[WUDKLHUWQDFKGHP(LJHQZHUWNULWHULXPHLQHHLQ]LJH.RPSRQHQ WHGLH$UWLNHO& E]Z$UWLNHO' GHUGHQ,WHPVHLJHQHQ9DULDQ]DXI ]XNOlUHQYHUPDJ'LHJOREDOHQ*WHPDHGHUNRQILUPDWRULVFKHQ)DNWRUHQDQDO\VHVLJQDOL VLHUHQ GDKHU LQVJHVDPW HLQH DXVUHLFKHQG KRKH $QSDVVXQJVJWH YJO 7DEHOOH ) XQG 7DEHOOH) (EHQVRJHQJHQVlPWOLFKHW:HUWHGHU)DNWRUODGXQJHQXQGDXFKVlPWOL FKH)DNWRUUHOLDELOLWlWHQVRZLHGLHGXUFKVFKQLWWOLFKHUIDVVWHQ9DULDQ]HQGHQLQ7DEHOOH) GDUJHVWHOOWHQ 5LFKWZHUWHQ 'DKHU NDQQ GLHVHU 0HVVDQVDW] IU GLH ZHLWHUHQ $QDO\VHQ DOV EHLEHKDOWHQVZHUWEH]HLFKQHWZHUGHQ ,Q %H]XJ DXI GHQ OHLFKW HUK|KWHQ ƷGI:HUW XQG GHQ GDUDXV UHVXOWLHUHQG HEHQIDOOV OHLFKW HUK|KWHQ 506($:HUWVHLDQGLHVHU6WHOOHDXIGLHHQWVSUHFKHQGHQ$XVIKUXQJHQLP$EVFKQLWW)YHU ZLHVHQ
,QIRUPDWLRQHQ]XP)DNWRUÅ6XFKHLJHQVFKDIWHQ$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
&6XFKB
&6XFKB
&6XFKB
&6XFKB
&6XFKB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO& ´ ,QIRUPDWLRQHQ]XP)DNWRUÅ6XFKHLJHQVFKDIWHQ$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
'6XFKB
'6XFKB
'6XFKB
'6XFKB
'6XFKB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ6XFKHLJHQVFKDIWHQ$UWLNHO' ´
'HUGULWWH)DNWRUGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´GLHÅ9HU WUDXHQVHLJHQVFKDIWHQ´ ZHLVW PLW HLQHP &URQEDFKV $OSKD YRQ $UWLNHO & E]Z $UWLNHO' HLQHDOVQRFKDN]HSWDEHO]XEH]HLFKQHQGH5HOLDELOLWlWDXI'LHH[SORUDWRULVFKH )DNWRUHQDQDO\VH GHVWLOOLHUW HLQH HLQ]LJH .RPSRQHQWH PLW HLQHU 9DULDQ]HUNOlUXQJ YRQ $UWLNHO& XQG$UWLNHO' 6lPWOLFKH,QGLNDWRUHQVLQGDOVUHOLDEHODQ]X VHKHQ VlPWOLFKH )DNWRUODGXQJHQ VLQG DOV VLJQLILNDQW HLQ]XVWXIHQ YJO 7DEHOOH ) XQG 7DEHOOH) 9RUGLHVHP+LQWHUJUXQGEHVWHKWWURW]HLQHUOHLFKWHQ8QWHUVFKUHLWXQJGHV ZQVFKHQVZHUWHQ%HUHLFKVLP5DKPHQGHUGXUFKVFKQLWWOLFKHUIDVVWHQ9DULDQ] NHLQH9HU DQODVVXQJ]XHLQHU$QSDVVXQJGHVSRVWXOLHUWHQ0HVVLQVWUXPHQWV ,QIRUPDWLRQHQ]XP)DNWRUÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
&9HUWUB
&9HUWUB
&9HUWUB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
'9HUWUB
'9HUWUB
'9HUWUB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ9HUWUDXHQVHLJHQVFKDIWHQ$UWLNHO' ´ $QDORJ ]XU 9RUJHKHQVZHLVH LQ GHU :DUHQJUXSSH Å0RONHUHLSURGXNWH´ HUIROJW QDFK GHU LVROLHUWHQ%HWUDFKWXQJGHU)DNWRUHQHLQHLQWHJULHUWH5HOLDEOLWlWVXQG9DOLGLWlWVDQDO\VHGHV .RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´'LHVH$QDO\VHEHOHJWGLHKLQ UHLFKHQG KRKH 5HOLDELOLWlW XQG 9DOLGLWlW GHV YHUZHQGHWHQ 0HVVDQVDW]HV PLW HLQHU $XV QDKPHGHUGXUFKVFKQLWWOLFKHUIDVVWHQ9DULDQ]'(9 GHV)DNWRUVÅ9HUWUDXHQVHLJHQVFKDI WHQ´EHL$UWLNHO&6RQVWZHUGHQ:HUWHEHUHLFKHHUUHLFKWGLHHLQH$QSDVVXQJGHUJHZlKO WHQ2SHUDWLRQDOLVLHUXQJQLFKWHUIRUGHUOLFKPDFKHQ =X HLQHU DXVIKUOLFKHQ %HJUQGXQJ GLHVHU 9RUJHKHQVZHLVH VHL DXI GLH $XVIKUXQJHQ LQ $EVFKQLWW )YHUZLHVHQ
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO& ´ )DNWRUUHOLDELOLWlW3K\VLVFKH:LU NXQJHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 3K\VLVFKH:LUNXQJHQ
)DNWRUUHOLDELOLWlW6XFKHLJHQVFKDI WHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 6XFKHLJHQVFKDIWHQ
)DNWRUUHOLDELOLWlW9HUWUDXHQVHL JHQVFKDIWHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 9HUWUDXHQVHLJHQVFKDIWHQ
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO& ´ .XU]EH]HLFKQXQJGHV,Q GLNDWRUV &3K\VLVFKH:LUNXQJHQ &3K\ZLB &3K\ZLB &6XFKHLJHQVFKDIWHQ &6XFKB &6XFKB &6XFKB &6XFKB &6XFKB &9HUWUDXHQVHLJHQVFKDIWHQ &9HUWUB &9HUWUB &9HUWUB
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLH UXQJ$UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO' ´ )DNWRUUHOLDELOLWlW3K\VLVFKH:LU NXQJHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 3K\VLVFKH:LUNXQJHQ
)DNWRUUHOLDELOLWlW6XFKHLJHQVFKDI WHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 6XFKHLJHQVFKDIWHQ
)DNWRUUHOLDEOLOLWlW9HUWUDXHQVHL JHQVFKDIWHQ
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 9HUWUDXHQVHLJHQVFKDIWHQ
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ $UWLNHO% ´ .XU]EH]HLFKQXQJGHV,Q GLNDWRUV '3K\VLVFKH:LUNXQJHQ '3K\ZLB '3K\ZLB '6XFKHLJHQVFKDIWHQ '6XFKB '6XFKB '6XFKB '6XFKB '6XFKB '9HUWUDXHQVHLJHQVFKDIWHQ '9HUWUB '9HUWUB '9HUWUB
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLH UXQJ$UWLNHO' ´ 'HUZDKUJHQRPPHQH0DUNHQZHUW :LHLQ$EVFKQLWW'GHUYRUOLHJHQGHQ$UEHLWGDUJHOHJWVROOGXUFK GDV.RQVWUXNWGHV ZDKUJHQRPPHQHQ0DUNHQZHUWHVGHU1XW]HQNRPSRQHQWHQDFKJHVSUWZHUGHQGLH.RQ
VXPHQWHQLQJHHLJQHWHU:HLVHPDUNLHUWHQ$UWLNHOQEHLPHVVHQ$XIEDXHQGDXIHLQHU2SH UDWLRQDOLVLHUXQJYRQ
(UNOlUWHU9DULDQ]DQWHLO
Ɨ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
&4XDOLB
&4XDOLB
&4XDOLB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO' ´
&URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
'4XDOLB
'4XDOLB
'4XDOLB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO' ´ =XU 2SHUDWLRQDOLVLHUXQJ GHV )DNWRUV Å0DUNHQOR\DOLWlW´ ZHUGHQ XP GLH ,GHQWLWlW GHV 0HVVNRQ]HSWHV]ZLVFKHQGHQ:DUHQJUXSSHQVLFKHU]XVWHOOHQHEHQVRIQI,WHPVYHUZHQ GHW ,P +LQEOLFN DXI GLH *WH GHU 2SHUDWLRQDOLVLHUXQJ GHV )DNWRUV Å0DUNHQOR\DOLWlW´ GHUDOV7HLOGHVZDKUJHQRPPHQHQ0DUNHQZHUWHVQDFK2OLYHUGLH)L[LHUXQJDXIEHVWLPPWH 0DUNHQDEELOGHQVROO]HLJHQVLFKLQ$QDORJLH]XGHQLQ$EVFKQLWW)GDUJHVWHOOWHQ %HIXQGHQ GDVV GXUFK HLQHQ HUK|KWHQ Ʒ:HUW HLQ HUK|KWHU 506($ LQGX]LHUW ZLUG XQG JOHLFKIDOOV GHU $*), QLFKW GLH HUIRUGHUOLFKH 6WlUNH YRQ PLQGHVWHQV DXIZHLVW :HLO MHGRFKHEHQVRDQDORJ ]XGHQ%HIXQGHQLQGHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´ VR ZRKO *), DOV DXFK &), XQG ,), GLH 6FKUDQNH YRQ EHUVFKUHLWHQ YJO 7DEHOOH ) XQG7DEHOOH) NDQQDQGHULQV$XJHJHIDVVWHQ2SHUDWLRQDOLVLHUXQJIHVWJHKDOWHQZHU GHQ 9JO]XGHQ*UQGHQGLHVHU9RUJHKHQVZHLVHGLH$XVIKUXQJHQLQ$EVFKQLWW) 9JO2OLYHU 6
,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQOR\DOLWlW$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
&/R\DOB
&/R\DOB
&/R\DOB
&/R\DOB
&/R\DOB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅZDKUJHQRPPHQH4XDOLWlW$UWLNHO& ´ ,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQOR\DOLWlW$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
'/R\DOB
'/R\DOB
'/R\DOB
'/R\DOB
'/R\DOB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQOR\DOLWlW$UWLNHO' ´
'HU )DNWRU Å0DUNHQEHNDQQWKHLW´ LVW DQDORJ ]XU :DUHQJUXSSH Å0RONHUHLSURGXNWH´ DXFK KLHUZLHGHUXPGXUFKGUHL,WHPVUHSUlVHQWLHUW&URQEDFKV$OSKDOLHJW PLWHLQHP:HUWYRQ $UWLNHO & E]Z $UWLNHO ' LP ZQVFKHQVZHUWHQ %HUHLFK 'LH DQVFKOLHHQG GXUFKJHIKUWH H[SORUDWLYH )DNWRUHQDQDO\VH ]HLJW GDVV GXUFK GLH JHZlKOWHQ GUHL ,WHPV $UWLNHO & E]Z $UWLNHO ' GHU GHP )DNWRU LQQHZRKQHQGHQ 9DULDQ] HUNOlUW ZHUGHQ N|QQHQ (LQ]LJ EHL GHU GXUFKVFKQLWWOLFK HUIDVVWHQ 9DULDQ] EHL $UWLNHO & ZLUGGHUZQVFKHQVZHUWH%HUHLFKNQDSSYHUIHKOW:HLOMHGRFKVlPWOLFKH,QGLNDWRUUHOLDELOL WlWHQ XQG W:HUWH GHU )DNWRUODGXQJHQ YJO 7DEHOOH ) DOV HLQZDQGIUHL ]X EH]HLFKQHQ VLQGVROOGHUJHZlKOWH0HVVDQVDW]EHLEHKDOWHQZHUGHQ'LH:HUWHIU$UWLNHO'N|QQHQ 7DEHOOH)HQWQRPPHQZHUGHQ ,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQEHNDQQWKHLW$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
&5HFDOB
&5HFDOB
&5HFDOB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅ0DUNHQEHNDQQWKHLW$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
'5HFDOB
'5HFDOB
'5HFDOB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV)DNWRUVÅ0DUNHQEHNDQQWKHLW$UWLNHO' ´ 1DFKGHP GLH )DNWRUHQ ÅZDKUJHQRPPHQH 4XDOLWlW´ Å0DUNHQOR\DOLWlW´ XQG Å0DUNHQEH NDQQWKHLW´MHZHLOVHLQHULVROLHUWHQ5HOLDELOLWlWVXQG9DOLGLWlWVDQDO\VHXQWHU]RJHQZXUGHQ VROOQXQGDVGUHLIDNWRULHOOH.RQVWUXNWDOV.RQVWUXNW]ZHLWHU2UGQXQJLQ*lQ]HEHWUDFKWHW ZHUGHQ'DEHL]HLJWVLFKHUQHXWHLQOHLFKWHUK|KWHU Ʒ:HUWZHOFKHUDXFKKLHUHLQHhEHU VFKUHLWXQJGHV506($QDFK VLFK]LHKW7URW] GLHVHUOHLFKWHQ$EZHLFKXQJHUVFKHLQWGHU 0HVVDQVDW] MHGRFK LQVJHVDPW DOV WUDJIlKLJ ZHLO VRZRKO &URQEDFKV $OSKD GHXWOLFK LP JH ZQVFKWHQ :HUWHEHUHLFK OLHJW DOV VLFK DXFK GXUFK GLH H[SORUDWLYH )DNWRUHQDQDO\VH VWDELO GUHL )DNWRUHQ PLW GHU MHZHLOV ]XU .RQ]HSWLRQDOLVLHUXQJ NRQJUXHQWHQ )DNWRU]XRUGQXQJ H[WUDKLHUHQ ODVVHQ 'LH GXUFK GLH LQVJHVDPW MHZHLOV ,WHPV HUNOlUWH 9DULDQ] LVW ]XGHP PLW $UWLNHO & E]Z $UWLNHO ' DOV DXVUHLFKHQG KRFK ]X EH]HLFKQHQ 'LH :HUWH GLH ]XU %HLEHKDOWXQJ GHV JHZlKOWHQ 0HVVDQVDW]HV IKUHQ N|QQHQ LP 'HWDLO GHU7DEHOOH)IU$UWLNHO&XQGGHU7DEHOOH)IU$UWLNHO'HQWQRPPHQZHUGHQ
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQHU0DUNHQZHUW$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ]HQ '(9 VX
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlWHQ
VX
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO& ´ )DNWRUUHOLDELOLWlW0DUNHQOR\DOLWlW )DNWRUUHOLDELOLWlWZDKUJHQRPPH QH4XDOLWlW
)DNWRUUHOLDELOLWlW0DUNHQEHNDQQW KHLW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQOR\DOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 ZDKUJHQRPPHQH4XDOL WlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQEHNDQQWKHLW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO& ´ .XU]EH]HLFKQXQJGHV,Q GLNDWRUV &0DUNHQOR\DOLWlW &/R\DOB &/R\DOB &/R\DOB &/R\DOB &/R\DOB
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
&4XDOLWlW
&4XDOLB &4XDOLB &4XDOLB
&0DUNHQEHNDQQWKHLW &5HFDOB &5HFDOB &5HFDOB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO& ´
,QIRUPDWLRQHQ]XP.RQVWUXNWÅZDKUJHQRPPHQHU0DUNHQZHUW$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ]HQ '(9 VX
*),
$*),
&),
,),
)DNWRUUHOLDELOLWlWHQ
VX
506($
,QIRUPDWLRQHQ]XGHQ)DNWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO' ´ )DNWRUUHOLDELOLWlW0DUNHQOR\DOLWlW )DNWRUUHOLDELOLWlWZDKUJHQRPPH QH4XDOLWlW
)DNWRUUHOLDELOLWlW0DUNHQEHNDQQW KHLW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQOR\DOLWlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 ZDKUJHQRPPHQH4XDOL WlW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9 0DUNHQEHNDQQWKHLW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW $UWLNHO' ´ .XU]EH]HLFKQXQJGHV,Q GLNDWRUV '0DUNHQOR\DOLWlW '/R\DOB '/R\DOB '/R\DOB '/R\DOB '/R\DOB
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
'4XDOLWlW
'4XDOLB '4XDOLB '4XDOLB
'0DUNHQEHNDQQWKHLW '5HFDOB '5HFDOB '5HFDOB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅZDKUJHQRPPHQHU0DUNHQZHUW$UWLNHO ' ´
'LH.DXILQWHQWLRQ bKQOLFKZLHEHUHLWVLQ$EVFKQLWW)DQKDQGGHU$UWLNHOGHU:DUHQJUXSSH,Å0RONH UHLSURGXNWH´DXIJH]HLJWVFKHLQWDXFKLQGHU:DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJV JHWUlQNH´GLH$XVZDKOGHU,WHPV]XU.RQ]HSWLRQDOLVLHUXQJGHU.DXILQWHQWLRQKLQUHLFKHQG JHOXQJHQ'LHDXVGHUQDFKIROJHQGHQ7DEHOOH)E]Z7DEHOOH)DEOHVEDUHQ*WHPD HGHXWHQRKQH(LQVFKUlQNXQJDXIHLQHJXWH0RGHOODQSDVVXQJKLQ(VZLUGHLQ&URQEDFKV $OSKD YRQ $UWLNHO & E]Z $UWLNHO ' HU]LHOW GLH HEHQIDOOV GXUFKJHIKUWH H[SORUDWLYH)DNWRUHQDQDO\VHI|UGHUWMHZHLOVHLQH.RPSRQHQWHGLHE]Z GHULQGHQ,WHPVHQWKDOWHQHQ9DULDQ]]XHUNOlUHQYHUPDJ]X7DJH'LHVHUSRVLWLYH(LQ GUXFNOlVVWVLFKGXUFKGLHIU.RQVWUXNWHPLWGUHL,WHPVEHUHFKHQEDUHQORNDOHQ*WHPDH GHU ]ZHLWHQ *HQHUDWLRQ XQWHUPDXHUQ $OOH ,QGLNDWRUUHOLDELOLWlWHQ )DNWRUUHOLDELOLWlWHQ VR ZLH GLH GXUFKVFKQLWWOLFK HUIDVVWHQ 9DULDQ]HQ XQG GLH W:HUWH GHU )DNWRUODGXQJHQ HUUHL FKHQGLHLQ7DEHOOH)SRVWXOLHUWHQ:HUWHEHUHLFKHIUHLQHKRKH0HVVPRGHOOJWH)ROJ OLFKVFKHLQWNHLQH$QSDVVXQJGHV2SHUDWLRQDOLVLHUXQJVDQVDW]HVGHV.RQVWUXNWV.DXILQWHQ WLRQLQGHU:DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´HUIRUGHUOLFK ,QIRUPDWLRQHQ]XP)DNWRUÅ.DXILQWHQWLRQ$UWLNHO& ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
&),
,),
506($
)DNWRUUHOLDELOLWlW
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ.DXILQWHQWLRQ$UWLNHO& ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
&9HUDEB
&9HUDEB
&9HUDEB
W:HUWGHU)DNWRUODGXQJ
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ$UWLNHO& ´
,QIRUPDWLRQHQ]XP)DNWRUÅ.DXILQWHQWLRQ$UWLNHO' ´ &URQEDFKV$OSKD
(UNOlUWHU9DULDQ]DQWHLO
Ʒ:HUW
)UHLKHLWVJUDGH
S:HUW
'XUFKVFKQLWWOLFKHUIDVVWH9DULDQ] '(9
&),
,),
)DNWRUUHOLDELOLWlW
506($
,QIRUPDWLRQHQ]XGHQ,QGLNDWRUHQGHV)DNWRUVÅ.DXILQWHQWLRQ$UWLNHO' ´ .XU]EH]HLFKQXQJGHV ,QGLNDWRUV
,WHPWR7RWDO .RUUHODWLRQ
,QGLNDWRUUHOLDELOLWlW
W:HUWGHU)DNWRUODGXQJ
'9HUDEB
'9HUDEB
'9HUDEB
(LQH%HUHFKQXQJGHV:HUWHVLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU6WDQGDUGLVLH UXQJGHU9DULDQ]GHVEHWUHIIHQGHQK\SRWKHWLVFKHQ.RQVWUXNWVIXQJLHUW
7DEHOOH) 'LH5HOLDELOLWlWXQG9DOLGLWlWGHV.RQVWUXNWVÅ.DXILQWHQWLRQ$UWLNHO' ´ 'LH3UHLVEHUHLWVFKDIWGHU.RQVXPHQWHQ :LH EHUHLWV EHL %HWUDFKWXQJ GHU 0HVVPRGHOOJWH ]XU JHlXHUWHQ 3UHLVEHUHLWVFKDIW GHU .RQVXPHQWHQ LQ %H]XJ DXI GLH $UWLNHO GHU :DUHQJUXSSH , Å0RONHUHLSURGXNWH´ DXVJH IKUWJLOWDXFKKLHUGDVVGXUFKGHQPLW7HVWXQJHQXPIDQJUHLFKHQ3UHWHVWGHU]ZHLWHQ 6WXGLHQVWXIH DXJHQIlOOLJ ZXUGH GDVV GLH 8QWHUVXFKXQJVSHUVRQHQ NHLQH RIIHQNXQGLJHQ 3UREOHPH PLWGHULP5DKPHQGHU8QWHUVXFKXQJSUlVHQWLHUWHQ6NDOD]XKDEHQVFKLHQHQ 'LHVOLHJWRIIHQEDUGDULQEHJUQGHWGDVVGLHVHV0HVVLQVWUXPHQWGXUFKGLH9RUJDEHNRQ NUHWHU3UHLVHPLWEHNDQQWHQ3UHLVILJXUHQVHKUNDXIYHUKDOWHQVQDKJHVWDOWHWZXUGH:HLOHV VLFK IROJOLFK GXUFK GLH 9RUJDEH HLQHV .DXISUHLVHV XP HLQHQ VRJHQDQQWHQ 6LQJOH ,QGLNDWRU0HVVDQVDW]KDQGHOQPXVVLVWHLQHNRQILUPDWRULVFKHhEHUSUIXQJGHU0HVVPR GHOOJWH QLFKW P|JOLFK $QDORJ ]XU 9RUJHKHQVZHLVH LQ GHU :DUHQJUXSSH Å0RONHUHLSUR GXNWH´ ZHUGHQ IU GLH VSlWHUH hEHUSUIXQJ GHV 6WUXNWXUPRGHOOV PLWWHOV HLQHU .RYDUL DQ]VWUXNWXUDQDO\VH GLH )HKOHUYDULDQ] GLHVHV .RQVWUXNWVDQDORJ ]XU EOLFKHQ 9RUJHKHQV ZHLVHLQ VROFKHQ)lOOHQ DXIQXOOIL[LHUWZDVZLHGHUXPHLQH UHFKWVWUHQJH$QQDKPHLQ %H]XJDXIGHQ0HVVIHKOHUGDUVWHOOW 9JO5LJGRQ 6II%|LQJ 6
'LH hEHUSUIXQJ GHU .RQYHUJHQ] XQG 'LVNULPLQDQ]YDOLGLWlW GHU *HVDPWPHVV PRGHOOH ,PYRUKHUJHKHQGHQ$EVFKQLWWZXUGHGHU*WHGHUHLQ]HOQHQ0HVVPRGHOOHMHZHLOVLVROLHUW QDFKJHVSUWQXQVROOHLQHLQWHJULHUWH0HVVXQJGHU.RQYHUJHQ]XQG'LVNULPLQDQ]YDOLGL WlW DOOHU 0HVVPRGHOOH IU MHGHQ XQWHUVXFKWHQ $UWLNHO VLPXOWDQ YRUJHQRPPHQ ZHUGHQ 'DEHLZLUGGLH.RQYHUJHQ]YDOLGLWlWGHV*HVDPWPHVVPRGHOOVDQKDQGORNDOHUXQGJOREDOHU *WHNULWHULHQHLQHUNRQILUPDWRULVFKHQ)DNWRUHQDQDO\VHEHXUWHLOW 0LW$XVQDKPHGHV*),XQGGHV$*),GHUHQ6FKZlFKHQLQ%H]XJDXIGDVKLHU]XJUXQGH OLHJHQGH 0RGHOO EHUHLWV DXIJH]HLJW ZXUGHQ LVW PLW GHQ LQ GHU YRUOLHJHQGHQ 8QWHUVX FKXQJ SRVWXOLHUWHQ *HVDPWPHVVPRGHOOHQ IU GLH :DUHQJUXSSH ,, ÅDONRKROIUHLH (UIUL VFKXQJVJHWUlQNH´ HLQH KLQUHLFKHQG KRKH $QSDVVXQJ DQ GDV JHZRQQHQH 'DWHQPDWHULDO JHOXQJHQ *OREDOH*WHNULWHULHQ *WHPD
Ʒ:HUW
'I
506($
*),
$*),
7/,
&),
,),
:HUW
/RNDOH*WHNULWHULHQ .RQVWUXNW
:DKUJHQRPPHQHV3UHLVQLYHDX
)DNWRU ODGXQJ
W:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
&3UHLVB
&3UHLVB
&3UHLVB
:DKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW &'LVWULB
&'LVWULB
&'LVWULB
:DKUJHQRPPHQHU:HUEHGUXFN &$GYB
&$GYB
&$GYB
=XUGHWDLOOLHUWHQ'DUOHJXQJGHVKLHUVNL]]LHUWHQ9RUJHKHQVYJO%UDXQVWHLQ 6 (LQHQhEHUEOLFNEHUGLHKHUDQJH]RJHQHQ*WHNULWHULHQYHUPLWWHOW7DEHOOH) 9JO$EVFKQLWW&
:DKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
)DNWRU ODGXQJ
3K\VLVFKH:LUNXQJHQ
W:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
&3K\:LB
&3K\:LB
6XFKHLJHQVFKDIWHQ
&6XFKB
&6XFKB
&6XFKB
&6XFKB
&6XFKB
9HUWUDXHQVHLJHQVFKDIWHQ
&9HUWUB
&9HUWUB
&9HUWUB
:DKUJHQRPPHQHU0DUNHQZHUW
:DKUJHQRPPHQH4XDOLWlW
&4XDOLB
&4XDOLB
&4XDOLB
0DUNHQOR\DOLWlW
&/R\DOB
&/R\DOB
&/R\DOB
&/R\DOB
&/R\DOB
0DUNHQEHNDQQWKHLW
&5HFDOOB
&5HFDOOB
&5HFDOOB
.DXILQWHQWLRQ
&9HUDEB
&9HUDEB
&9HUDEB
3UHLVEHUHLWVFKDIW
(LQH%HUHFKQXQJGHUHQWVSUHFKHQGHQ:HUWHLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU 6WDQGDUGLVLHUXQJGHU9DULDQ]GHVEHWUHIIHQGHQ.RQVWUXNWVE]Z)DNWRUVGLHQW
7DEHOOH) 'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV$UWLNHO&
*OREDOH*WHNULWHULHQ *WHPD
Ʒ:HUW
GI
506($
*),
$*),
7/,
&),
,),
:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
/RNDOH*WHNULWHULHQ .RQVWUXNW
:DKUJHQRPPHQHV3UHLVQLYHDX
)DNWRU ODGXQJ
W:HUW
'3UHLVB
'3UHLVB
'3UHLVB
''LVWULB
''LVWULB
''LVWULB
'$GYB
'$GYB
'$GYB
:DKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
3K\VLVFKH:LUNXQJHQ
:DKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW
:DKUJHQRPPHQHU:HUEHGUXFN
'3K\:LB
'3K\:LB
6XFKHLJHQVFKDIWHQ
'6XFKB
'6XFKB
'6XFKB
'6XFKB
'6XFKB
9HUWUDXHQVHLJHQVFKDIWHQ
'9HUWUB
'9HUWUB
'9HUWUB
:DKUJHQRPPHQHU0DUNHQZHUW
:DKUJHQRPPHQH4XDOLWlW
'4XDOLB
'4XDOLB
'4XDOLB
)DNWRU ODGXQJ
0DUNHQOR\DOLWlW
W:HUW
,QGLND WRUUHOLDEL OLWlW
)DNWRU UHOLDELOLWlW
'(9
'/R\DOB
'/R\DOB
'/R\DOB
'/R\DOB
'/R\DOB
0DUNHQEHNDQQWKHLW
'5HFDOOB
'5HFDOOB
'5HFDOOB
.DXILQWHQWLRQ
'9HUDEB
'9HUDEB
'9HUDEB
3UHLVEHUHLWVFKDIW
(LQH%HUHFKQXQJGHUHQWVSUHFKHQGHQ:HUWHLVWQLFKWP|JOLFKGDGLH9DULDEOHDOV5HIHUHQ]LQGLNDWRU]XU 6WDQGDUGLVLHUXQJGHU9DULDQ]GHVEHWUHIIHQGHQ.RQVWUXNWVE]Z)DNWRUVGLHQW
7DEHOOH) 'LHJOREDOHQXQGORNDOHQ*WHNULWHULHQGHV*HVDPWPHVVPRGHOOV$UWLNHO' $OV 9HUIDKUHQ ]XU %HVWLPPXQJ GHU 'LVNULPLQDQ]YDOLGLWlW KLQJHJHQ VWHKHQ QDFK ZLH YRU JUXQGVlW]OLFKGDV)RUQHOO/DUFNHU.ULWHULXPVRZLHGHU Ʒ'LIIHUHQ]WHVW]XU$XVZDKO$XI JUXQGGHU7DWVDFKHGDVVGDV)RUQHOO/DUFNHU.ULWHULXPLQGHU5HJHOK|KHUH+UGHQIUGLH $N]HSWDQ]HLQHU'LVNULPLQDQ]YDOLGLWlWVHW]WVROO]XQlFKVWHUQHXWGLHVHV.ULWHULXP$Q ZHQGXQJ ILQGHQ EHYRU JJI HUVDW]ZHLVH YD IU 0HVVPRGHOOH EHL GHQHQ DXIJUXQG GHV JHZlKOWHQ2SHUDWLRQDOLVLHUXQJVDQVDW]HVNHLQHGXUFKVFKQLWWOLFKHUIDVVWH9DULDQ]EHUHFKQHW ZHUGHQNDQQ E]ZHUJlQ]HQGEHL.RQVWUXNWHQGLHGLHKRKHQ$QIRUGHUXQJHQHLQHV)RU QHOO/DUFNHU.ULWHULXPVQLFKWHUIOOHQN|QQHQ GHUƷ'LIIHUHQ]WHVWKHUDQJH]RJHQZLUG 'LH(UJHEQLVVHGHU%HUHFKQXQJHQN|QQHQGHUIROJHQGHQ7DEHOOH)VRZLH7DEHOOH) HQWQRPPHQ ZHUGHQ 6LH ]HLJHQ GDVV IU GDV JHZlKOWH 0RGHOO DXVQDKPVORV HLQH DXVUHL FKHQG KRKH 'LVNULPLQDQ]YDOLGLWlW QDFKJHZLHVHQ ZHUGHQ NDQQ 6lPWOLFKH :HUWH GHU GXUFKVFKQLWWOLFKHUIDVVWHQ9DULDQ]MH)DNWRUVLQGZLHYRP)RUQHOO/DUFNHU.ULWHULXP JH 9JO)RUQHOO/DUFNHU 6XQG+RPEXUJ*LHULQJ 6 9JO*LHULQJ 6
IRUGHUW JU|HU DOV GLH TXDGULHUWH .RUUHODWLRQ GHU MHZHLOLJHQ )DNWRUHQ XQWHUHLQDQGHU ,P )DOOH GHU PLWWHOV HLQHV 6LQJOH,QGLNDWRUV ]X RSHUDWLRQDOLVLHUHQGHQ 3UHLVEHUHLWVFKDIW ZLUG ZHLOGRUWDXIJUXQGGHU2SHUDWLRQDOLVLHUXQJZHJHQIHKOHQGHUJHVFKlW]WHU3IDGNRHIIL]LHQWHQ DXFK LQ GLHVHU :DUHQJUXSSH NHLQH GXUFKVFKQLWWOLFK HUIDVVWH 9DULDQ] EHUHFKQHW ZHUGHQ NDQQHUQHXWGHU Ʒ'LIIHUHQ]WHVWHLQJHVHW]W$XFKGLHVHU7HVW]HLJWZLHDXV7DEHOOH) VRZLH7DEHOOH)HUVLFKWOLFK HLQHDXVUHLFKHQGKRKH'LVNULPLQDQ]YDOLGLWlWGHVJHZlKOWHQ *HVDPWPHVVPRGHOOVIUGLH$UWLNHO&XQG'DXI
&9HUWU
&4XDOL
&/R\DO
&5HFDOO
&9HUDE
&:73
&'LVWU
&$GY
&3K\:L
&6XFK
&9HUWU
&4XDOL
&/R\DO
&5HFDOO
&9HUDE
'LHVH:HUWHVLQGDXI%DVLVGHVƷ'LIIHUHQ]WHVWVHUPLWWHOWZRUGHQ$OOHEULJHQ:HUWHUHSUlVHQWLHUHQTXDGULHUWH.RUUHODWLRQHQ]ZLVFKHQ GHQ.RQVWUXNWHQ
&6XFK
&$GY
'(9
&'LVWU
&3UHLV
'(9
&3K\:L
7DEHOOH) 'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV)RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV $UWLNHO&
':73
''LVWU
'$GY
'3K\:L
'6XFK
'9HUWU
'4XDOL
'/R\DO
'5HFDOO
'9HUDE
7DEHOOH) 'LH8QWHUVXFKXQJGHU'LVNULPLQDQ]YDOLGLWlWDXI%DVLVGHV)RUQHOO/DUFNHU.ULWHULXPVXQGGHVƷ'LIIHUHQ]WHVWV $UWLNHO'
'LHVH:HUWHVLQGDXI%DVLVGHVƷ'LIIHUHQ]WHVWVHUPLWWHOWZRUGHQ$OOHEULJHQ:HUWHUHSUlVHQWLHUHQTXDGULHUWH.RUUHODWLRQHQ]ZLVFKHQGHQ .RQVWUXNWHQ
'9HUDE
'4XDOL
'/R\DO
'6XFK
'9HUWU
'5HFDOO
'3K\:L
'3UHLV
'$GY
'(9
'(9
''LVWU
'LH(YDOXDWLRQYHUVFKLHGHQHU9DULDQWHQGHU)RUVFKXQJVPRGHOOH ,QGHU)ROJHVROOHQGLHLQ$EVFKQLWW'GHUYRUOLHJHQGHQ$UEHLWHQWZLFNHOWHQ)RUVFKXQJV K\SRWKHVHQ DQDORJ ]XU 9RUJHKHQVZHLVH LQ :DUHQJUXSSH , Å0RONHUHLSURGXNWH´ PLW GHU LP =XJH GHU ]ZHLWHQ HPSLULVFKHQ 6WXGLHQVWXIH YJO GLH %HVFKUHLEXQJ LQ $EVFKQLWW ) JHZRQQHQHQ 'DWHQEDVLV NRQIURQWLHUW ZHUGHQ 'DEHL VROOHQ ]XQlFKVW ZLHGHU GLH DXI *UXQGODJH EHVWHKHQGHU HPSLULVFKHU (UNHQQWQLVVH E]Z DXI WKHRUHWLVFKHP )XQGDPHQW HQWZLFNHOWHQ )RUVFKXQJVPRGHOOH KHUDQJH]RJHQ ZHUGHQ %DVLVPRGHOOH $XIEDXHQG DXI GHQ *UXQGHLQVWHOOXQJHQ GHU ]XU $QDO\VH YHUZHQGHWHQ 6RIWZDUH $026 ZLUG GHQ ODWHQW H[RJHQHQ.RQVWUXNWHQHLQH.RUUHODWLRQXQWHUHLQDQGHU]XJHVWDQGHQ 'LHNRQILUPDWRULVFKHhEHUSUIXQJGHV)RUVFKXQJVPRGHOOV 1DFKDEJHVFKORVVHQHULVROLHUWHU9DOLGLHUXQJGHUHLQXQGPHKUGLPHQVLRQDOHQ.RQVWUXNWH XQG GHU hEHUSUIXQJ GHU *HVDPWPHVVPRGHOOH GHU :DUHQJUXSSH ÅDONRKROIUHLH (UIUL VFKXQJVJHWUlQNH´JLOWHVQXQDQKDQGGHULQ7DEHOOH)GDUJHVWHOOWHQJOREDOHQ*WHPDH GLHMHZHLOLJHQ%DVLVVWUXNWXU PRGHOOHDXILKUH3DVVJHQDXLJNHLWJHJHQEHUGHQJHZRQQHQHQ 'DWHQGHU]ZHLWHQ6WXGLHQVWXIH]XEHUSUIHQ'LHVLFKIUGLH%DVLVPRGHOOHHUJHEHQGHQ )LW:HUWH VLQG DXV 7DEHOOH ) ]X HQWQHKPHQ 'LH JHVFKlW]WHQ 3IDGNRHIIL]LHQWHQ VLQG DXV$EELOGXQJ)HUVLFKWOLFKXQGZHUGHQQDFKIROJHQGHUOlXWHUW Ɨ:HUW
'I
*),
$*),
7/,
&),
,),
506($
$UWLNHO&
$UWLNHO'
%DVLVPRGHOO
7DEHOOH) 'LH(UJHEQLVVHGHUhEHUSUIXQJGHU$QSDVVXQJGHU%DVLVPRGHOOHLQGHU:DUHQJUXSSH ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´ 'LH:HUWHIU*),XQG$*),OLHJHQDXFKLQGLHVHU:DUHQJUXSSHEHLEHLGHQXQWHUVXFKWHQ $UWLNHOQXQWHUKDOEGHV]XU$QQDKPHHLQHUJXWHQ0RGHOODQSDVVXQJHUIRUGHUOLFKHQ:HUWHV YRQ(VVHLDQGLHVHU6WHOOHHLQHUVHLWVDXI$EVFKQLWW&YHUZLHVHQLQGHPEHUHLWV YHUGHXWOLFKW ZXUGH GDVV DXIJUXQG GHU .RPSOH[LWlW GHV KRKHQ ([SORUDWLRQVDQWHLOV GHV )UHLQLGHQWLVFKHV9RUJHKHQYJO:LHVHNH 6 8PGLHhEHUVLFKWOLFKNHLWGHU'DUVWHOOXQJHQ]XJHZlKUOHLVWHQZLUGLQ$EELOGXQJ)DXIHLQH'DUVWHO OXQJGHU.RUUHODWLRQVVWlUNHQ]ZLVFKHQGHQODWHQWH[RJHQHQ.RQVWUXNWHQYHU]LFKWHWGLHVHN|QQHQIU $UWLNHO&XQG$UWLNHO'7DEHOOH)HQWQRPPHQZHUGHQ
YRUOLHJHQGHQ 8QWHUVXFKXQJVPRGHOOV HLQ]HOQH GHU JHQDQQWHQ *WHPDH QXU YRQ HLQJH VFKUlQNWHU $XVVDJHNUDIW IU GLH %HZHUWXQJ GHU $QSDVVXQJVJWH VLQG (V PXVV DEHU DQ GLHVHU6WHOOHIHVWJHVWHOOWZHUGHQGDVVDQJHVLFKWVGHUHUUHLFKWHQ)LW,QGLFHVDXFKLQGHUXU VSUQJOLFKHQ0RGHOOVSH]LILNDWLRQHLQHLQVJHVDPWDOVSDVVDEHOHLQ]XVFKlW]HQGH0RGHOODQ SDVVXQJDQGLHYRUOLHJHQGH'DWHQEDVLVJHOXQJHQLVW'HQQRFKODVVHQDXFKLQGHQ0RGHO OHQ]X:DUHQJUXSSH,, HLQ]HOQHGHUEHUHLWV JHQDQQWHQXQGLQ7DEHOOH )DXIJHIKUWHQ *WHPDHHLQH0RGHOOPRGLILNDWLRQGXUFKDXVUDWVDPHUVFKHLQHQ
'LH9RUJHKHQVZHLVHXQGGLH(UJHEQLVVHVLQGGHQIROJHQGHQ$EVFKQLWWHQ)E]Z)]XHQW QHKPHQ
Werbung 0,28***
Kaufintention 0,90***
-0,02 Distribution
0,81*** Gesundheitsprofilierung
Markenwert 0,19*** Preisbereitschaft
-0,08
Basismodell Artikel C
Preis
* signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
Discrepancy: 1919,241 Df: 513 P-Value: 0,000
TLI: 0,895 CFI: 0,904 IFI: 0,904
Werbung 0,19***
Kaufintention 0,88***
0,28*** Distribution
0,84*** Gesundheitsprofilierung
Markenwert 0,26*** Preisbereitschaft
-0,25*** Preis
Basismodell Artikel D Discrepancy: 1758,215 Df: 513 P-Value: 0,000
* signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
TLI: 0,914 CFI: 0,921 IFI: 0,060
$EELOGXQJ)'LH6FKlW]HUJHEQLVVHGHU6WUXNWXUNRHIIL]LHQWHQGHU%DVLVPRGHOOHLQGHU:DUHQJUXSSH ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
3UHLV
$UWLNHO
'LVWULEXWLRQ
:HUEXQJ
&
'
&
'
&
'
3UHLV
'LVWULEXWLRQ
:HUEXQJ
7DEHOOH) 'LH.RUUHODWLRQHQ]ZLVFKHQGHQODWHQWH[RJHQHQ.RQVWUXNWHQLQGHU:DUHQJUXSSHÅDO NRKROIUHLH(UIULVFKXQJVJHWUlQNH´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² ZHQQ VLH DXFK LQ $QEHWUDFKW GHU .RPSOH[LWlW GHV 8QWHUVXFKXQJVPRGHOOV DOV DN]HSWDEHO ]X EH]HLFKQHQ VLQG ² 9HUEHVVHUXQJVSRWHQWLDO HUNHQQHQ $XIEDXHQG DXI GHQ IU GDV %D VLVPRGHOOHUUHFKQHWHQ0RGLILNDWLRQVLQGLFHVXQGGHUEHUHLWVLQGHU:DUHQJUXSSHÅ0RO NHUHLSURGXNWH´ GDUJHOHJWHQ WKHRUHWLVFKHQ %DVLV ]XU )RUPXOLHUXQJ GHU )RUVFKXQJVK\SR WKHVH + YJO $EVFKQLWW ) ZLUG DXFK LQ GHU :DUHQJUXSSH ÅDONRKROIUHLH (UIUL VFKXQJVJHWUlQNH´GLHLQ7DEHOOH)XQG7DEHOOH)DXIJHIKUWH5HODWLRQHUJlQ]W 'LH3DUDPHWHUNRQWUDNWLRQ ,P]ZHLWHQ6FKULWWVROODXFKLQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´]X HLQHP VSDUVDPHUHQ 0RGHOODXIEDX JHODQJW ZHUGHQ LQGHP WKHRUHWLVFK SRVWXOLHUWH %H]LH KXQJHQ GLH NHLQHUOHL HPSLULVFKHQ 1LHGHUVFKODJ JHIXQGHQ KDEHQ DXV GHP 8QWHUVX 9JOGD]XGLH$XVIKUXQJHQLQ$EVFKQLWW' 9JO]XU9RUJHKHQVZHLVHVRZLH]XGHQGDPLWYHUEXQGHQHQ5LVLNHQGLHHQWVSUHFKHQGHQ$XVIKUXQJHQ LQ$EVFKQLWW)
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lW QRWZHQGLJ =XGHP ZHLVHQ GLH (LQIOVVH GHV ZDKUJH QRPPHQHQ 3UHLVHV XQG GHU ZDKUJHQRPPHQHQ 'LVWULEXWLRQVGLFKWH DXI GLH ZDKUJHQRP PHQH*HVXQGKHLWVSURILOLHUXQJNHLQHDXVUHLFKHQGH6LJQLILNDQ]DXIXQGPVVHQGDKHUDXV *UQGHQHLQHUP|JOLFKVWVSDUVDPHQ0RGHOONRQILJXUDWLRQZHJHQQLFKWDXVUHLFKHQGHU(U NOlUXQJVNUDIWHOLPLQLHUWZHUGHQ %HL$UWLNHO'HQWIlOOWHLQH3DUDPHWHUNRQWUDNWLRQZHLODOOHLPH[SDQGLHUWHQ0RGHOOUHSUl VHQWLHUWHQ 3IDGH PLQGHVWHQV DXI GHP 1LYHDX VLJQLILNDQW VLQG =XGHP VLQG NHLQH VLJQLILNDQW YHUEHVVHUWHQ 0RGHOO)LWV ]X HUZDUWHQ 'LH HQWVSUHFKHQGHQ :HUWH N|QQHQ 7DEHOOH)HQWQRPPHQZHUGHQ 'LH:LUNXQJVEH]LHKXQJHQGHUEHVWDQJHSDVVWHQ7HLOIRUVFKXQJVPRGHOOH =XU%HXUWHLOXQJGHVPLWWHOV3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQJHZRQQHQHQEHVWDQJH SDVVWHQ*HVDPWPRGHOOVN|QQHQHUQHXWGLHEHUHLWVYRUKHUYHUZHQGHWHQJOREDOHQ*WHNUL WHULHQKHUDQJH]RJHQZHUGHQ7DEHOOH)XQG7DEHOOH)LVW]XHQWQHKPHQGDVVGLHVH *WHNULWHULHQ IU EHLGH $UWLNHO GHU :DUHQJUXSSH ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´ HLQH GXUFKDXV SDVVDEOH 0RGHOODQSDVVXQJ DXIZHLVHQ =ZDU OLHJHQ *), XQG $*), XQWHU GHU LQ 7DEHOOH ) QLHGHUJHOHJWHQ 5LFKWJU|H YRQ MHGRFK LVW GLHV EHL %HUFNVLFKWL JXQJGHUYRUOLHJHQGHQ0RGHOONRPSOH[LWlWXQG6WLFKSUREHQJU|HDOVYHUQDFKOlVVLJEDUDQ ]XVHKHQ $EELOGXQJ ) VLQG GLH 3IDGNRHIIL]LHQWHQ GHU EHVWDQJHSDVVWHQ 8QWHUVXFKXQJV PRGHOOHGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´]XHQWQHKPHQ 9JO+RPEXUJ'REUDW] 6II 9JOIUGLHVH9RUJHKHQVZHLVH%UDXQVWHLQ 6
Ʒ
'I
*),
$*),
7/,
&),
,),
506($
ΔƷ
ΔGI
*),
$*),
7/,
&),
,),
506($
%DVLVPRGHOO 3DUDPHWHUH[SDQVLRQ &3UHLVJ&:WS 3DUDPHWHUNRQWUDNWLRQ &3UHLVQ&'LVWU
&$GYQ&3UHLV
&'LVWULJ&*HVSURI
&3UHLVJ&*HVSURI
'LHDQJHJHEHQHQ:HUWHEH]LHKHQVLFKDXIGLH$EZHLFKXQJYRQGHQREHQGDUJHVWHOOWHQ:HUWHQGHV %DVLVPRGHOOV
'LHDQJHJHEHQHQ:HUWHELOGHQGLH9HUlQGHUXQJDEEH]RJHQDXIGHQYRUDQJHJDQJHQHQ6FKULWWGHU0R GHOOPRGLILNDWLRQ
7DEHOOH) 'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV%DVLVPRGHOOVDQKDQGGHV Ʒ'LIIHUHQ]WHVWV$UWLNHO& Ʒ
'I
*),
$*),
7/,
&),
,),
506($
ΔƷ
ΔGI
*),
$*),
7/,
&),
,),
506($
%DVLVPRGHOO
3DUDPHWHUH[SDQVLRQ '3UHLVJ':WS
3DUDPHWHUNRQWUDNWLRQ 'LH'XUFKIKUXQJHLQHU3DUDPHWHUNRQWUDNWLRQHQWIlOOWGDVlPWOLFKHLP0RGHOOUHSUlVHQWLHUWHQ3IDGHPLQ GHVWHQVDXIGHQ1LYHDXVLJQLILNDQWVLQGXQGNHLQHVLJQLILNDQWHQ9HUEHVVHUXQJHQGHV0RGHOO)LWV]X HUZDUWHQVLQG
'LHDQJHJHEHQHQ:HUWHEH]LHKHQVLFKDXIGLH$EZHLFKXQJYRQGHQREHQGDUJHVWHOOWHQ:HUWHQGHV %DVLVPRGHOOV
7DEHOOH) 'LH(UJHEQLVVHGHU3DUDPHWHUH[SDQVLRQXQGNRQWUDNWLRQGHV%DVLVPRGHOOVDQKDQGGHV Ʒ'LIIHUHQ]WHVWV$UWLNHO'
Werbung 0,27***
Kaufintention 0,90*** 0,81***
-0,02
Gesundheitsprofilierung
Distribution
Markenwert 0,12*** Preisbereitschaft
-0,07 -0,66***
Preis
Bestangepasstes Modell Artikel C Discrepancy: 1596,380 Df: 512 P-Value: 0,000
* signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
TLI: 0,919 CFI: 0,926 IFI: 0,926
Werbung 0,19***
Kaufintention 0,88***
0,28*** Distribution
0,83*** Gesundheitsprofilierung
Markenwert 0,12*** Preisbereitschaft
-0,23*** -0,68***
Preis
Bestangepasstes Modell Artikel D * signifikant auf dem 10%-Niveau ** signifikant auf dem 5%-Niveau *** signifikant auf dem 1%-Niveau
Discrepancy: 1403, 280 Df: 512 P-Value: 0,000
TLI: 0,938 CFI: 0,944 IFI: 0,944
$EELOGXQJ)'LH6FKlW]HUJHEQLVVHIUGLH3IDGNRHIIL]LHQWHQGHUEHVWDQJHSDVVWHQ6WUXNWXUPRGHOOHLQ GHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
'LH =XVDPPHQIDVVXQJ GHU (UJHEQLVVH IU GLH :DUHQJUXSSH ÅDONRKROIUHLH (UIUL VFKXQJVJHWUlQNH´ (VLVWDQJHVLFKWVGHU)LW,QGLFHVDXFKIUGLH:DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJV JHWUlQNH´JHOXQJHQPLWWHOVGHULQGHU]ZHLWHQ6WXGLHQVWXIHHUKREHQHQ'DWHQHLQHKLQUHL FKHQG JXWH 0RGHOODQSDVVXQJ ]XHUODQJHQ,QVJHVDPW ]HLJHQVLFKDXFK EHLGHQ0RGHOOHQ GHU]XU8QWHUVXFKXQJLQGLHVHU:DUHQJUXSSHKHUDQJH]RJHQHQ$UWLNHOKRKH6LJQLILNDQ]HQ GHU 3IDGNRHIIL]LHQWHQ ZDV DXI HLQH KRKH 9HUOlVVOLFKNHLW GHU DXI %DVLV GHU (UKHEXQJV VWLFKSUREH JHWURIIHQHQ $XVVDJHQ LQ %H]XJ DXI GLH ]XJUXQGH OLHJHQGH *UXQGJHVDPWKHLW VFKOLHHQOlVVW%HLPZHQLJHUJHVXQGKHLWVSURILOLHUWZDKUJHQRPPHQHQ$UWLNHO&VFKHLQHQ GDV ZDKUJHQRPPHQH 3UHLVQLYHDX XQG GLH ZDKUJHQRPPHQH 'LVWULEXWLRQVGLFKWH MHGRFK NHLQHQ VLJQLILNDQWHQ (LQIOXVV DXI GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ DXV]X EHQ'LHVEHGHXWHWGDVVLP*HWUlQNHVHJPHQWEHLZHQLJHUJHVXQGKHLWVSURILOLHUWHQ$UWL NHOQ ]XU 6WHLJHUXQJ GHU *HVXQGKHLWVSURILOLHUXQJ OHGLJOLFK DXI NRPPXQLNDWLRQVSROLWLVFKH 0DQDKPHQ]XUFNJHJULIIHQZHUGHQVROOWH %HL %HWUDFKWXQJ GHU 3IDGNRHIIL]LHQWHQ GHU EHVWDQJHSDVVWHQ 0RGHOOH IU GLH $UWLNHO GHU :DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´ZLUGDXFKKLHUHUQHXWZLHEHUHLWVLQ GHU:DUHQJUXSSH,Å0RONHUHLSURGXNWH´GHUIUEHLGH$UWLNHOKRKH:HUWGHU%H]LHKXQJ ]ZLVFKHQZDKUJHQRPPHQHU*HVXQGKHLWVSURILOLHUXQJXQGZDKUJHQRPPHQHP0DUNHQZHUW GHXWOLFK (LQH JHVWHLJHUWH *HVXQGKHLWVSURILOLHUXQJ LVW DOVR DXFK LQ GHU :DUHQJUXSSH ,, VRZRKO IU $UWLNHO PLW KRKHU DOV DXFK IU $UWLNHO PLW JHULQJHUHU ZDKUJHQRPPHQHU *H VXQGKHLWVSURILOLHUXQJYRUWHLOKDIWLP+LQEOLFNDXIHLQHQJHVWHLJHUWHQ0DUNHQZHUW$XFKGLH :LUNEH]LHKXQJHQ]X|NRQRPLVFKHQ=LHOJU|HQGHU0DUNHQSROLWLNVLQGVLJQLILNDQWSRVLWLY %HL EHLGHQ $UWLNHOQ LVW ZLH LQ :DUHQJUXSSH , HUQHXW GLH :LUNEH]LHKXQJ GHV ZDKUJH QRPPHQ 0DUNHQZHUWHV DXI GLH LQGLYLGXHOOH .DXILQWHQWLRQ MHZHLOV GHXWOLFK K|KHU VWDQ GDUGLVLHUWH3IDGNRHIIL]LHQWHQ! DOVGLH%H]LHKXQJ]ZLVFKHQ0DUNHQZHUWXQGLQGLYL GXHOOHU 3UHLVEHUHLWVFKDIW VWDQGDUGLVLHUWH 3IDGNRHIIL]LHQWHQ MHZHLOV 'LHV ]HXJW GD YRQ GDVV XQDEKlQJLJ YRP $XVJDQJVQLYHDX GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLH UXQJ LP %HUHLFK GHU DONRKROIUHLHQ (UIULVFKXQJVJHWUlQNH GXUFK HLQH VWHLJHQGH *HVXQG KHLWVSURILOLHUXQJ 0DUNWDQWHLOVDXVZHLWXQJHQ HU]LHOW ZHUGHQ N|QQHQ GLH 3UHLVVSLHOUlXPH MHGRFK EHJUHQ]W DEHU YRUKDQGHQ VLQG (LQHQ hEHUEOLFN EHU GLH %HIXQGODJH GHU HPSLUL VFKHQ +\SRWKHVHQSUIXQJ DQKDQG GHU 8QWHUVXFKXQJVPRGHOOH LQ :DUHQJUXSSH ,, ELHWHW 7DEHOOH)
%HIXQGGHUHPSLULVFKHQ +\SRWKHVHQSUIXQJ
+\SRWKHVHQ .XU] EH]HLFKQXQJ
8UVDFKH:LUNXQJV=XVDPPHQKDQJ
$UWLNHO&
$UWLNHO'
+
-HDXVJHSUlJWHUGLHZDKUJHQRPPHQH*HVXQGKHLWVSUR ILOLHUXQJGHVWRK|KHUGHUZDKUJHQRPPHQH0DUNHQ ZHUWHLQHV$UWLNHOV
%HVWlWLJW
%HVWlWLJW
+
'HUZDKUJHQRPPHQH0DUNHQZHUWHLQHV$UWLNHOVEW HLQHQSRVLWLYHQ(LQIOXVVDXIGLH.DXILQWHQWLRQDXV
%HVWlWLJW
%HVWlWLJW
+
-HVWlUNHUGHUZDKUJHQRPPHQH0DUNHQZHUWEHVWLPP WHU$UWLNHOLVWGHVWRJU|HULVWGLHPD[LPDOH3UHLVEH UHLWVFKDIWIUGLHVHQ$UWLNHO
%HVWlWLJW
%HVWlWLJW
+
-HK|KHUGHUZDKUJHQRPPHQH:HUEHGUXFNIUEH VWLPPWH$UWLNHOLVWGHVWRJHVXQGKHLWVSURILOLHUWHUZLUG GHU$UWLNHOZDKUJHQRPPHQ
%HVWlWLJW
%HVWlWLJW
+
-HK|KHUGLHZDKUJHQRPPHQH'LVWULEXWLRQVLQWHQVLWlW EHVWLPPWHU$UWLNHOLVWGHVWRDXVJHSUlJWHULVWGLH ZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ
1LFKWEHVWlWLJW
%HVWlWLJW
+
-HK|KHUGDV3UHLVQLYHDXEHVWLPPWHU$UWLNHOHLQJH VFKlW]WZLUGGHVWRVWlUNHULVWGLHZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJGLHVHV$UWLNHOV
1LFKWEHVWlWLJW
1LFKWEHVWlWLJW
+
-HK|KHUGDV3UHLVQLYHDXHLQHV$UWLNHOVZDKUJHQRP PHQZLUGGHVWRJHULQJHULVWGLHPD[LPDOH3UHLVEHUHLW VFKDIWGLHVHP$UWLNHOJHJHQEHUDXVJHSUlJW
%HVWlWLJW
%HVWlWLJW
+LQZHLV'LH(UJHEQLVVHGHU3UIXQJGHUH[SHULPHQWHOOHQ+\SRWKHVHQ++VLQGDXV7DEHOOH)HU VLFKWOLFK
7DEHOOH) 'LH]XVDPPHQIDVVHQGH'DUVWHOOXQJGHUNDXVDODQDO\WLVFKHQ8QWHUVXFKXQJVK\SRWKHVHQ VRZLHGHU%HIXQGHGHUHPSLULVFKHQhEHUSUIXQJLQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIUL VFKXQJVJHWUlQNH´ ([NXUV 'LH hEHUSUIXQJ HLQHU DOWHUQDWLYHQ 6SH]LILNDWLRQ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJXQGGHVZDKUJHQRPPHQHQ0DUNHQZHUWHV :LH EHUHLWV LP $EVFKQLWW & DQJHGHXWHW LVW HV EHL (LQVWHOOXQJVNRQVWUXNWHQ GXUFKDXV QLFKW XQEOLFK GDVV GLHVH VRZRKO UHIOH[LY DOV DXFK IRUPDWLY ]X VSH]LIL]LHUHQ VLQG 5H JHOPlLJ VLQG UHIOH[LYH 6SH]LIL]LHUXQJHQ LQ GHU /LWHUDWXU GRNXPHQWLHUW LP QHXHUHQ 6FKULIWWXPZLUGDEHUYHUVWlUNWDXFKEHUGLH1RWZHQGLJNHLWHLQHUIRUPDWLYHQ6SH]LILNDWL RQGLVNXWLHUW,PYRUOLHJHQGHQ8QWHUVXFKXQJVNRQWH[WVWHKHQGLH6SH]LIL]LHUXQJGHVIR 9JO5RVVLWHU 6I 9JO *LHUH:LUW]6FKLONH 6 II .ULWLVFK KLHU]X +RPEXUJ.ODUPDQQ Å,QVJHVDPW ZHLVW GLH NRYDULDQ]HUNOlUHQGH.DXVDODQDO\VHGDVGHXWOLFKK|KHUH/HLVWXQJVSRWHQWLDODXI,KU(LQVDW]VROOWHGHV KDOE GHU 5HJHOIDOO GHU HPSLULVFKHQ EHWULHEVZLUWVFKDIWOLFKHQ )RUVFKXQJ VHLQ´ +RPEXUJ.ODUPDQQ 6
NDOHQ .RQVWUXNWV XQG HLQH 3URJQRVH YRQ 8QWHUVXFKXQJVZHUWHQ ]ZDU QLFKW LP 0LWWHO SXQNWGHQQRFKLVW]XIUDJHQREGLHLQGHU]ZHLWHQ6WXGLHQVWXIH]X7DJHJHI|UGHUWHQ=X VDPPHQKlQJHDXFKGDQQ%HVWDQGKlWWHQZHQQHLQHDOWHUQDWLYH6SH]LILNDWLRQGHUZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ XQG GHV ZDKUJHQRPPHQHQ 0DUNHQZHUWHV DQJH ZDQGW ZRUGHQ ZlUH 6R ZHUGHQ GLH EHLGHQ LP 6WUXNWXUPRGHOO HQWKDOWHQHQ 0HVVPRGHOOH ]ZHLWHU2UGQXQJH[HPSODULVFKIUGLH:DUHQJUXSSH,,ÅDONRKROIUHLH(UIULVFKXQJVJHWUlQ NH´DXIGHU]ZHLWHQ(EHQHIRUPDWLYVSH]LIL]LHUW $OVJHHLJQHWHV6FKlW]YHUIDKUHQIUHLQ6WUXNWXUPRGHOOPLWIRUPDWLYHQ.RQVWUXNWHQ]ZHL WHU 2UGQXQJ ELHWHW VLFK GDV 3DUWLDO/HDVW6TXDUH9HUIDKUHQ DQ 'LHVHV YDULDQ]DQDO\WLVFKH 9HUIDKUHQ ZHOFKHV XUVSUQJOLFK YRQ :ROG YRU GHU (QWZLFNOXQJ NRYDULDQ]DQDO\WLVFKHU 9HUIDKUHQ YRUJHVWHOOW ZXUGH JHUlW LQ GHQ OHW]HQ -DKUHQ DXIJUXQG QHXHUHU 6RIWZDUHHQW ZLFNOXQJHQ YHUPHKUW LQ GHQ )RNXV GHU ZLVVHQVFKDIWOLFKHQ 'LVNXVVLRQ )U GLH YRUOLH JHQGH3UIXQJZLUGGDVJUDSKLVFKXQWHUVWW]WH6RIWZDUHSDNHWÅ6PDUW3/6´YHUZHQGHW =XU%HXUWHLOXQJGHUIRUPDWLYHQ0HVVPRGHOOH]ZHLWHU2UGQXQJGHU3IDGPRGHOOHXQGGHU 6LJQLILNDQ]GHU3IDGNRHIIL]LHQWHQVHLDXIGLHNRQ]HSWLRQHOOHQ$XVIKUXQJHQYRQ'LDPDQ WRSRXORV:LQNOKRIHUYHUZLHVHQ)UGLHYRUOLHJHQGH8QWHUVXFKXQJZHUGHQGLH6LJQLILNDQ] GHU 3IDGNRHIIL]LHQWHQ PLWWHOV %RRWVWUDSSLQJ 5HVDPSOHV )lOOH JHVFKlW]W XQG PLW GHP HLQVHLWLJHQ W:HUW IU JHULFKWHWH +\SRWKHVHQ YHUJOLFKHQ 'LH (UJHEQLVVH IU GLH :DUHQJUXSSH ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´ N|QQHQ $EELOGXQJ ) HQWQRPPHQ ZHUGHQ
9JO:ROG 6I)UHLQHJUXQGOHJHQGH$XVHLQDQGHUVHW]XQJPLWGHU.DXVDOPRGHOOLHUXQJPLW WHOVGHV3DUWLDO/HDVW6TXDUH9HUIDKUHQVYJO+XEHUHWDO 9JO5LQJOH:HQGH:LOO 9JO'LDPDQWRSRXORV:LQNOKRIHU 6II 9JO(IURQ7LEVKLUDQL
Werbedruck Kaufintention 0,196**
Distributionsintensität
0,777***
Gesundheitsprofilierung
0,026
0,662***
Markenwert
0,168**
-0,127
Zahlungsbereitschaft
PLS-Schätzung Artikel C
Preisniveau
* Signifikant auf dem 10%-Niveau ** Signifikant auf dem 5%-Niveau *** Signifikant auf dem 1%-Niveau
Werbedruck Kaufabsicht 0,157** 0,771***
Distributionsintensität
0,232**
Gesundheitsprofilierung
0,669***
Markenwert
0,222** -0,199**
Preisniveau
PLS-Schätzung Artikel D * Signifikant auf dem 10%-Niveau ** Signifikant auf dem 5%-Niveau *** Signifikant auf dem 1%-Niveau
Zahlungsbereitschaft
$EELOGXQJ)'LH6FKlW]HUJHEQLVVHIUGLH3IDGNRHIIL]LHQWHQEHLIRUPDWLYHU6SH]LILNDWLRQGHU0HVVPR GHOOH]ZHLWHU2UGQXQJXQG3/66FKlW]XQJ
'LH8QWHUVXFKXQJVHUJHEQLVVH]XU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´]HL JHQH[HPSODULVFKGDVVVLFKKLQVLFKWOLFKGHU5LFKWXQJGHU:LUNEH]LHKXQJHQDOVRGHU)UD JHREHLQSRVLWLYHURGHUHLQQHJDWLYHU=XVDPPHQKDQJ]ZLVFKHQGHQ(OHPHQWHQGHV8Q WHUVXFKXQJVPRGHOOVEHVWHKWNHLQEHGHXWVDPHU8QWHUVFKLHG]XHLQHP0RGHOOPLWUHIOH[L YHQ .RQVWUXNWHQ H[LVWLHUW (LQ lKQOLFKHV %LOG HUJLEW VLFK DXFK EHL HLQHP 9HUJOHLFK GHU 6LJQLILNDQ]HQ XQG GHU UHODWLYHQ 6WlUNHQ GHU 3IDGNRHIIL]LHQWHQ ]ZLVFKHQ GHU 8UVSUXQJV PRGHOOLHUXQJXQGHLQHUIRUPDWLYHQ6SH]LILNDWLRQGHU0HVVPRGHOOH]ZHLWHU2UGQXQJXQG HLQHU YDULDQ]HUNOlUHQGHQ 0RGHOOVFKlW]XQJ QDFK GHP 3/69HUIDKUHQ (LQHQ hEHUEOLFN EHUGLH3IDGNRHIIL]LHQWHQXQGGLHNRUUHVSRQGLHUHQGHQ6LJQLILNDQ]HQELHWHW7DEHOOH) 8UVSUXQJV VSH]LILNDWLRQ
$OWHUQDWLY VSH]LILNDWLRQ
+\SRWKHVHQ .XU] EH]HLFKQXQJ
8UVDFKH :LUNXQJV]XVDPPHQKDQJ
+
-HDXVJHSUlJWHUGLHZDKUJHQRP PHQH*HVXQGKHLWVSURILOLHUXQJ GHVWRK|KHUGHUZDKUJHQRPPHQH 0DUNHQZHUWHLQHV$UWLNHOV
+
'HUZDKUJHQRPPHQH0DUNHQ ZHUWHLQHV$UWLNHOVEWHLQHQSRVL WLYHQ(LQIOXVVDXIGLH.DXILQWHQ WLRQDXV
+
-HVWlUNHUGHUZDKUJHQRPPHQH 0DUNHQZHUWEHVWLPPWHU$UWLNHO LVWGHVWRJU|HULVWGLHPD[LPDOH 3UHLVEHUHLWVFKDIWIUGLHVHQ$UWL NHO
+
-HK|KHUGHUZDKUJHQRPPHQH :HUEHGUXFNIUEHVWLPPWH$UWL NHOLVWGHVWRJHVXQGKHLWVSURILOLHU WHUZLUGGHU$UWLNHOZDKUJHQRP PHQ
+
-HK|KHUGLHZDKUJHQRPPHQH 'LVWULEXWLRQVLQWHQVLWlWEHVWLPP WHU$UWLNHOLVWGHVWRDXVJHSUlJWHU LVWGLHZDKUJHQRPPHQH*HVXQG KHLWVSURILOLHUXQJ
+
-HK|KHUGDV3UHLVQLYHDXEH VWLPPWHU$UWLNHOHLQJHVFKlW]W ZLUGGHVWRVWlUNHULVWGLHZDKUJH QRPPHQH*HVXQGKHLWVSURILOLH UXQJGLHVHV$UWLNHOV
$UWLNHO&
$UWLNHO' $UWLNHO& $UWLNHO'
6LJQLILNDQ]HQ W
W
W
7DEHOOH) 'LH*HJHQEHUVWHOOXQJGHU6FKlW]HUJHEQLVVHLP%DVLVPRGHOOEHLDOWHUQDWLYHQ6SH]LILNDWL RQHQLQGHU:DUHQJUXSSHÅDONRKROIUHLH(UIULVFKXQJVJHWUlQNH´
,QVRIHUQ NDQQ H[HPSODULVFK DQ GHU :DUHQJUXSSH ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´ JH]HLJW ZHUGHQ GDVV GLH $UW XQG :HLVH GHU 6SH]LILNDWLRQ GHU .RQVWUXNWH ]ZHLWHU 2UG QXQJLP8QWHUVXFKXQJVPRGHOONHLQHQ(LQIOXVVDXI5LFKWXQJXQG6WlUNHGHU3IDGNRHIIL ]LHQWHQ DXIZHLVW 6RPLW LVW DQ]XQHKPHQ GDVV GLH LQ GHU )ROJH ]X HQWZLFNHOQGHQ +DQG OXQJVHPSIHKOXQJHQDXFKEHLHLQHUDOWHUQDWLYHQ0RGHOOVSH]LILNDWLRQ%HVWDQGKlWWHQ
'LH ZDUHQJUXSSHQEHUJUHLIHQGH =XVDPPHQIDVVXQJ GHU 8QWHUVXFKXQJVHU JHEQLVVH
1HEHQGHUSULPlUVWDWLVWLVFKHQ*WH ,QWHUSUHWDWLRQGHUPLWWHOVGHUYRUOLHJHQGHQ8QWHU VXFKXQJJHZRQQHQHQ(UJHEQLVVHVROOLQGLHVHP$EVFKQLWWYRUDOOHPGLHLQKDOWOLFKH'HX WXQJGHU5HVXOWDWHLPGLUHNWHQ9HUJOHLFK]ZLVFKHQDOOHQYLHU]XU8QWHUVXFKXQJKHUDQJH ]RJHQHQ $UWLNHOQ LP 9RUGHUJUXQG VWHKHQ 'DEHL ZLUG VRZRKO DXI GLH 6WlUNH HLQ]HOQHU DXVJHZlKOWHU 3IDGNRHIIL]LHQWHQ GHV 8QWHUVXFKXQJVPRGHOOV DOV DXFK DXI GLH 'LIIHUHQ]HQ GLHVHU3IDGNRHIIL]LHQWHQLP9HUJOHLFK]ZLVFKHQGHQDUWLNHOEH]RJHQHQ8QWHUVXFKXQJVPR GHOOHQ IRNXVVLHUW 'DUDXI DXIEDXHQG ZHUGHQ HLQHUVHLWV +LQZHLVHDXI GLH *HQHUDOLVLHUEDU NHLW GHU JHZRQQHQHQ (UNHQQWQLVVH DEJHOHLWHW DQGHUHUVHLWV LQ 9HUELQGXQJ PLW GHQ (U NHQQWQLVVHQ GHV H[SHULPHQWHOOHQ 'HVLJQV $XVVDJHQ EHU GLH 6WlUNH YRQ XQWHUVXFKWHQ :LUNXQJV]XVDPPHQKlQJHQLQ5HODWLRQ]XU+|KHGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSUR ILOLHUXQJ JHWURIIHQ 'LHV JHVFKLHKW MHZHLOV EH]RJHQ DXI GLH ]ZHLWH XQG GULWWH GHU LQ $E VFKQLWW$SRVWXOLHUWHQ)RUVFKXQJV]LHOVHW]XQJHQ %HLDOOHQYLHU$UWLNHOQILQGHQVLFKUHODWLYKRKHVLJQLILNDQWH3IDGNRHIIL]LHQWHQ]ZLVFKHQGHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGGHPZDKUJHQRPPHQHQ0DUNHQZHUWZDV DXI HLQHQ KRKHQ (LQIOXVV GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXI GHQ 0DU NHQZHUWYRQ/HEHQVPLWWHOQVFKOLHHQOlVVW'LHJOHLFKHUPDHQKRKH:LUNXQJVEH]LHKXQJ ]ZLVFKHQ GHQ JHQDQQWHQ .RQVWUXNWHQ LVW LQVEHVRQGHUH GDQQ DOV EHPHUNHQVZHUW DQ]XVH KHQZHQQDXFKGLH(UJHEQLVVHGHV$EVFKQLWWV)KLHUQRFKPDOVDXIJHJULIIHQZHUGHQLQ GHP GDV $XJHQPHUN DXI HLQHU H[SHULPHQWHOOHQ 8QWHUVXFKXQJ GHU DEVROXWHQ 6WlUNH GHU ZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJOLHJW (V]HLJWVLFKGDVVGLHMHZHLOVPLWHLQHP0LWWHOZHUW0 YRQDOVLPGLUHNWHQ9HUJOHLFK K|KHU JHVXQGKHLWVSURILOLHUWHQ $UWLNHODXFKUHODWLYlKQOLFKH3IDGNRHIIL]LHQWHQ$UWL )UGLH(UJHEQLVVHLQ%H]XJDXIGLHHUVWH)RUVFKXQJV]LHOVHW]XQJGHU2SHUDWLRQDOLVLHUXQJGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJYJO$EVFKQLWW&GHUYRUOLHJHQGHQ8QWHUVXFKXQJ
NHO $ XQG $UWLNHO ' DXIZHLVHQ %HL GHQ DOV ZHQLJHU JHVXQGKHLWVSURILOLHUW HLQJH VFKlW]WHQ$UWLNHOQ%XQG&KLQJHJHQGLHLKUHUVHLWVDXFKGHXWOLFKH8QWHUVFKLHGHKLQVLFKW OLFK GHU 0LWWHOZHUWH GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXIZHLVHQ 0 $UWLNHO% XQG0 $UWLNHO& VLQGGLHVH8QWHUVFKLHGHDXFKLQGHQMHZHLOLJHQ3IDG NRHIIL]LHQWHQ]ZLVFKHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGGHPZDKUJH QRPPHQHQ0DUNHQZHUWIHVWVWHOOEDU$UWLNHO% XQG$UWLNHO& 6ROlVVWVLFKDXI%DVLVGLHVHU8QWHUVXFKXQJ]ZHLHUOHLIHVWVWHOOHQ(UVWHQV]HLJWVLFKXQDE KlQJLJYRP1LYHDXGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJHLQVLJQLILNDQWHUSRVL WLYHU(LQIOXVVDXIGHQZDKUJHQRPPHQHQ0DUNHQZHUWEHLZHQLJHUJHVXQGKHLWVSURILOLHUWHQ $UWLNHOQVFKHLQWGHU(IIHNWVWlUNHU]XVHLQ0LWDQGHUHQ:RUWHQ,QVEHVRQGHUHEHLDOVSUL PD IDFLH ZHQLJ JHVXQGKHLWVSURILOLHUW DQJHVHKHQHQ $UWLNHOQ YHUPDJ VLFK HLQH 1HXRULHQWLH UXQJ DXI GHU 3URILOLHUXQJVGLPHQVLRQ Å*HVXQGKHLW´ SRVLWLY DXI GHQ ZDKUJHQRPPHQHQ 0DUNHQZHUW XQG GDPLW DXI GLH YRU|NRQRPLVFKHQ =LHOJU|HQ GHV 0DUNHQPDQDJHPHQWV DXVZLUNHQ =ZHLWHQV OlVVW VLFK DXI %DVLV GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ YHUPXWHQ GDVV GLHVH SRVLWLYH $XVZLUNXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ XPVR VWlUNHU LVW MH JHULQJHU GDV $XVJDQJVQLYHDX GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LVW gNRQRPLVFKDXVJHGUFNWVFKHLQWGHU*UHQ]QXW]HQYRQPDUNHQSROLWLVFKHQ%HPKXQJHQ KLQ ]X HLQHU ]XVlW]OLFKHQ *HVXQGKHLWVSURILOLHUXQJ EHL HLQHU QLHGULJHQ $XVJDQJVODJH EH VRQGHUVJUR'LHVJLOW²VR]HLJHQGLH(UJHEQLVVHGHUYRUOLHJHQGHQ6WXGLH²VRZRKOEHL DONRKROIUHLHQ(UIULVFKXQJVJHWUlQNHQDOVDXFKLP0RONHUHLSURGXNWH6HJPHQW $XVJHKHQGYRPZDKUJHQRPPHQHQ0DUNHQZHUW]HLJWVLFKDUWLNHOXQDEKlQJLJPLW3IDGNR HIIL]LHQWHQ GXUFKJlQJLJ JU|HU DOV HLQH GHXWOLFKH SRVLWLYH %HHLQIOXVVXQJ GHU +DQG OXQJVLQWHQWLRQJHJHQEHUHLQHP$UWLNHONDXI'LHVH:LUNXQJLVWEHLDOOHQYLHUXQWHUVXFKWHQ $UWLNHOQ GHXWOLFK K|KHU DOV GLH NRUUHVSRQGLHUHQGH :LUNXQJ GHV ZDKUJHQRPPHQHQ 0DU NHQZHUWHV DXI GLH 3UHLVEHUHLWVFKDIW GHU .RQVXPHQWHQ GLH MHZHLOLJHQ 3IDGNRHIIL]LHQWHQ OLHJHQEHLGHQ0RONHUHLSURGXNWHQEHL$UWLNHO$ XQG$UWLNHO% 0|JOLFKHUZHLVH]HLJHQVLFKKLHU:DUHQJUXSSHQXQG$UWLNHOHIIHNWHZHLOHLQ=XVDPPHQ KDQJ]XU+|KHGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJZLHEHLGHQ0RONHUHLSUR GXNWHQ LQ GHU 9HUJOHLFKVZDUHQJUXSSH GHU DONRKROIUHLHQ (UIULVFKXQJVJHWUlQNH QLFKW IHVW VWHOOEDU LVW 'RUW OLHJHQ GLH 3IDGNRHIIL]LHQWHQ EHL$UWLNHO & XQG $UWLNHO ' ² XQDEKlQJLJ YRP 1LYHDX GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ ² MHZHLOV EHL (V OlVVW VLFKKLHUDOVRIHVWKDOWHQGDVVVLFKLQ%H]XJDXIDOOHLP5DKPHQGHUYRUOLHJHQGHQ6WXGLH XQWHUVXFKWHQ$UWLNHOMHZHLOVSRVLWLYH=XVDPPHQKlQJH]ZLVFKHQZDKUJHQRPPHQHP0DU NHQZHUWXQG.DXILQWHQWLRQVRZLH3UHLVEHUHLWVFKDIW]HLJHQ²ZREHLGHU(LQIOXVVGHV0DU NHQZHUWHVDXIGLH.DXILQWHQWLRQMHZHLOVK|KHU LVWDOVGHUHQWVSUHFKHQGH(LQIOXVVDXIGLH
LQGLYLGXHOOH3UHLVEHUHLWVFKDIWHLQH(UNOlUXQJ GHUXQWHUVFKLHGOLFKHQ +|KHLQGHQ:DUHQ JUXSSHQHUVFKHLQWVFKZLHULJ (VOlVVWVLFK ]XGHPLP%HUHLFKGHU 'HWHUPLQDQWHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWV SURILOLHUXQJGHUHQ8QWHUVXFKXQJGLHGULWWH)RUVFKXQJV]LHOVHW]XQJLVW IHVWVWHOOHQGDVVGHU =XVDPPHQKDQJ]ZLVFKHQGHPZDKUJHQRPPHQHQ3UHLVQLYHDXXQGGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJGXUFKDXVWKHRULHXQG K\SRWKHVHQNRQIRUPGXUFKJlQJLJQHJDWLY LVW-HGRFK]HLJWVLFKJOHLFKZRKODXFKGDVVGLHVHU=XVDPPHQKDQJEHLGHQMHQLJHQ$UWLNHOQ PLWHLQHPK|KHUHQ1LYHDXGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJPLW3IDGNRHI IL]LHQWHQ YRQ $UWLNHO $ XQG $UWLNHO ' GHXWOLFKVWlUNHU DXVJHSUlJW ]X VHLQ VFKHLQWDOVEHLGHQZHQLJHUJHVXQGKHLWVSURILOLHUWHLQJHVFKlW]WHQ$UWLNHOQ% XQG& $XI %DVLV GHU GLHVHU 8QWHUVXFKXQJ ]XJUXQGH OLHJHQGHQ 6WLFKSUREH OlVVW VLFK QLFKW PLW KLQUHLFKHQGHU 6LFKHUKHLW IHVWVWHOOHQ RE GLHVH QHJDWLYHQ (IIHNWH LQ GHU *UXQGJHVDPWKHLW HEHQIDOOV DXIWUlWHQ (V LVW DOVR ]X NRQVWDWLHUHQ GDVV EHL JHVXQGKHLWVSURILOLHUWHU ZDKUJH QRPPHQHQ $UWLNHOQ YRQ HLQHP GHXWOLFK VWlUNHUHQ QHJDWLYHQ =XVDPPHQKDQJ ]ZLVFKHQ ZDKUJHQRPPHQHP 3UHLVQLYHDX GHU $UWLNHO LQ 5HODWLRQ ]X 9HUJOHLFKVDUWLNHOQ DXV]XJHKHQ LVWDOVEHLZHQLJHUJHVXQGKHLWVSURILOLHUWZDKUJHQRPPHQHQ$UWLNHOQ 'LHVH(UNHQQWQLVZLUGDXFKGXUFKGHQH[SRVWLQGLH8QWHUVXFKXQJDXIJHQRPPHQHQGL UHNWHQ=XVDPPHQKDQJ]ZLVFKHQZDKUJHQRPPHQHP3UHLVQLYHDXXQGLQGLYLGXHOOHU3UHLV EHUHLWVFKDIW EHVWlWLJW 'LHVHU =XVDPPHQKDQJ ]HLJW VLFK IU GLH JHVXQGKHLWVSURILOLHUWHU ZDKUJHQRPPHQHQ $UWLNHO VWlUNHU DOV IU GLH HQWVSUHFKHQGHQ 9HUJOHLFKVDUWLNHO LQ GHU MH ZHLOLJHQ :DUHQJUXSSH ,QWHUHVVDQW LVW KLHUEHL LQVEHVRQGHUH HLQH ZDUHQJUXSSHQEHUJUHL IHQGH%HWUDFKWXQJZHLOGLH'LIIHUHQ]GHUEHWUHIIHQGHQ3IDGNRHIIL]LHQWHQEHLGHQ0RONH UHLSURGXNWHQ$UWLNHO% JHJHQEHU$UWLNHO$ GHXWOLFKJU|HUDXVIlOOWDOVEHL GHQ DONRKROIUHLHQ (UIULVFKXQJVJHWUlQNHQ ZR GDV 8QWHUVXFKXQJVPRGHOO ]X $UWLNHO & HL QHQ 3IDGNRHIIL]LHQWHQ YRQ GDVMHQLJH YRQ $UWLNHO ' HLQHQ 3IDGNRHIIL]LHQWHQ YRQ DXIZHLVW'LHVGHXWHWDXIJHZLVVH:DUHQJUXSSHQVSH]LILNDKLQGLHQXQHLQHUQlKHUHQ 8QWHUVXFKXQJ]XJlQJOLFKVLQG 'LHVH)HVWVWHOOXQJOlVVWVLFKDXFKIUGLHEULJHQXQWHUVXFKWHQP|JOLFKHQ(LQIOXVVIDNWR UHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDXI(EHQHGHU0DUNHWLQJPDQDKPHQ WUHIIHQ$EJHVHKHQYRQ$UWLNHO&EHLGHPHLQ(LQIOXVVGHUZDKUJHQRPPHQHQ'LVWULEXWL RQVGLFKWHDXIGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJPDQJHOVDXVUHLFKHQGHU6LJQL ILNDQ] QLFKW QDFK]XZHLVHQ LVW VLQG DOOH 3IDGNRHIIL]LHQWHQ WKHRULH XQG K\SRWKHVHQNRQ IRUPSRVLWLY%HLHLQHPDUWLNHOXQGZDUHQJUXSSHQEHUJUHLIHQGHQ9HUJOHLFKGHU3IDGNR
HIIL]LHQWHQ ]HLJW VLFK MHGRFK HLQ GHXWOLFK KHWHURJHQHUHV %LOG ZHOFKHV GHU IROJHQGHQ 7DEHOOH)]XHQWQHKPHQLVW
:HUEXQJ L *HVXQGKHLWVSURILOLHUXQJ 'LVWULEXWLRQ L *HVXQGKHLWVSURILOLHUXQJ 3UHLV L *HVXQGKHLWVSURILOLHUXQJ
0RONHUHL SURGXNWH
$ONRKROIUHLH (UIULVFKXQJV JHWUlQNH
*HVXQGKHLWVSURILOLHUXQJ KRFK
$UWLNHO%
$UWLNHO&
*HVXQGKHLWVSURILOLHUXQJ QLHGULJ
$UWLNHO$
$UWLNHO'
*HVXQGKHLWVSURILOLHUXQJ KRFK
$UWLNHO%
$UWLNHO&
*HVXQGKHLWVSURILOLHUXQJ QLHGULJ
$UWLNHO$
$UWLNHO'
*HVXQGKHLWVSURILOLHUXQJ KRFK
$UWLNHO%
$UWLNHO&
*HVXQGKHLWVSURILOLHUXQJ QLHGULJ
$UWLNHO$
$UWLNHO'
7DEHOOH) hEHUEOLFNEHUGLH3IDGNRHIIL]LHQWHQXQGLKUHNRUUHVSRQGLHUHQGHQ6LJQLILNDQ]HQEHLGHQ XQWHUVXFKWHQ'HWHUPLQDQWHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ
* $XVGHQ8QWHUVXFKXQJVEHIXQGHQUHVXOWLHUHQGH.RQVHTXHQ]HQ
'LH*UHQ]HQGHUYRUOLHJHQGHQHPSLULVFKHQ8QWHUVXFKXQJXQGGLHMHZHLOLJHQ $QVDW]SXQNWHIUNQIWLJH)RUVFKXQJVDNWLYLWlWHQ
8PGLH5HLFKZHLWHGHUKLHUYRUJHOHJWHQ8QWHUVXFKXQJUHDOLVWLVFKDEVFKlW]HQ]XN|QQHQ HUVFKHLQW HV DQJHEUDFKW GH]LGLHUW DXI GLH *UHQ]HQ HLQ]XJHKHQ GHQHQ GLH ,QWHUSUHWDWLRQ GHU GDUJHVWHOOWHQ (UJHEQLVVH XQG GLH QRFK DE]XOHLWHQGHQ ,PSOLNDWLRQHQ IU )RUVFKXQJ XQG 8QWHUQHKPHQVSUD[LV XQWHUZRUIHQ VLQG 1XU ZHQQ GLHVH *UHQ]HQ DXVGUFNOLFK WKH PDWLVLHUWZHUGHQN|QQHQGLH8QWHUVXFKXQJVHUJHEQLVVHDGlTXDWHLQJHRUGQHWZHUGHQZHLO VLHVRHLQHUXPIDVVHQGHQNULWLVFKHQ5HIOH[LRQ]XJlQJOLFKZHUGHQXQGVLFKGDGXUFKX8 NRQNUHWHUH$QVDW]SXQNHIU]XNQIWLJH6WXGLHQLPEHDUEHLWHWHQ)RUVFKXQJVIHOGHUJHEHQ GLHHLQHQXPVRJU|HUHQ(UNHQQWQLVIRUWVFKULWWHUP|JOLFKHQ 'DEHLVROOKLHU]XQlFKVWQRFKPDOV²ZHLOGLHVEHGHXWXQJVYROOIUGHQJHVDPWHQ$EVFKQLWW LVW²XQWHUVWULFKHQZHUGHQGDVVHVVLFKEHLGHQLQGLHVHU8QWHUVXFKXQJ]XQlFKVWWKHRUH WLVFKE]ZDXI%DVLVYRUOLHJHQGHUHPSLULVFKHU(UJHEQLVVHLQDQGHUHQ8QWHUVXFKXQJHQXQ WHUPDXHUWHQXQGGDQQHPSLULVFKJHVWW]WHQ(UNHQQWQLVVHQGXUFKDXVXPIDOOLEOHV:LVVHQ KDQGHOW'LHVEHGHXWHWGDVVDOOHKLHUJHZRQQHQHQ(UJHEQLVVHXQWHUGHPJUXQGVlW]OLFKHQ 9RUEHKDOW VWHKHQ VLFK XQWHU JHZLVVHQ DQGHUHQ %HGLQJXQJHQ DXFK DQGHUV GDUVWHOOHQ ]X N|QQHQ ,P9HUODXIGHUYRUOLHJHQGHQ$UEHLWZXUGHQDQYLHOHQ6WHOOHQ²LQVEHVRQGHUHLQGHQ$E VFKQLWWHQGLHVLFKPLWGHP$XIEDXGHUHPSLULVFKHQ8QWHUVXFKXQJHQDXVHLQDQGHUJHVHW]W KDEHQ²EHUHLWVP|JOLFKHMHZHLOVLQKlUHQWH1DFKWHLOHGHUJHZlKOWHQ9RUJHKHQVZHLVH]% ]XU'DWHQJHZLQQXQJ JHQDQQWXQGLP+LQEOLFNDXIGLH(UUHLFKXQJGHU=LHOVHW]XQJHQGHU $UEHLWEHZHUWHW'DKHUVROOLQGLHVHP$EVFKQLWWQXUDXIJUXQGVlW]OLFKHXQGQLFKWEHUHLWV DQDQGHUHU6WHOOHEHUHLWVWKHPDWLVLHUWHPHWKRGLVFKH/LPLWDWLRQHQHLQJHJDQJHQZHUGHQ $OVLQGLHVHP6LQQHZLFKWLJVWHU3XQNWEHGDUIGHUNULWLVFKHQ5HIOHNWLRQGDVVVLFKGLH(U JHEQLVVHGHUYRUOLHJHQGHQ8QWHUVXFKXQJDXIGLH$QDO\VHYRQLQVJHVDPWYLHUDXVJHZlKOWHQ $UWLNHOQLQ]ZHL:DUHQJUXSSHQEH]LHKHQ'LHJHZRQQHQHQ(UNHQQWQLVVHVLQGDOVRYRU DOOHP DXV HYROXWRULVFKHU 6LFKW ]X EHWUDFKWHQ XQG JHQHUHOOH $XVVDJHQ VLQG PLW 9RUVLFKW ELV]XPHPSLULVFKHQ%HZHLVHLQHUJHJHQWHLOLJHQ$XVVDJH]XIRUPXOLHUHQ (VLVWMHGRFKSRVLWLY]XEHZHUWHQGDVVVLFKGLH(UJHEQLVVHGHU9RUVWXGLHDXIZHLWHUHYLHU$UWLNHOVWW ]HQLQGHUYRUOLHJHQGHQ6WXGLHDOVRLQVJHVDPWDFKW$UWLNHOXQWHUVXFKWZHUGHQ
(LQH ZHLWHUH ZLFKWLJH 5HVWULNWLRQ GLHVHU $UEHLW GLH KLQVLFKWOLFK GHU $QZHQGEDUNHLW GHU JHZRQQHQHQ (UNHQQWQLVVH DXI SUDNWLVFKH )UDJHVWHOOXQJHQ EHGDFKW ZHUGHQ PXVV LVW GLH 7DWVDFKHGDVVHVLP5DKPHQGHUHPSLULVFKHQ8QWHUVXFKXQJQLFKWP|JOLFKZDUPLWGHQ MHZHLOLJHQ8QWHUVXFKXQJVSHUVRQHQHLQHQWVSUHFKHQGHV0HQJHQJHUVWGHUYRQGHQXQWHU VXFKWHQ$UWLNHOQJHNDXIWHQ0HQJHQ ]XYHUNQSIHQ'LHVHU8PVWDQGLVWGHVKDOEEHGHXW VDP ZHLO HV LP =XVDPPHQKDQJ PLW GHU XQWHUVXFKWHQ 3UHLVEHUHLWVFKDIW IU JHVXQGKHLWV SURILOLHUWH$UWLNHOLQGHU3UD[LVUHOHYDQWLVWREHVEHLHLQHUJHJHQEHUHLQHPZHQLJHUJH VXQGKHLWVSURILOLHUWHQ $UWLNHO NRQVWDQWHQ 3UHLVEHUHLWVFKDIW EHL HLQHP VWlUNHU JHVXQGKHLWV SURILOLHUWHQ $UWLNHO ]X HLQHU 0HQJHQDXVZHLWXQJ RGHU UHGXNWLRQ GXUFK 6XEVWLWXWLRQVHQW VFKHLGXQJHQNlPH'LHVZlUHEHLNXU]OHELJHQ.RQVXPJWHUQQLFKWXQEOLFKXQGP|JOL FKHUZHLVHDXFKLQGHQXQWHUVXFKWHQ:DUHQJUXSSHQGHU)DOO (LQ ZHLWHUHU PHQJHQEH]RJHQHU (IIHNW ZlUH SULQ]LSLHOO GHQNEDU %HL HLQHU YHUlQGHUWHQ 3UHLVEHUHLWVFKDIW GHU .RQVXPHQWHQ VLQNW GLH LQ HLQHP EHVWLPPWHQ =HLWUDXP JHNDXIWH 0HQJH HLQHV JHVXQGKHLWVSURILOLHUWHQ $UWLNHOV 'LHV N|QQWH LQ $QEHWUDFKW GHU (UJHEQLVVH GHUYRUOLHJHQGHQ6WXGLH]%LQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´GHU)DOOVHLQ 'LH %HUFNVLFKWLJXQJ XQG 0RGHOOLHUXQJ GLHVHU 0HQJHQHIIHNWH JHOLQJW MHGRFK QXU XQWHU ]ZHL 9RUDXVVHW]XQJHQ 'LH HUVWH 9RUDXVVHW]XQJ ZlUH HLQH XPIDQJUHLFKH 8QWHUVXFKXQJ GHU 6XEVWLWXWLRQVEH]LHKXQJHQ ]ZLVFKHQ /HEHQVPLWWHOQ DXV .RQVXPHQWHQVLFKW (LQH VRO FKH 8QWHUVXFKXQJ VROOWH XP GHP JUXQGVlW]OLFK YHUKDOWHQVZLVVHQVFKDIWOLFK IXQGLHUWHQ 8QWHUVXFKXQJVPRGHOO GHU YRUOLHJHQGHQ $UEHLW ]X HQWVSUHFKHQ DP .RQ]HSW GHV %H GDUIVPDUNWHVQDFK$UQGWXQG$EERWWRULHQWLHUWVHLQZHOFKHVQDFKZLHYRUDXFKLPGHXW VFKHQXQGHXURSlLVFKHQ.DUWHOOUHFKW]XU0DUNWDEJUHQ]XQJDQJHZHQGHWZLUG'LHVLPS OL]LHUWMHGRFKDXFKHLQHHQWVSUHFKHQGQRFKXPIDQJUHLFKHUHHPSLULVFKH9RUXQWHUVXFKXQJ GLHLP5DKPHQGHUYRUOLHJHQGHQ6WXGLHYHUVWlQGOLFKHUZHLVHZHQLJGDUVWHOOEDUVFKLHQ1H EHQGHQIRUVFKXQJV|NRQRPLVFKHQ*UHQ]HQHLQHUZHLWHUHQ6WXGLHQVWXIHVW|WGHU(LQEH ]XJHLQHV*HVDPWPDUNWJHIJHV²DEJHJUHQ]WQDFKGHP%HGDUIVPDUNWSULQ]LS²DEHUDXFK VSlWHVWHQVLP5DKPHQGHU+DXSWVWXGLHDQXQEHUZLQGOLFKH+UGHQ6RKlWWHQGLH8QWHU VXFKXQJVSHUVRQHQ VWDWW IU MHZHLOV ]ZHL $UWLNHO SUR :DUHQJUXSSH LKUH %HZHUWXQJHQ IU HLQHZHLWDXVJU|HUH=DKOYRQ$UWLNHOQDEJHEHQPVVHQ%HLGHU]XU(UUHLFKXQJGHU8Q WHUVXFKXQJV]LHOH QRWZHQGLJHUZHLVH UHFKW KRKHQ ,WHP]DKO KlWWH GLHV ]X QXUPHKU VFKZHU
9JO:HUWHQEURFK 9JO(QJHO 6II
]XPXWEDUHQ)UDJHERJHQOlQJHQJHIKUWXQGYHUPXWOLFKGLH%HDQWZRUWXQJVTXDOLWlWGHXWOLFK QHJDWLYEHHLQIOXVVWZHVKDOEGDUDXIYHU]LFKWHWZXUGH 'LH ]ZHLWH 9RUDXVVHW]XQJ IU GLH 0RGHOOLHUXQJ XQG (LQEH]LHKXQJ YRQ 0HQJHQHIIHNWHQ LVWGLH9HUIJEDUNHLWXQGGLUHNWH9HUNQSIEDUNHLWYRQHQWVSUHFKHQGHQ(LQNDXIVGDWHQZLH VLHEOLFKHUZHLVHLQ3DQHO8QWHUVXFKXQJHQHUKREHQZHUGHQPLWGHQ%HIUDJWHQGLHVHU6WX GLH0LW+LOIHYRQ3DQHOGDWHQDXI.RQVXPHQWHQ(EHQHGLHGDVUHDOLWHUJH]HLJWH.DXIYHU KDOWHQDEELOGHQN|QQHQHLQ]HOQHQ3HUVRQHQE]Z+DXVKDOWHQGXUFKLQGHU5HJHOWHFKQR ORJLVFK XQWHUVWW]WH (UKHEXQJHQ DP3RLQW RI 3XUFKDVH EHVWLPPWH $UWLNHONlXIH ]XJHRUGQHW ZHUGHQ,P5DKPHQGHUYRUOLHJHQGHQ8QWHUVXFKXQJZDUHVQLFKWP|JOLFKGHQ8QWHUVX FKXQJVSHUVRQHQ HQWVSUHFKHQGH 3DQHO'DWHQ JHJHQEHU]XVWHOOHQ 'LHVH ZDUHQ QLFKW ]X EHVFKDIIHQ ZHLO GLH LQ GHU YRUOLHJHQGHQ 6WXGLH %HIUDJWHQ NHLQH 8QWHUVXFKXQJVSHUVRQHQ HLQHUEHVWHKHQGHQ3DQHO8QWHUVXFKXQJZDUHQXQGGLH3ODW]LHUXQJGHVXPIDQJUHLFKHQ)UD JHNDWDORJVLP5DKPHQHLQHU3DQHO8QWHUVXFKXQJQLFKWP|JOLFKLVW 1HEHQGHUREHQ EHUHLWVUHIOHNWLHUWHQ3UREOHPDWLNGHU:DKOHLQHUDGlTXDWHQ$Q]DKOYRQ ]X EHZHUWHQGHQ $UWLNHOQ VLQG MHGRFK DXFK LQQHUKDOE GHV JHZlKOWHQ TXDQWLWDWLYHQ 5DK PHQVYRQOHGLJOLFKYLHU$UWLNHOQGLH $XVZDKONULWHULHQMHQHUYLHU$UWLNHOGHU +DXSWVWXGLH QRFKHLQPDONULWLVFK]XZUGLJHQ'LH(UJHEQLVVHKDEHQJH]HLJWGDVV]XPLQGHVWEHLGHU :DKOGHU]ZHL$UWLNHOLQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´EHLHLQHUHQWVSUHFKHQGHQ 5HSOLNDWLRQVVWXGLH $QSDVVXQJVEHGDUI EHVWHKW 6R ]HLJHQ GLH (UJHEQLVVH GHV )HOGH[SHUL PHQWVLQGLHVHU:DUHQJUXSSHGDVVVLFKGHU*UDGGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSUR ILOLHUXQJLQYHUV]XU$XVJDQJVYHUPXWXQJGDUVWHOOWXQGVLFKVRGHUDSULRULJHVXQGKHLWVSUR ILOLHUWHUH$UWLNHOLP/LFKWHGHUHPSLULVFKHQ%HIXQGHDOVGHIDFWRZHQLJHUJHVXQGKHLWVSUR ILOLHUW DXV .RQVXPHQWHQVLFKW HQWSXSSW 'LH 3UHLVEHUHLWVFKDIW GHU .RQVXPHQWHQ HUZHLVW VLFK JHJHQEHU GHP ZHQLJHU JHVXQGKHLWVSURILOLHUWHQ $UWLNHO DOV GHXWOLFK K|KHU 'LHV LVW HLQVHKUZLFKWLJHV(UJHEQLVGHUYRUOLHJHQGHQ6WXGLHXQGZLUIWHLQ6FKODJOLFKWDXIP|JOL FKHUZHLVH D SULRUL LQ GHU ZLVVHQVFKDIWOLFKHQ )RUVFKXQJQLFKW EHUFNVLFKWLJWH LQWHUPLWWLH UHQGH9DULDEOHQZHOFKHLQ)ROJHXQWHUVXFKXQJHQV\VWHPDWLVFKEHWUDFKWHWZHUGHQVROOWHQ (LQGHWDLOOLHUWHU9HUJOHLFKGHU$UWLNHORIIHQEDUWIHUQHUHLQH]%LP+LQEOLFNDXIGLHGDU JHERWHQH*HVFKPDFNVULFKWXQJXQGGLH'DUUHLFKXQJVIRUP ZHVHQWOLFKK|KHUH.RQJUXHQ] GHU $UWLNHO LQ GHU :DUHQJUXSSH ÅDONRKROIUHLH (UIULVFKXQJVJHWUlQNH´ 9LHOOHLFKW DXFK GHVKDOEN|QQWHHVLQGHU:DUHQJUXSSHÅ0RONHUHLSURGXNWH´LQNQIWLJHQ6WXGLHQEHLHLQHU VWULQJHQWHUHQ$UWLNHODXVZDKO]XHLQHPNRQVLVWHQWHUHQ$QWZRUWYHUKDOWHQNRPPHQ (VVHLQRFKPDOVGDUDXIKLQJHZLHVHQGDVVGLHVH$XVIKUXQJHQZHGHUGLH9RUJHKHQVZHLVHGHUYRUOLH JHQGHQ $UEHLW UHFKWIHUWLJHQ QRFK GLH JHQDQQWHQ 3UREOHPEHUHLFKH LQ XQ]XOlVVLJHU :HLVH UHODWLYLHUHQ VROOHQ VRQGHUQ QDFKIROJHQGHQ 8QWHUVXFKXQJHQ GXUFK JHQDXH %HQHQQXQJ GHU %HZHJJUQGH HLQHQ
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lQNH²GLHV]HLJHQGLH8QWHUVXFKXQJVHUJHEQLVVH² DXFKGXUFKDXVDQJHPHVVHQ]XVHLQZHLOGLH$XVJDQJVYHUPXWXQJKLQVLFKWOLFKGHUZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJEHVWlWLJWZHUGHQNRQQWH ,P 6HJPHQW GHU 0RONHUHLSURGXNWH N|QQWH MHGRFK QLFKW QXU GHU =XFNHUJHKDOW GHU XQWHUVXFKWHQ $UWLNHO HLQ ZLFKWLJHU )DNWRU ]XU 'LIIHUHQ]LHUXQJ KLQVLFKWOLFK GHU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ VHLQ 'HQNEDU ZlUH LQ )ROJHXQWHUVXFKXQJHQ HLQH $XVJDQJVK\SRWKHVHEH]JOLFKGHV)HWWJHKDOWVGHU]XYHUJOHLFKHQGHQ$UWLNHOLQGLHVHU:D UHQJUXSSH+LHUVFKHLQWHVDQJHEUDFKW]XXQWHUVXFKHQLQZLHIHUQGLH)DNWRUHQGHV.RQ VWUXNWVÅZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJ´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|QQWH DOVR JDQ] SULQ]LSLHOO HLQJHZDQGW ZHUGHQ GDVV HLQ $XVHLQDQGHUIDOOHQ YRQ GHU LP 5DKPHQ GHU %HIUDJXQJ JHlXHUWHQ 9HUKDOWHQVDEVLFKW XQG GHP UHDOLWHU IHVW]XVWHOOHQGHQ 9HUKDOWHQ QLFKW DXVJHVFKORVVHQ ZHUGHQ N|QQH 'LHVHV LVW JUXQGVlW]OLFK DOOHQ QLFKW EHREDFKWHQGHQ%HIUDJXQJHQLQKlUHQW$XFKEHL%HREDFKWXQJHQLP5DKPHQH[SHULPHQ WHOOHU 6HWWLQJV LVW GLH IRUPDO NRUUHNWH %HREDFKWXQJ YRQ $UWHIDNWHQ DOVR EHREDFKWEDUHQ XQG EHREDFKWHWHQ 9HUKDOWHQVZHLVHQ GLH GHP ([SHULPHQW VHOEVW JHVFKXOGHW VLQG QLFKW DXV]XVFKOLHHQ XQG LP +LQEOLFN DXI GLH H[WHUQH 9DOLGLWlW YRQ %HREDFKWXQJV ([SHULPHQWHQPLWXQWHUDOVNULWLVFKHLQ]XVWXIHQ=XGHPVWDQGLP0LWWHOSXQNWGHU]ZHLWHQ
P|JOLFKVWJURHQZLVVHQVFKDIWOLFKHQ)RUWVFKULWWHUP|JOLFKHQVROOHQ Å2EDEHU:QVFKH(IIHNWHHU]HXJHQLVWNHLQHVHKU]ZHFNPlLJH)UDJHVWHOOXQJZHLOGD]ZLVFKHQYLHO IlOWLJHDQGHUH:LUNXQJVHEHQHQYHUODXIHQ´'LOOHU 6
6WXGLHQVWXIHGLH8QWHUVXFKXQJHLQHV6250RGHOOVGHVVHQ2UJDQLVP*U|HQHLQHUGLUHN WHQ%HREDFKWXQJQLFKW]XJlQJOLFKVLQGXQGHLQH%HIUDJXQJQRWZHQGLJPDFKHQ ,Q %H]XJ DXI GLH YRUOLHJHQGH 6WXGLH EHGLQJW GLH :DKO GHU $XVZHUWXQJVPHWKRGLN HLQHQ UHFKWKRKHQ6WLFKSUREHQXPIDQJGHULQ%HREDFKWXQJVVWXGLHQQLFKWLQHLQHPIRUVFKXQJV |NRQRPLVFK YHUWUHWEDUHQ 5DKPHQ HUUHLFKEDU JHZHVHQ ZlUH 'DKHU ZDU HLQH QLFKW EHR EDFKWHQGH(UKHEXQJVPHWKRGH²WURW]GHUJHQDQQWHQ(LQVFKUlQNXQJHQ²OHW]WOLFKXQXP JlQJOLFK )HUQHU ZlUH LQ )ROJHXQWHUVXFKXQJHQ DXV PHWKRGLVFKHU 6LFKW GLH $QQDKPH HLQHV DOOJH PHLQHQOLQHDUHQ0RGHOOV]XKLQWHUIUDJHQGHP]XIROJHVLFKDEKlQJLJH9DULDEOHQDOV/LQH DUNRPELQDWLRQDXVXQDEKlQJLJHQ9DULDEOHQXQG%HUFNVLFKWLJXQJHLQHU)HKOHUNRPSRQHQ WHHUJHEHQXQGGDVVRPLWDXVVFKOLHOLFKDXIOLQHDUH:LUNXQJV]XVDPPHQKlQJHIRNXVVLHUW 0RGHULHUHQGH (IIHNWH XQG 6FKZHOOHQZHUWH ZXUGHQ DXIJUXQG GHU EHUHLWV EHVWHKHQGHQ .RPSOH[LWlW GHU 8QWHUVXFKXQJ QLFKW EHUFNVLFKWLJW 'LH .RQVWUXNWLRQ GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ PDFKW HV MHGRFK YHUJOHLFKVZHLVH HLQIDFK P|JOLFK 5HSOLNDWLRQVVWXGLHQ DOV 0HKUJUXSSHQ.DXVDODQDO\VHQ DXI %DVLV GHU KLHU JHZRQQHQHQ (UNHQQWQLVVH DXI]XVHW]HQ GXUFKGLH GHU(LQIOXVV PRGHULHUHQGHU 9DULDEOHQDXIGLH=XVDPPHQKlQJHLPKLHUXQWHU VXFKWHQ 0RGHOO JH]HLJW ZHUGHQ NDQQ (QWVSUHFKHQGH $QVDW]SXQNWH EHL GHU $UWLNHODXV ZDKOZXUGHQREHQEHUHLWVWKHPDWLVLHUW(LQH$QNQSIXQJDQGLHYRUOLHJHQGH$UEHLWZLUG XDGXUFKGLH6SH]LILNDWLRQGHV]HQWUDOHQ.RQVWUXNWVGHUYRUOLHJHQGHQ$UEHLWGHUZDKU JHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJDOV.RQVWUXNW]ZHLWHU2UGQXQJHUOHLFKWHUW 7URW]GHU(UJlQ]XQJGHUUHLQHQNDXVDODQDO\WLVFKHQ9RUJHKHQVZHLVHXPHLQH[SHULPHQWHO OHV9RUJHKHQVWHOOWGLHYRUOLHJHQGH8QWHUVXFKXQJHLQHQ9HUJOHLFKVWDWLVFKHU0RGHOOHDQ KDQG HLQHU 4XHUVFKQLWWVDQDO\VH GDU 'LHV YHUGLHQW LQ )ROJHXQWHUVXFKXQJHQ %HDFKWXQJ ZHLOLQYLHOHQEHWULHEVZLUWVFKDIWOLFKHQ=XVDPPHQKlQJHQLQVEHVRQGHUHZLHLPYRUOLHJHQ GHQ)DOOLQGHU%H]LHKXQJ]ZLVFKHQPDUNHQSROLWLVFKHQ,QVWUXPHQWDOYDULDEOHQXQGXQWHU QHKPHQVEH]RJHQHQ (UIROJVYDULDEOHQ GLH ]HLWOLFKH '\QDPLN GLHVHU MHZHLOLJHQ %H]LHKXQ JHQ EHUFNVLFKWLJW ZHUGHQ VROOWH 'LHVH7LPH/DJV LQ GHQ %H]LHKXQJHQ ]ZLVFKHQ XQDE KlQJLJHQ XQG DEKlQJLJHQ 9DULDEOHQ ODVVHQ VLFK JUXQGVlW]OLFK QXU GXUFK /lQJVVFKQLWWV 8QWHUVXFKXQJHQ GDUVWHOOHQ IU HLQH VROFKH 8QWHUVXFKXQJ ZHUGHQ%HIUDJWH ]X PHKUHUHQ 0HVV]HLWSXQNWHQ EHIUDJW 'LHV PQGHW MHGRFK LQ GHU 5HJHO LQ LGHQWLVFKHQ +HUDXVIRUGH UXQJHQZLHVLHEHUHLWVREHQIU3DQHOXQWHUVXFKXQJHQGDUJHOHJWZXUGHQZHLO%HIUDJXQJV HUJHEQLVVHHLQ]HOQHQ8QWHUVXFKXQJVSHUVRQHQEHLXQWHUVFKLHGOLFKHQ0HVV]HLWSXQNWHQHLQ GHXWLJ]XJHRUGQHWZHUGHQPVVHQ 9JO'LOOHU 6
6FKOLHOLFK VROO DQ GLHVHU 6WHOOH GHU NULWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW GHU YRUOLHJHQGHQ 6WXGLHEHDFKWHWZHUGHQGDVVGLHGHU8QWHUVXFKXQJ]XJUXQGHOLHJHQGHQ'DWHQGHUXQDE KlQJLJHQ XQG DEKlQJLJHQ 9DULDEOHQ MHZHLOV DQ HLQHU 8QWHUVXFKXQJVSHUVRQ JHPHVVHQ ZXUGHQ²HLQ&RPPRQ5DWHU(IIHNWGHUOHW]WOLFKDXIGLHDOOHLQGDUDXVUHVXOWLHUHQGHLQWHUQH .RQVLVWHQ] GHU $QWZRUWHQ UHNXUULHUW NDQQ GHPQDFK QLFKW DXVJHVFKORVVHQ ZHUGHQ 'LHV ZXUGH MHGRFK EHUHLWV EHLP 6WXGLHQDXIEDX XQG EHL GHU 6WXGLHQDXVZHUWXQJ ZR LPPHU P|JOLFK EHUFNVLFKWLJW 'LHV JHVFKDK ]% EHL GHU $XVZHUWXQJ GHU ([SHULPHQW (UJHEQLVVHGXUFK9HUZHQGXQJGHVW7HVWVIUJHSDDUWH6WLFKSUREHQGLH%LOGXQJYRQ6XE 6DPSOHV]XU0HVVXQJHLQHUP|JOLFKHQ.RQIXQGLHUXQJGXUFK$UWLNHOLQIRUPDWLRQHQLP(U KHEXQJVLQVWUXPHQWRGHUGLHP|JOLFKVWJURH(QW]HUUXQJVLFKJHJHQVHLWLJEHHLQIOXVVHQGHU )UDJHVWHOOXQJHQLP5DKPHQGHU)UDJHERJHQJHVWDOWXQJ
$XVGHQ8QWHUVXFKXQJVEHIXQGHQUHVXOWLHUHQGH+DQGOXQJVHPSIHKOXQJHQIU GLH8QWHUQHKPHQVSUD[LV
*UXQGVlW]OLFKVFKHLQWHV²GLHVOHJHQGLH(UJHEQLVVHGHUYRUOLHJHQGHQ8QWHUVXFKXQJQDKH ²IU8QWHUQHKPHQGHU]HLWYRUWHLOKDIW]XVHLQPLWLKUHQ3URGXNWHQXQGGHUHQWVSUHFKHQ GHQ 3RVLWLRQLHUXQJ JHJHQEHU :HWWEHZHUEHUQ GHQ .RQVXPHQWHQZXQVFK QDFK HLQHU JH VXQGKHLWVRULHQWLHUWHQ/HEHQVIKUXQJDXI]XJUHLIHQ$QKDQGYRQ]ZHLH[HPSODULVFKHQ:D UHQJUXSSHQNDQQJH]HLJWZHUGHQGDVVVLFKHLQHDXV.RQVXPHQWHQVLFKWZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJSRVLWLYDXIGHQZDKUJHQRPPHQHQ0DUNHQZHUWXQGGLH.DXILQ WHQWLRQ DXVZLUNW 'LHVHU =XVDPPHQKDQJ JLOW LQWHUHVVDQWHUZHLVH VRZRKO IU $UWLNHO PLW HLQHP K|KHUHQ 1LYHDX DOV DXFK IU $UWLNHO PLW HLQHP QLHGULJHUHQ 1LYHDX GHU ZDKUJH QRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ =XQlFKVW VROO EHL GHU $EOHLWXQJ YRQ +DQGOXQJVHPSIHKOXQJHQ GLH )DNWRUVWUXNWXU GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LP 0LWWHOSXQNW VWHKHQ ,Q HLQHP ZHLWHUHQ 6FKULWWZLUGGDQQDXIGLH%HIXQGODJH]XP|JOLFKHQ'HWHUPLQDQWHQE]Z(LQIOXVVIDNWRUHQ LP0DUNHWLQJLQVWUXPHQWDOEHUHLFKUHNXUULHUW
$XVJHZlKOWH +DQGOXQJVHPSIHKOXQJHQ IU HLQH JH]LHOWH 6WHXHUXQJ GHU *HVXQGKHLWV SURILOLHUXQJ (LQ P|JOLFKHU $QVDW] GHU HV HUODXEW PLW HLQIDFKHQ 0LWWHOQ GLH IU HLQH 6WHXHUXQJ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ QRWZHQGLJHQ .RPSRQHQWHQ SUD[LVQDK LP %OLFN ]X EHKDOWHQ LVW GDV Å0DUNHQVWHXHUUDG´ GHU ,FRQ %UDQG 1DYLJDWLRQ 'LHVHV LQ GHU 3UD[LVGHV0DUNHQPDQDJHPHQWVKlXILJYHUZHQGHWH6WUXNWXULHUXQJVZHUN]HXJEH]LHKWVLFK XQPLWWHOEDUDXI(UNHQQWQLVVHGHU+LUQIRUVFKXQJKLQVLFKWOLFKGHUXQWHUVFKLHGOLFKHQ)XQN WLRQHQYRQUHFKWHUXQGOLQNHU+HPLVSKlUHGHVPHQVFKOLFKHQ*HKLUQV(VHUVFKHLQWWURW] QHXHUHU GLIIHUHQ]LHUWHU .HQQWQLVVH GHU QHXURQDOHQ 0DUNHQIRUVFKXQJ HLQ JHHLJQHWHV SUD [LVQDKHV 6WUXNWXULHUXQJVPRGHOO ]XU 0DUNHQVWHXHUXQJ JHVXQGKHLWVSURILOLHUWHU /HEHQVPLW WHO ,Q GHU OLQNHQ +lOIWH GHV 6WHXHUUDGV ZHUGHQ XQWHU GHQ /HLWIUDJHQ Å:HU ELQ LFK"´ XQG ÅhEHUZHOFKH(LJHQVFKDIWHQYHUIJHLFK"´GHUÅ0DUNHQQXW]HQ´XQGGLHÅ0DUNHQDWWULEX WH´ EHUFNVLFKWLJW 'LHVH HUVWHQ ]ZHL /HLWIUDJHQ ]LHOHQ VRPLW HKHU DXI GLH VDFKOLFK UDWLRQDOHQ0DUNHQ$VVHWVDEGHUHQ9HUDUEHLWXQJNRUUHVSRQGLHUHQGLQGHUOLQNHQ*HKLUQ KlOIWHDQ]XVLHGHOQLVW 'HPJHJHQEHUZHUGHQGLHJHIKOVEH]RJHQHQ0DUNHQ$VVHWVLQGHUUHFKWHQ6HLWHGHV0DU NHQVWHXHUUDGHVEHUFNVLFKWLJW²DXFKGLHVNRUUHVSRQGLHUWPLWGHU9HURUWXQJGHUHQWVSUH FKHQGHQ 9HUDUEHLWXQJ LP PHQVFKOLFKHQ *HKLUQ ,Q GHQ ]ZHL UHFKWHQ 4XDGUDQWHQ ZLUG PLWWHOV GHU Å0DUNHQWRQDOLWlW´ ]XQlFKVW DXI GLH *HIKOH XQG (PRWLRQHQ UHNXUULHUW GLH .RQVXPHQWHQ PLW HLQHU 0DUNH YHUELQGHQ ,P %HUHLFK GHV Å0DUNHQELOGHV´ VFKOLHOLFK ZLUG DXI GLH 6XPPH DOOHU 6LQQHVHLQGUFNH %H]XJ JHQRPPHQ GLH YRQ VSH]LILVFKHQ 3UR GXNWHQ0DUNHQRGHU GHU0DUNHQNRPPXQLNDWLRQYHUPLWWHOWXQGYRQ .RQVXPHQWHQDXI JHQRPPHQZHUGHQ Å'LHVH YLHU 4XDGUDQWHQ >«@ VWHOOHQ VRPLW HLQH .RQNUHWLVLHUXQJ GHU 0DUNHQNRPSHWHQ] GDU´XQGVWHKHQXQWHUHLQDQGHULQ%H]LHKXQJ'LH0DUNHQDWWULEXWHIHVWLJHQGHQ0DUNHQ QXW]HQGHUGXUFKGLH.RQVXPHQWHQHUOHEWZLUGXQGZHUGHQHEHQVRZLHGLH0DUNHQWR QDOLWlWLP0DUNHQELOGVLFKWEDU
9JO,FRQ%UDQG1DYLJDWLRQ*URXS 6 9JO(VFK 6=XUQHXHUHQ(UNHQQWQLVVHQGHUQHXURQDOHQ:LUNXQJYRQ0DUNHQYJO(VFKHW DO 6II (VFK 6
*HJHQEHU DQGHUHQ ZLVVHQVFKDIWOLFK EDVLHUWHQ $QVlW]HQ ]XU 0DUNHQVWHXHUXQJ ZHLVW GDV 0DUNHQVWHXHUUDGIROJHQGH9RUWHLOHDXI VWULNWH7UHQQXQJ]ZLVFKHQ5DWLRXQG(PRWLRQLP*HJHQVDW]]XDQGHUHQSUD[LVQD KHQXQGJlQJLJHQ$QVlW]HQ IXQGLHUWHYHUKDOWHQVZLVVHQVFKDIWOLFKH$EOHLWXQJXQGGDKHU ZHLWJHKHQGHhEHUVFKQHLGXQJVIUHLKHLWGHUJHQDQQWHQ'LPHQVLRQHQ
W
t itä al n? on a nt ich k e te ar ie M ie b
W a as rke bi nn et e utz ic e h n an ?
(LQHQhEHUEOLFNEHUGHQJUXQGVlW]OLFKHQ$XIEDXGLHVHV0DUNHQVWHXHUXQJVWRROVZHOFKHV YRQ(VFK]XUYRUOLHJHQGHQ)RUPZHLWHUHQWZLFNHOWZXUGHYHUPLWWHOW$EELOGXQJ*
M
Persönlichkeitsmerkmale der Marke /Artikel
Funktionaler Nutzen Psychosozialer Nutzen
Beziehungsmerkmale zu Marke/Artikeln Erlebnisse mit Marke/Artikeln
stützt
MarkenKompetenz Wer bin ich?
Eigenschaften der Artikel
Ü
Eigenschaften des be Unternehmens rw A t e te lc tri n b ve he ut rfü Ei e ge ge ic nsc h? h af -
erlebbar durch
CD-Merkmale Kommunikation Sonst. Eindrücke sichtbar durch Design
ld ? bi auf en ich k r
a e M tret W
ie
$EELOGXQJ*'DVPRGLIL]LHUWH0DUNHQVWHXHUUDGQDFK(VFK 'LHVH DOOJHPHLQ JHIDVVWHQ (OHPHQWH XQG LKUH %H]JH XQWHUHLQDQGHU ODVVHQ VLFK QXQ LP .RQVWUXNWGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJVSLHJHOQ(LQHhEHUVLFKWEHU GLH :LUN]XVDPPHQKlQJH GHU 4XDGUDQWHQ GHV 0DUNHQVWHXHUUDGV XQG LKUH hEHUWUDJXQJ DXI GLH )DNWRUHQ GHU ZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ LVW $EELOGXQJ * ]X HQWQHKPHQ +LHUVHLHQEHLVSLHOKDIWGLHIROJHQGHQ$QVlW]HJHQDQQW0DUNHQLGHQWLWlWVNUHLVHYJO$DNHU-RDFKLPVWDOHU 0DUNHQLGHQWLWlWVPRGHOOHYJO0HIIHUW%XUPDQQ RGHUGDV0DUNHQ,GHQWLWlWVSULVPDYJO .DSIHUHU 9JO(VFK 6
Gesundheitsprofilierung
Vertrauenseigenschaften
Sucheigenschaften
Markentonalität
Markenbild
Physische Wirkungen
Inhaltsstoffe
Markennutzen Markenattribut stützen
erlebbar durch
sichtbar durch Markenkompetenz
$EELOGXQJ*'LH'LPHQVLRQHQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJXQGGLHMHZHLOLJHQ$Q VDW]SXQNWH]XU0DUNHQVWHXHUXQJ 'LHÅ0DUNHQWRQDOLWlW´ ZHOFKHYHUVXFKWGLH(PRWLRQHQ XQG *HIKOVZHOWHQ ]XHUIDVVHQ ZHOFKH .RQVXPHQWHQ PLW HLQHP 0DUNHQDUWLNHO YHUELQGHQ NRPPW EHL GHU ZDKUJHQRP PHQHQ *HVXQGKHLWVSURILOLHUXQJ LP )DNWRU Å9HUWUDXHQVHLJHQVFKDIWHQ´ ]XP $XVGUXFN +LHUEHLVWHKWGLH)UDJHLP9RUGHUJUXQGPLWZHOFKHQ(LJHQVFKDIWHQJHVXQGKHLWVSURILOLHU WH 0DUNHQDUWLNHO YHUEXQGHQ ZHUGHQ XQG ZLH JODXEKDIW HLQH VROFKH 9HUPLWWOXQJ DXI GHU HPRWLRQDOHQ (EHQH JHOLQJW +LHU]X ELHWHQ VLFK GUHL =XJlQJH DQ HUVWHQV GLH (UPLWWOXQJ HLQHUJHHLJQHWHQ0DUNHQSHUV|QOLFKNHLWLQGHP$UWLNHOQGXUFKGLH0DUNLHUXQJVSH]LILVFKH 3HUV|QOLFKNHLWVHLJHQVFKDIWHQ ]XJHZLHVHQ ZHUGHQ ]ZHLWHQV GXUFK GLH 6SH]LILNDWLRQ GHU .XQGHQEH]LHKXQJHQ]XU0DUNHXQGGULWWHQVGXUFKGLH)HVWOHJXQJUHOHYDQWHU.XQGHQHU OHEQLVVHPLWGHU0DUNH :HLO GLH 6SH]LILNDWLRQ GHU .XQGHQEH]LHKXQJ EHL .RQVXPJWHUQ LQ GHU 5HJHO VFKZLHULJ HUVFKHLQW VROOWH GDV +DXSWDXJHQPHUN DXI GHU 6FKDIIXQJ HLQHU JHVXQGKHLWVSURILOLHUWHQ 0DUNHQSHUV|QOLFKNHLW]%GXUFKJHHLJQHWH7HVWLPRQLDOVRGHUGLH6FKDIIXQJYRQ.RQVX PHQWHQHUOHEQLVVHQ LP YRUOLHJHQGHQ 8QWHUVXFKXQJV]XVDPPHQKDQJ ]% GLH 3UlVHQ] EHL %UHLWHQVSRUWHUHLJQLVVHQJHOHJWZHUGHQ=XUWLHIHUHQ'XUFKGULQJXQJGLHVHU7KHPDWLNELH WHWVLFKGDVIUGHQGHXWVFKHQ 0DUNW]XJHVFKQLWWHQH0DUNHQSHUV|QOLFKNHLWVLQYHQWDUYRQ 0lGHUDQ,PYRUOLHJHQGHQ)DOOVROOWHDXI%DVLVGHU8QWHUVXFKXQJVHUJHEQLVVHLQVEHVRQ GHUHGLH1DWUOLFKNHLWGHU+HUVWHOOXQJGLHLP9HU]LFKWDXI3HVWL]LGHXQG*HQWHFKQLNVR ZLHLQHLQHUELRORJLVFKHQ+HUVWHOOXQJOLHJHQEHWRQWZHUGHQ 9JO0lGHU 6II
+DQGOXQJVHPSIHKOXQJ 'LH$UWXQG:HLVHHLQHUQDWUOLFKHQ+HUVWHOOXQJGHV$UWLNHOV KLQVLFKWOLFK3HVWL]LGHQ*HQWHFKQLNXQGELRORJLVFKHU+HUVWHOOXQJVROOWHGXUFKJHHLJQH WHX8SURPLQHQWH 7HVWLPRQLDOVXQGRGHUGDV6FKDIIHQYRQ.RQVXPHQWHQHUOHEQLV VHQ]%EHL%UHLWHQVSRUWYHUDQVWDOWXQJHQ EHWRQWZHUGHQ 'LH Å0DUNHQDWWULEXWH´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lQGHUW ZHQQ GHQ .RQVXPHQWHQ HLQH hEHUVLFKW EHUGLH,QKDOWVVWRIIHGHUMHZHLOLJHQ$UWLNHOSUl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|JOLFKLVWVROO WHQ VLH LP 5DKPHQ OHEHQVPLWWHOUHFKWOLFKHU 9RUVFKULIWHQ EHL GHU1HXSURGXNWHQWZLFN OXQJJH]LHOWYDULLHUWZHUGHQXPVLFKYRP:HWWEHZHUEDE]XKHEHQ
(VLVWDQGLHVHU6WHOOHGDUDXIKLQ]XZHLVHQGDVV]ZLVFKHQ+DQGOXQJVHPSIHKOXQJXQG+DQGOXQJVHPS IHKOXQJ PLWXQWHUHLQJHZLVVHV6SDQQXQJVIHOGHQWVWHKHQNDQQZHQQDUWLIL]LHOOH=XVDW]VWRIIHGHUVWlU NHUHQ SK\VLRORJLVFKHQ *HVXQGKHLWVSURILOLHUXQJ GLHQHQ VROOHQ DXI GHU DQGHUHQ 6HLWH DEHU GLHVH GLH ZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJGXUFKIHKOHQGH1DWUOLFKNHLWQHJDWLYEHHLQIOXVVHQ$XIGLH VHV6SDQQXQJVIHOGLVWEHVRQGHUHV$XJHQPHUN]XOHQNHQ
+LQVLFKWOLFK GHV Å0DUNHQQXW]HQV´ HLQHU VWlUNHUHQ ZDKUJHQRPPHQHQ *HVXQGKHLWVSURIL OLHUXQJGHUVLFKOHW]WOLFKDXIGLHPLWGHP9HU]HKUYHUEXQGHQHQÅSK\VLVFKHQ:LUNXQJHQ´ EH]LHKWODVVHQVLFK]ZHL(EHQHQXQWHUVFKHLGHQGHUVDFKOLFKIXQNWLRQDOHXQGGHUSV\FKR VR]LDOH 1XW]HQ $XI GHU (EHQH GHV VDFKOLFKIXQNWLRQDOHQ 1XW]HQV NDQQ HV QRWZHQGLJ VHLQ GLH JHVXQGKHLWOLFKHQ :LUNXQJHQ HLQHV $UWLNHOV GXUFK HQWVSUHFKHQGH PHGL]LQLVFKH 6WXGLHQ DE]XVLFKHUQ 'LHV NDQQ LQVEHVRQGHUH DXFK LP 5DKPHQ GHU VLFK YHUlQGHUQGHQ /HEHQVPLWWHO*HVHW]JHEXQJ LP +LQEOLFN DXI 1lKUZHUWSURILOH XQG JHVXQGKHLWVEH]RJHQH :HUEHDXVVDJHQ JHERWHQ VHLQ ,Q GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ ZXUGH HLQHU ZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ DXI %DVLV ]XFNHUUHGX]LHUWHU 0DUNHQDUWLNHO QDFKJH VSUW,VWHLQHZHLWHUJHKHQGH3URILOLHUXQJLP6LQQHYRQ)XQFWLRQDO)RRGGDV=LHOGLHHLQHQ NRQNUHWHQ %H]XJ ]X HLQ]HOQHQ JHVXQGKHLWOLFKHQ 6W|UXQJHQ E]Z GHUHQ %HKHEXQJ DXI ZHLVW GDQQ LVW HLQH ZLVVHQVFKDIWOLFKH $EVLFKHUXQJ DXIJUXQG GHU 'LVNXVVLRQ XP +HDOWK &ODLPV XQG GLH $QIRUGHUXQJHQ GHU (XURSlLVFKHQ $JHQWXU IU /HEHQVPLWWHOVLFKHUKHLW ()6$ KLQVLFKWOLFK GHV $XIEDXV YRQ 1lKUZHUWSURILOHQ DQJHEUDFKW +LHU NDQQ HV VRJDU QRWZHQGLJ ZHUGHQ HQWVSUHFKHQGH ,QWHUYHQWLRQVVWXGLHQ DXI]XVHW]HQ ZLH HV ]XU 3UIXQJ YRQ$U]QHLPLWWHOQUHJHOPlLJGHU)DOOLVW'LHVLVWNULWLVFKYRUGHP+LQWHUJUXQGGHU6WX GLHQHUJHEQLVVH]X3UHLVEHUHLWVFKDIWHQGHU.RQVXPHQWHQEHLVWHLJHQGHUZDKUJHQRPPHQHU *HVXQGKHLWVSURILOLHUXQJ]XSUIHQ +DQGOXQJVHPSIHKOXQJ 'LH 3URILOLHUXQJ DOV JHVXQGHV 3URGXNW VROOWH GXUFK HQWVSUH FKHQGH 6WXGLHQ JODXEKDIW XQWHUPDXHUW ZHUGHQ -H VWlUNHU XQG NRQNUHWHU GHU JHVXQG KHLWOLFKH1XW]HQNRPPXQL]LHUWZLUGGHVWRWUlJIl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|QQWHQKLHU]%:LUNXQJHQDQJHVSURFKHQZHUGHQ GLHGLH6HQNXQJGHUÅ.RVWHQ´DGUHVVLHUHQGLH.RQVXPHQWHQDXIVLFKQHKPHQXP=LHOH ZLHHLQDWWUDNWLYHVbXHUHVRGHUHLQJHVQGHUHVXQGOlQJHUHV/HEHQ]XHUUHLFKHQ6RLVWHV ]%GXUFKGHQYHUPLQGHUWHQ.DORULHQJHKDOW]XFNHUUHGX]LHUWHU/HEHQVPLWWHOP|JOLFKGDV =LHOJHZLFKWDXFKPLWZHQLJHUVSRUWOLFKHP(KUJHL]]XHUUHLFKHQ
+LOIHVWHOOXQJ EHL GHU 6XFKH QDFK JHHLJQHWHQ SV\FKRVR]LDOHQ 1XW]HQNDWHJRULHQ JLEW GLH /DGGHULQJ7HFKQLNGLHMHQDFKJHZQVFKWHP)RNXVZDUHQJUXSSHQRGHUDUWLNHOEH]RJHQHQ =LHO0LWWHO%H]LHKXQJHQ QDFKVSUW 6R N|QQHQ QHXH $UJXPHQWDWLRQHQ KLQVLFKWOLFK GHU 0DUNHQWRQDOLWlWDXI%DVLVYRQ.RQVXPHQWHQLQWHUYLHZVDXIJH]HLJWZHUGHQ $EELOGXQJ*]HLJWEHLVSLHOKDIWZLHGXUFKHQWVSUHFKHQGH,QWHUYLHZVDXIGHU%DVLVYRQ ]XYRULGHQWLIL]LHUWHQ6FKOVVHODWWULEXWHQ]XYHUERUJHQHQ:HUWYRUVWHOOXQJHQYRUJHGUXQJHQ ZHUGHQ NDQQ 'DEHL ZLUG YRQ ,QWHUYLHZHUQ ZLHGHUKROW JHIUDJW ZDUXP HLQ EHVWLPPWHV $WWULEXW IU GLH 7HVWSHUVRQ UHOHYDQW LVW RGHU LQZLHIHUQ EHVWLPPWH .RQVHTXHQ]HQ HU ZQVFKW VLQG (UJHEQLV LVW HLQH /HLWHU GLH DXVJHKHQG YRQ $UWLNHODWWULEXWHQ ]X .RQVH TXHQ]HQXQG:HUWKDOWXQJHQGHU%HIUDJWHQUHLFKW
Eigenverantwortung n=21
Wohlbefinden n=26
Genuss n=32
Spass n=25
Gesundheitsbeitrag n=59
Konsequenzen
Entspannung n=10
Lebensfreude n=21
Werthaltungen
Gesundes langes Leben n=41
PreisLeistungsverhältnis n=31
Frische n=50
Natürlichkeit n=14
Praktikabilität n=31
Haltbarkeit n=9
Attribute
Konsistenz n=21
Geschmack n=40
Zuckergehalt n=33
Anmutung n=24
Farbe n=19
Niedriger Preis n=24
Verpackungsgröße n=42
Marke n=43
n = Anzahl der Nennungen (Mehrfachnennungen möglich)
4XHOOH,Q$QOHKQXQJDQ.OLHELVFK 6
$EELOGXQJ*(LQHILNWLYH+LHUDUFKLFDO9DOXH0DSIU0RONHUHLSURGXNWH 9JO.XVV 6I
+DQGOXQJVHPSIHKOXQJ :HQQNHLQHVROLGHZLVVHQVFKDIWOLFKH%DVLVIUGLH(UUHLFKXQJ JHVXQGKHLWOLFKHU =LHOH GXUFK GHQ $UWLNHO.RQVXP YRUOLHJW E]Z HLQ GLUHNWHU =XVDP PHQKDQJQXUXQYHUKlOWQLVPlLJDXIZlQGLJKHU]XVWHOOHQLVWVRLVWQDFK$XVZHLFKVWUD WHJLHQ]XVXFKHQGLHYRQEHVWHKHQGHQ5HJXOLHUXQJHQKLQVLFKWOLFKJHVXQGKHLWVEH]RJH QHU$XVVDJHQQRFK QLFKWEHWURIIHQVLQG 'DVÅ0DUNHQELOG´NRUUHVSRQGLHUWPLWGHP)DNWRUÅ6XFKHLJHQVFKDIWHQ´GHUZDKUJHQRP PHQHQ *HVXQGKHLWVSURILOLHUXQJ ZHLO EHLP 0DUNHQELOG GLH $UW XQG :HLVH VRZLH GHU ,Q KDOWGHV0DUNHQDXIWULWWVHLQH5ROOHVSLHOHQ'XUFKGDVVHLWHQVGHU.RQVXPHQWHQZDKUJH QRPPHQH0DUNHQELOGZHUGHQGLH]XYRUIHVWJHOHJWHQ0DUNHQDWWULEXWHGLH0DUNHQWRQDOLWlW XQGLQGLUHNWDXFKGHUNRQNUHWH0DUNHQQXW]HQIUGLHVHVLFKWXQGHUOHEEDU(VJHKWDOVR LP5DKPHQGHU6WHXHUXQJHLQHUJHVXQGKHLWVSURILOLHUWHQ0DUNHQSROLWLNGDUXP(LQGUFNH ]X VFKDIIHQ GLH GHQ ,QKDOW GHU 3RVLWLRQLHUXQJ LQ JHHLJQHWHU :HLVH WUDQVSRUWLHUHQ 'LHVH (LQGUFNHVLQGJUXQGVlW]OLFKHQWZHGHUPLWWHOV0DQDKPHQSHUV|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²XQDEKlQJLJGDYRQREGLHVHDOV$XVJDQJV SXQNW HLQH HKHU KRKH RGHU HKHU JHULQJH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ DXI ZHLVHQ'LHVHU%HIXQG]HLJWVLFKEHUHLQVWLPPHQGLQEHLGHQ:DUHQJUXSSHQ'DKHUOlVVW VLFKDXVGHQ8QWHUVXFKXQJVHUJHEQLVVHQIROJHQGH+DQGOXQJVHPSIHKOXQJDEOHLWHQ +DQGOXQJVHPSIHKOXQJ 'LH *HVXQGKHLWVSURILOLHUXQJ GHU $UWLNHO VROOWH YRU DOOHP LP 5DKPHQ GHU DXI 0DVVHQZLUNXQJ DXVJHULFKWHWHQ .RPPXQLNDWLRQVSROLWLN EHWRQW ZHU GHQ(UJlQ]HQGVROOWHDXFKEHUZHLWHUH0|JOLFKNHLWHQ]XU6FKDIIXQJHLQHV0DUNHQHU OHEQLVVHV QDFKJHGDFKW ZHUGHQ +LHUEHL LVW MHGRFK GHU JHULQJH $UWLNHOZHUW ]X EHUFN VLFKWLJHQ *OHLFKZRKO GDUI DXFK QLFKW DXHU $FKW JHODVVHQ ZHUGHQ GDVV HV JHUDGH LP %HUHLFK JH VXQGKHLWVSURILOLHUWHU/HEHQVPLWWHOVLQQYROOVHLQNDQQ.RQVXPHQWHQQHEHQEHUGLH0DV VHQNRPPXQLNDWLRQ WUDQVSRUWLHUWHQ 6WLPXOL DXFK ZHLWHUH 0DUNHQHLQGUFNH ]X HUP|JOL
FKHQ'LHVNDQQEHLVSLHOVZHLVHKHOIHQVLFKDOV1HXDQELHWHUDP0DUNWVFKQHOOHULP:DKU QHKPXQJVUDXPGHU.RQVXPHQWHQ]XYHUDQNHUQ +LHU]XELHWHQVLFKQHEHQGHQLP5DKPHQGHU0DVVHQNRPPXQLNDWLRQWUDQVSRUWLHUWHQYL VXHOOHQXQGDNXVWLVFKHQ(LQGUFNHQZHLWHUH:HJHDQGLHGLH0DUNHQZDKUQHKPXQJROIDN WRULVFK KDSWLVFK RGHU DXFK JHVFKPDFNOLFK HUP|JOLFKHQ (LQH P|JOLFKH .RPELQDWLRQ EHU PRGDOLWlWVVSH]LILVFKH (LQGUFNH HLQHV ILNWLYHQ JHVXQGKHLWVSURILOLHUWHQ 0DUNHQDUWL NHOVLVW7DEHOOH*]XHQWQHKPHQ 0RGDOLWlW
)LNWLYH$XVSUlJXQJ
YLVXHOO
9HUNQSIXQJGHV0DUNHQDUWLNHOVLP5DKPHQGHU:HUEXQJPLW7HVWL PRQLDOVGLH*HVXQGKHLWDXVVWUDKOHQ
DNXVWLVFK
(QWZLFNOXQJHLQHVDNXVWLVFKHQ5HL]HVGHU*HVXQGKHLWYHUPLWWHOWXQG PLWGHU:HUEHERWVFKDIWYHUNQSIWZLUG
ROIDNWRULVFK
%HPXVWHUXQJYRQ+DXVKDOWHQ:DUHQSUREHQLP(LQ]HOKDQGHO=XJD EHQJHZlKUXQJ%XQGOLQJ6WUDWHJLHQPLW$UWLNHOQGHVEHVWHKHQGHQ3RUWIR OLRV8QWHUVWW]XQJYRQ6SRUWYHUDQVWDOWXQJHQEHLGHQHQ$UWLNHODQJH ERWHQZHUGHQ
KDSWLVFK
9HUSDFNXQJVJHVWDOWXQJGLHGHQ(LQGUXFNYRQ*HVXQGKHLWXQGRGHUGLH 9HUZHQGXQJEHLVSRUWOLFKHQ$NWLYLWlWHQXQWHUVWW]W
JHVFKPDFNOLFK
$QELHWHQYRQ*HVFKPDFNVDOWHUQDWLYHQGLHDXVGHP:HOOQHVV%HUHLFK HQWOHKQWZHUGHQ]%*UHHQ7HD
7DEHOOH* )LNWLYHPRGDOLWlWVVSH]LILVFKH0DUNHQHLQGUFNHHLQHVJHVXQGKHLWVSURILOLHUWHQ$UWLNHOV ,QWHUSUHWDWLRQGHU(UJHEQLVVHLQ%H]XJDXIGLH'HWHUPLQDQWHQGHUZDKUJHQRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ 'LH 8QWHUVXFKXQJVHUJHEQLVVH GHU ]ZHLWHQ 6WXGLHQVWXIH ]HLJHQ GDVV GHU .RPPXQLNDWL RQVSROLWLN EHL DOOHQ YLHU DQDO\VLHUWHQ $UWLNHOQ HLQH KRKH %HGHXWXQJ ]XNRPPW ZHLO VLFK VlPWOLFKH 3IDGH GHV 0RGHOOV ]ZLVFKHQ ZDKUJHQRPPHQHP :HUEHGUXFN XQG ZDKUJH QRPPHQHU *HVXQGKHLWVSURILOLHUXQJ DOV VLJQLILNDQW DXI GHP 1LYHDX GDUVWHOOHQ (QW VSUHFKHQGH ,PSOLNDWLRQHQ ZLH GLH 6FKZHUSXQNWVHW]XQJ DXI NRPPXQLNDWLRQVSROLWLVFKH 0DQDKPHQZXUGHQEHUHLWVDQJHVSURFKHQ(LQVWDUNVLJQLILNDQWHUSRVLWLYHU=XVDPPHQ KDQJ JLOW HEHQVR EHL GHQ DXV 6LFKW GHU %HIUDJWHQ JHVXQGKHLWVSURILOLHUWHUHQ $UWLNHOQ $ XQG'IUGLH%H]LHKXQJ]ZLVFKHQZDKUJHQRPPHQHU'LVWULEXWLRQVLQWHQVLWlWXQGZDKUJH QRPPHQHP3UHLVQLYHDX'HUVWDQGDUGLVLHUWH3IDGNRHIIL]LHQW]ZLVFKHQZDKUJHQRPPHQHP 3UHLVQLYHDX XQG ZDKUJHQRPPHQHU *HVXQGKHLWVSURILOLHUXQJ LVW GDEHL VLJQLILNDQW QHJDWLY 'LHVEHGHXWHWGDVV.RQVXPHQWHQGHQ3UHLVQLFKWDOV4XDOLWlWVLQGLNDWRULP+LQEOLFNDXI 9JO$QGUHVHQ 6II
HLQH *HVXQGKHLWVSURILOLHUXQJ KHUDQ]LHKHQ XQG YRQ HLQHP K|KHUHQ 3UHLV QLFKW DXI HLQH VWlUNHUH *HVXQGKHLWVSURILOLHUXQJ VFKOLHHQ (LQH P|JOLFKH (UNOlUXQJ IU GLHVHQ %HIXQG OlVVW VLFKLP6SDUVDPNHLWVVWUHEHQGHU 9HUEUDXFKHUDOVZLFKWLJHU 'HWHUPLQDQWHGHUSUHLV RULHQWLHUWHQ 4XDOLWlWVEHXUWHLOXQJ ILQGHQ 'LHV VFKHLQW LQVEHVRQGHUH GHVKDOE SODXVLEHO ZHLO GLH 8QWHUVXFKXQJVEHIXQGH LQ GHQ EHVWDQJHSDVVWHQ 8QWHUVXFKXQJVPRGHOOHQ ]XGHP HUNHQQHQODVVHQGDVVHLQHVWlUNHUHQHJDWLYH:LUNXQJGHVZDKUJHQRPPHQHQ3UHLVQLYHDXV DXIGLHZDKUJHQRPPHQH*HVXQGKHLWVSURILOLHUXQJGDQQYRUOLHJWZHQQDXFKHLQHVWlUNHUH QHJDWLYH %H]LHKXQJ ]ZLVFKHQ ZDKUJHQRPPHQHP 3UHLVQLYHDX XQG GHU 3UHLVEHUHLWVFKDIW EHVWHKW %HL GHQ DXV %HIUDJWHQVLFKW DOV JHVXQGKHLWVSURILOLHUWHU ZDKUJHQRPPHQHQ $UWLNHOQ $ XQG 'VSUHFKHQGLHJHPHVVHQHQ3IDGNRHIIL]LHQWHQPLW:HUWHQYRQ$UWLNHO$ XQG $UWLNHO' DXFKHLQGHXWLJIUHLQHLQWHQVLYH'LVWULEXWLRQGLHVHU$UWLNHOZDVHLQHUVHOHNWL YHQ 'LVWULEXWLRQ JHVXQGKHLWVSURILOLHUWHU $UWLNHO EHU DOWHUQDWLYH 9HUWULHEVVFKLHQHQ ]% EHU $SRWKHNHQ QHEHQ GHQ GDPLW P|JOLFKHUZHLVH HLQKHUJHKHQGHQ %HIXQGHQ ]X GHQ :LUNXQJHQSUHLVSROLWLVFKHU0DQDKPHQ ZLGHUVSULFKW=XVDPPHQIDVVHQGOlVVWVLFKKLQ VLFKWOLFK ]X HUJUHLIHQGHU PDUNHQSROLWLVFKHU 0DQDKPHQ DXI %DVLV GHU YRUOLHJHQGHQ %H IXQGODJHIROJHQGH+DQGOXQJVHPSIHKOXQJJHEHQ +DQGOXQJVHPSIHKOXQJ 'HU6FKZHUSXQNWPDUNHQSROLWLVFKHU0DQDKPHQVROOWHLQGHU .RPPXQLNDWLRQVSROLWLNOLHJHQ+LQVLFKWOLFKGHU'LVWULEXWLRQVSROLWLNJHVXQGKHLWVSURIL OLHUWHU$UWLNHOLVWHLQHLQWHQVLYH'LVWULEXWLRQDQ]XVWUHEHQ3UHLVSROLWLVFKH0DQDKPHQ IKUHQ LP JQVWLJVWHQ )DOO EHL VWDUN JHVXQGKHLWVSURILOLHUWHQ $UWLNHOQ QLFKW ]X HLQHU VWlUNHUHQZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJVHLWHQVGHU9HUEUDXFKHU,PXQ JQVWLJVWHQ)DOOEHLJHULQJJHVXQGKHLWVSURILOLHUWHQ$UWLNHOQ ZLUGGLHZDKUJHQRPPH QH*HVXQGKHLWVSURILOLHUXQJJDUQHJDWLYEHHLQIOXVVW'DKHUVROOWHGHU3UHLVDOV6WHOOJU| HGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJNHLQH9HUZHQGXQJILQGHQ 9JO9|OFNQHU 6
+ =XVDPPHQIDVVXQJXQG$XVEOLFN 'HQ $XVJDQJVSXQNW GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ ELOGHW GLH (UNHQQWQLV GDVV LQ GHU 8QWHUQHKPHQVSUD[LV GHU /HEHQVPLWWHOLQGXVWULH ² LQGX]LHUW GXUFKHLQH 5HLKH YHUlQGHUWHU 5DKPHQEHGLQJXQJHQ ²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lVVW VLFK HLQH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ DXIGHU$UWLNHOHEHQHPHVVHQ" :HOFKH :LUNXQJHQ KDW GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ YRQ /H EHQVPLWWHOQDXIDXVJHZlKOWH=LHOJU|HQGHU0DUNHQSROLWLN" 0LWZHOFKHQ0DUNHWLQJLQVWUXPHQWHQNDQQGLHZDKUJHQRPPHQH*HVXQGKHLWVSURIL OLHUXQJYRQ/HEHQVPLWWHOQEHHLQIOXVVWZHUGHQ" ,P 0LWWHOSXQNW GHU 8QWHUVXFKXQJ VWHKW GLH (QWZLFNOXQJ HLQHV +\SRWKHVHQV\VWHPV GDV GLH JHQDQQWHQ )RUVFKXQJVIUDJHQ DXIJUHLIW XQG GHVVHQ HPSLULVFKH hEHUSUIXQJ DQKDQG HLQHVEUHLWDQJHOHJWHQ6DPSOHVXQGDQKDQGYRQYLHUH[HPSODULVFKHQ$UWLNHOQHUIROJW'LH MHZHLOLJHQ 0HVVLQVWUXPHQWH ZXUGHQ ² PLW HLQHU $XVQDKPH HLQHU (LJHQHQWZLFNOXQJ DQ KDQG HLQHU HUVWHQ 6WXGLHQVWXIH ² VlPWOLFK DXV 6WXGLHQ LQ lKQOLFK JHODJHUWHQ 8QWHUVX FKXQJV6HWWLQJV HQWOHKQW 1HEHQ HLQHU LP 0LWWHOSXQNW VWHKHQGHQNDXVDODQDO\WLVFKHQ +H UDQJHKHQVZHLVHXQGHLQHPVLPXOWDQHQ)HOGH[SHULPHQWLQ6WXGLHQVWXIH]ZHLZDUDOV9RU DUEHLWGLHV\VWHPDWLVFKH(QWZLFNOXQJHLQHU0HVVYRUVFKULIWIUGDV.RQVWUXNWGHUZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ LQ 6WXGLHQVWXIH HLQV QRWZHQGLJ 'LHV JHVFKLHKW LQ $EVFKQLWW & GXUFK HLQ DQHUNDQQWHV 3KDVHQVFKHPD ]XU .RQVWUXNWHQW ZLFNOXQJLP5DKPHQHLQHU9RUVWXGLHDQKDQGYRQYLHUZHLWHUHQ$UWLNHOQ +LHU]XZLUG]XQlFKVWGLH'RPlQHGHV.RQVWUXNWVIHVWJHOHJWXQGDXIGLHVHU%DVLVHLQYRU OlXILJHU,WHPSRROJHQHULHUW'LHVHUZXUGHHLQHUHUVWHQTXDOLWDWLYHQ'DWHQHUKHEXQJXQWHU ]RJHQ XQG GXUFK ([SHUWHQ GLPHQVLRQLHUW $QVFKOLHHQG HUIROJWH HLQH HUVWH TXDQWLWDWLYH 3UIXQJ GHV HQWZLFNHOWHQ 0HVVDQVDW]HV DQKDQG HLQHV &RQYHQLHQFH 6DPSOHV PLW LQVJHVDPW %HIUDJWHQ(UJHEQLVLVWHLQHPHKUIDNWRULHOOH0HVVYRUVFKULIW]XU0HVVXQJGHUZDKUJH QRPPHQHQ *HVXQGKHLWVSURILOLHUXQJ YRQ /HEHQVPLWWHOQ GLH GLH JlQJLJHQ *WHNULWHULHQ
HUIOOW(VZLUGIHUQHUEHUSUIWLQZLHIHUQHLQHP|JOLFKH)HKOVSH]LILNDWLRQDOVUHIOH[LYHV .RQVWUXNW]ZHLWHU2UGQXQJ(LQIOXVVDXIGLH8QWHUVXFKXQJVHUJHEQLVVHJHKDEWKlWWH 'LHHQWZLFNHOWH0HVVYRUVFKULIW]XU0HVVXQJGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLH UXQJYRQ/HEHQVPLWWHO0DUNHQDUWLNHOQZLUGLQGHU]ZHLWHQ6WXGLHQVWXIHLQ$EVFKQLWW'LQ HLQ .DXVDOV\VWHP HLQJHEHWWHW ZHOFKHV P|JOLFKH 'HWHUPLQDQWHQ LP PDUNHQSROLWLVFKHQ ,QVWUXPHQWDOEHUHLFKXQGP|JOLFKH(UIROJVZLUNXQJHQHQWKlOW8PGLH(UJHEQLVVHGHUNDX VDODQDO\WLVFKHQ8QWHUVXFKXQJHLQHUVHLWVVLQQYROOLQWHUSUHWLHUHQ]XN|QQHQDEHUDXFKXP DQGHUHUVHLWV(IIHNWHGLHGLH5HVXOWDWHYHUIlOVFKHQN|QQWHQ]XPLQLPLHUHQHUIROJWLQ$E VFKQLWW(HLQH)ODQNLHUXQJGXUFKHLQH[SHULPHQWHOOHV'HVLJQ =XP$XIEDXGHVNDXVDOHQ%H]LHKXQJVJHIOHFKWVXQGGHVH[SHULPHQWHOOHQ'HVLJQVZHUGHQ EDVLHUHQG DXI HLQHU OLWHUDWXUJHVWW]WHQ %HVWDQGVDXIQDKPH LQ $EVFKQLWW ' )RUVFKXQJV K\SRWKHVHQDEJHOHLWHWGLHLQHLQHQVWDQGDUGLVLHUWHQ)UDJHERJHQPQGHQ'LHVHU)UDJHER JHQ ELOGHW GLH *UXQGODJH HLQHU EUHLW DQJHOHJWHQ 9HUEUDXFKHUEHIUDJXQJ =XU $QDO\VH LQ $EVFKQLWW)N|QQHQLQVJHVDPW'DWHQVlW]HDXVYLHU6WLFKSUREHQKHUDQJH]RJHQZHU GHQ $XI GHQ XPIDQJUHLFKHQ LQ GLHVHU 8QWHUVXFKXQJ JHZRQQHQHQ (UJHEQLVVHQ EDVLHUHQG ZLGPHWVLFK$EVFKQLWW*GHU$EOHLWXQJYRQ+DQGOXQJVHPSIHKOXQJHQIUGLH8QWHUQHK PHQVSUD[LV'DEHLVWHKHQLQ$EVFKQLWW*]XQlFKVWGLHLGHQWLIL]LHUEDUHQ6FKZlFKHQGHU YRUOLHJHQGHQ $UEHLW LP 0LWWHOSXQNW XP GDUDXV 6FKOXVVIROJHUXQJHQ IU ZHLWHUH )RU VFKXQJVYRUKDEHQ DEOHLWHQ ]X N|QQHQ GDPLW VXN]HVVLYH XQG V\VWHPDWLVFK )RUVFKXQJVO FNHQJHVFKORVVHQZHUGHQN|QQHQ)HUQHUVWHKHQLQ$EVFKQLWW*GLH,PSOLNDWLRQHQIU GLH XQWHUQHKPHULVFKH 3UD[LV GLH MD GHQ $XVJDQJVSXQNW GHU YRUOLHJHQGHQ 8QWHUVXFKXQJ ELOGHWLP=HQWUXP 'DEHLLVWDOV EHVRQGHUH(UNHQQWQLVKHUYRU]XKHEHQGDVVDXFK $QELHWHUYRQDXV .RQVX PHQWHQVLFKW D SULRUL ZHQLJHU JHVXQGKHLWVSURILOLHUWHQ $UWLNHOQ LQ GHU /DJH VLQG LKUH DUWL NHOXQGPDUNHQEH]RJHQHQ=LHOHGXUFKHLQHYHUVWlUNWH.RQ]HQWUDWLRQDXI*HVXQGKHLWDOV 'LIIHUHQ]LHUXQJVPHUNPDOEHVVHU]XHUUHLFKHQ'LHVHUSRVLWLYH%HLWUDJ]LHOWGDEHLYRUDOOHP DXI 8PVDW]DXVZHLWXQJHQ DE ZHLO GLH ZDKUJHQRPPHQH *HVXQGKHLWVSURILOLHUXQJ JHJHQ EHUP|JOLFKHQSRVLWLYHQ3UHLVZLUNXQJHQHLQHQGHXWOLFKK|KHUHQ(IIHNWDXIGLH.DXILQ WHQWLRQDXIZHLVW 'LH YRUOLHJHQGHQ 8QWHUVXFKXQJVHUJHEQLVVH HUP|JOLFKHQ HV GLH ZDKUJHQRPPHQH *H VXQGKHLWVSURILOLHUXQJLQHLQXPIDVVHQGHV0RGHOOPLW9DULDEOHQXQG=LHOJU|HQGHV0DU NHQPDQDJHPHQWV]XLQWHJULHUHQ6RN|QQHQ ,VW$QDO\VHQGXUFKJHIKUW0DQDKPHQDE JHOHLWHW XQG GLH (UIROJH JHPHVVHQ ZHUGHQ 8P JHVXQGKHLWVSURILOLHUWH 0DUNHQDUWLNHO LQ
GLHVHP 6LQQH XPIDVVHQG VWHXHUQ ]X N|QQHQ VROOWH *HVXQGKHLWVSURILOLHUXQJ DOV ]XVlW]OL FKHV(OHPHQWLQGLH0DUNHQVWHXHUXQJVLQVWUXPHQWHDXIJHQRPPHQZHUGHQGDQXUVRHLQ NRQWLQXLHUOLFKHV XQG ]LHOJHULFKWHWHV JHVXQGKHLWVRULHQWLHUWHV 0DUNHQPDQDJHPHQW P|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|JOLFKHQ,QVWUXPHQWDOYDULDEOHQDOVDXFK ]XP|JOLFKHQ(UIROJVZLUNXQ JHQLQ%H]LHKXQJVHW]W,Q]XNQIWLJHQ6WXGLHQP|JHQGLHKLHUYRUJHOHJWHQ(UJHEQLVVHGLH *UXQGODJH IU 5HSOLNDWLRQHQ PLW HLQHP HUZHLWHUWHQ PHWKRGLVFKHQ )XQGDPHQW RGHU LQ DQGHUHQ 6HJPHQWHQ GHV /HEHQVPLWWHOPDUNWHV ELOGHQ XP GDV 3KlQRPHQ GHU *HVXQG KHLWVSURILOLHUXQJYRQ/HEHQVPLWWHOQZHLWHU]XGXUFKOHXFKWHQ
$QKDQJ$'LHLQGHUHUVWHQ6WXGLHQVWXIHYHUZHQGHWHQ,WHPV]XU,GHQ WLILNDWLRQGHUZDKUJHQRPPHQHQ*HVXQGKHLWVSURILOLHUXQJ 'HU1DPHGHV$UWLNHOVOlVVWDXIHLQHJHVXQGH:LUNXQJVFKOLHHQ 'HU+HUVWHOOHUGHV$UWLNHOVLVWEHNDQQWIUGLH3URGXNWLRQJHVXQGHU1DKUXQJVPLWWHO ,FKJODXEHGLH9HUSDFNXQJLVWLQVJHVDPWJHHLJQHWXPGHQ*HVXQGKHLWVEHLWUDJGHV$UWLNHOVQGDXHUKDIW]X HUKDOWHQ ,FKDVVR]LLHUHPLWGHU9HUSDFNXQJVIDUEH*HVXQGKHLW ,FKYHUELQGHPLWGHU9HUSDFNXQJVIRUP*HVXQGKHLW ,FKILQGH$UWLNHOQ]HLFKQHWVLFKGXUFKHLQHQQDWUOLFKHQ*HUXFKDXV 'LH+DOWEDUNHLWGHV$UWLNHOVQHUVFKHLWPLULQ%H]XJDXIYHUJOHLFKEDUH3URGXNWHXQJHZ|KQOLFKKRFK 0LWGHU)DUEHGHV3URGXNWVDVVR]LLHUHLFK*HVXQGKHLW 'DV9HUSDFNXQJVGHVLJQZHFNWEHLPLU$VVR]LDWLRQHQ]X*HVXQGKHLW 'DV$UWLNHOQZLUNWIULVFK 'DV$UWLNHOQLVWPLUDXVGHU:HUEXQJDXIJUXQGVHLQHUJHVXQGKHLWOLFKHQ:LUNXQJEHNDQQW ,FKHQWQHKPHGHU3URGXNWZHUEXQJIU$UWLNHOQHLQHJHVXQGKHLWOLFKH:LUNXQJ 'HQ9HU]HKUGHV$UWLNHOVQKDOWHLFKIUYHUQQIWLJ ,FKKDEHHLQVFKOHFKWHV*HZLVVHQZHQQLFK$UWLNHOQYHU]HKUH ,FKJODXEH$UWLNHOQOHLVWHWHLQHQEHUGXUFKVFKQLWWOLFKKRKHQ*HVXQGKHLWVEHLWUDJ ,FKILQGH$UWLNHOQLVWJHVQGHUDOVYHUJOHLFKEDUH3URGXNWHGHU.RQNXUUHQWHQ ,FKJODXEHGHUEHUPlLJH9HU]HKUGHV$UWLNHOVQNDQQGHQ$XVEUXFKYRQ.UDQNKHLWHQEHJQVWLJHQ ,FKZUGH$UWLNHOQPHLQHP.LQG]XP9HU]HKUJHEHQ ,FKJODXEHGDVV« «GHU9HU]HKUGHV$UWLNHOVQPHLQH)LWQHVVYHUEHVVHUQNDQQ «GHU9HU]HKUYRQ$UWLNHOQPHLQDOOJHPHLQHV:RKOEHILQGHQI|UGHUQNDQQ «GHU.RQVXPYRQ$UWLNHOQHLQH6WHLJHUXQJPHLQHV:RKOEHILQGHQVKHUYRUUXIW «GHUUHJHOPlLJH9HU]HKUYRQ$UWLNHOQPHLQH*HVXQGKHLWYHUEHVVHUQNDQQ «$UWLNHOQPHLQH%HGUIQLVVHKLQVLFKWOLFKJHVXQGHU(UQlKUXQJEHIULHGLJW «GHUUHJHOPlLJH9HU]HKUGHV$UWLNHOVQ.UDQNKHLWHQYRUEHXJHQNDQQ «LFKPLFKRKQH$UWLNHOQJHVQGHUHUQlKUH «GHU9HU]HKUYRQ$UWLNHOQ]XP$XVJOHLFKYRQ(UQlKUXQJVVQGHQGLHQHQNDQQ «GHUUHJHOPlLJH9HU]HKUYRQ$UWLNHOQGDV,PPXQV\VWHPVWlUNW «GHUUHJHOPlLJH9HU]HKUYRQ$UWLNHOQPHLQH/HEHQVTXDOLWlWYHUEHVVHUQNDQQ «GHUUHJHOPlLJH9HU]HKUGHV$UWLNHOVQ]XHLQHUJXWHQ)LJXUIKUW «GHUUHJHOPlLJH9HU]HKUGHV$UWLNHOVQ]XHLQHPJXWHQ.|USHUEDXIKUW «GHUUHJHOPlLJH9HU]HKUGHV$UWLNHOVQHLQHMXJHQGOLFKH(UVFKHLQXQJEHJQVWLJW «GHUUHJHOPlLJH9HU]HKUGHV$UWLNHOVQPHLQ/HEHQYHUOlQJHUQNDQQ
«GHUUHJHOPlLJH9HU]HKUGHV$UWLNHOVQPHLQHU6FK|QKHLWGLHQW «GHU9HU]HKUYRQ$UWLNHOQPLFKDWWUDNWLYHUPDFKW ,FKJODXEHGDVV$UWLNHOQLP9HUJOHLFK]XlKQOLFKHQ3URGXNWHQ« «YLHO)HWWHQWKlOW «YLHO6DO]HQWKlOW «HLQHQKRKHP.DORULHQJHKDOWKDW «YLHOH.RKOHQK\GUDWHHQWKlOW «YLHOHNQVWOLFKH=XVDW]VWRIIHHQWKlOW «YLHOHNQVWOLFKH)DUEVWRIIHHQWKlOW «YLHOH.RQVHUYLHUXQJVPLWWHOHQWKlOW «YLHO=XFNHUHQWKlOW «HLQHQKRKHQ9LWDPLQJHKDOWKDWDXHU9LWDPLQ& «YLHO-RGHQWKlOW «YLHO(LZHLHQWKlOW «YLHOH%DOODVWVWRIIHHQWKlOW «YLHO9LWDPLQ&HQWKlOW «PHLQHQ&KROHVWHULQVSLHJHOHUK|KW «]XU'HFNXQJGHVWlJOLFKHQ9LWDPLQEHGDUIVGLHQW «PHLQHP.|USHUZLFKWLJH0LQHUDOLHQOLHIHUW «7HLOHLQHUDXVJHZRJHQHQDEZHFKVOXQJVUHLFKHQ(UQlKUXQJLVW «0DQJHOHUVFKHLQXQJHQPLQGHUW «VLFKIUHLQHJHVXQGHXQGQDKUKDIWH0DKO]HLWHLJQHW ,FKJODXEHGDVV« «$UWLNHOQE]ZVHLQH=XWDWHQQLFKWPLW3HVWL]LGHQEHKDQGHOWZXUGHQ «3URGXNWQE]ZVHLQH=XWDWHQDXVELRORJLVFKHP$QEDXVWDPPHQ «GHU9HU]HKUGHV$UWLNHOVQQLFKWVFKlGOLFKLVW «GDV3URGXNWQE]ZVHLQH=XWDWHQQLFKWJHQHWLVFKYHUlQGHUWZXUGHQ ,FKJODXEHGDVV$UWLNHOQJXWVFKPHFNW ,FKJODXEHGDVV$UWLNHOQJXWYHUGDXOLFKYHUWUlJOLFKLVW
$QKDQJ%'LH.RQVWUXNWHLQGHUHUVWHQ6WXGLHQVWXIH )ROJHQGH)UDJHQEH]LHKHQVLFKXQPLWWHOEDUDXIGLHLQGHUHUVWHQ6WXGLHQVWXIHXQWHUVXFKWHQ$UWLNHO$UWLNHO $%&RGHU'
)UDJHQ]X3URGXNWNHQQWQLVXQG.RQVXPKlXILJNHLW
)UDJHQ]X+HUVWHOOHU0DUNH
)UDJHQ]XIHVWVWHOOEDUHQ3URGXNWPHUNPDOHQDP9HUNDXIVRUW
)UDJHQ]XU3URGXNWZHUEXQJ
)UDJHQ]XNRJQLWLYHQ$VSHNWHQGHV.DXIYHUKDOWHQV
)UDJHQ]XHUZDUWHWHQSK\VLVFKHQ:LUNXQJHQ
)UDJHQ]X,QKDOWVVWRIIHQ
)UDJHQ]XVFKZHUEHUSUIEDUHQ3URGXNWPHUNPDOHQ
)UDJHQ]X0HUNPDOHQGLHQDFKGHP.DXI.RQVXPOHLFKWIHVWVWHOOEDUVLQG
)UDJHQ]XU(LQVWHOOXQJJHJHQEHUGHP$UWLNHO
)UDJHQ]XU9HUKDOWHQVDEVLFKW.DXILQWHQWLRQ
)UDJHQ]XU(LQKDOWXQJVR]LDOHU1RUPHQ
)UDJHQ]XPWDWVlFKOLFKHQ.DXIYHUKDOWHQ
)ROJHQGH)UDJHQGLHQHQ]XU&KDUDNWHULVLHUXQJGHU%HIUDJWHQ
)UDJHQ]XP*HVXQGKHLWVZLVVHQ
)UDJHQ]XP*HVXQGKHLWVXQG(UQlKUXQJVZLVVHQ
)UDJHQ]XU*HVXQGKHLWVPRWLYDWLRQ+HDOWK0RWLYDWLRQ
)UDJHQ]XU*HVXQGKHLWVRULHQWLHUXQJ+HDOWK&RQVFLRXVQHVV
)UDJHQ]X6WXIHQGHU9HUKDOWHQVlQGHUXQJ6WDJHVRI&KDQJH
)UDJHQ]XU6HOEVWZLUNVDPNHLWLQ%H]XJDXIGDV(UQlKUXQJVYHUKDOWHQ
)UDJHQ]XULQGLYLGXHOOHQ0DUNHQRULHQWLHUXQJLP(UQlKUXQJVEHUHLFK
)UDJHQ]XP:DUHQJUXSSHQLQYROYHPHQW
6R]LRGHPRJUDSKLVFKH)UDJHQQDFK$OWHUXQG*HVFKOHFKW
$QKDQJ&$XV]JHDXVGHQ]XU]ZHLWHQ6WXGLHQVWXIHYHUVHQGHWHQ'R NXPHQWHQ $XV*UQGHQGHUGHP.RRSHUDWLRQVSDUWQHUGLHVHU8QWHUVXFKXQJ]XJHVLFKHUWHQ9HUWUDXOLFKNHLWN|QQHQ GLHYHUVHQGHWHQ)UDJHE|JHQQLFKWYROOVWlQGLJZLHGHUJHJHEHQZHUGHQZHLOHLQLJH)UDJHVWHOOXQJHQ5FN VFKOVVHDXI%HWHLOLJWH]XOLHHQ-HGRFKZHUGHQVlPWOLFKHLQGHUYRUOLHJHQGHQZLVVHQVFKDIWOLFKHQ8QWHUVX FKXQJYHUZHQGHWHQ)UDJHERJHQEHVWDQGWHLOHXQGVRQVWLJHQ%HJOHLWGRNXPHQWHKLHUJJILQDQRQ\PLVLHUWHU )RUPGKRKQH1HQQXQJYRQ8QWHUQHKPHQVRGHU$UWLNHOQDPHQ GRNXPHQWLHUW
$QVFKUHLEHQ
)UDJHERJHQGHU]ZHLWHQ6WXGLHQVWXIH ,PHUVWHQ7HLOGHV)UDJHERJHQVJHKWHVXPIROJHQGHV3URGXNW >(VIROJWHLQH%LOGGDUVWHOOXQJGHV$UWLNHOV$RGHU%E]Z&RGHU'MHQDFK:DUHQJUXSSH GLH1HQQXQJ GHV$UWLNHOQDPHQVXQGJJIGLH9HUNHKUVEH]HLFKQXQJXQG$QJDEHYRQ,QKDOWVVWRIIHQDEKlQJLJGDYRQRE GHU)UDJHERJHQPLWRGHURKQHGLHMHZHLOLJHQ,QIRUPDWLRQHQYHUVHQGHWZXUGH @
:LHVFKlW]HQ6LHGDVRELJH3URGXNWDXFKZHQQ6LHHVQLFKWJHQDXNHQQHQHLQ"
>(VVFKOLHHQVLFKLGHQWLVFKH)UDJHQEO|FNHIUGHQMHZHLOV]ZHLWHQ$UWLNHOGHU:DUHQJUXSSHDQDXV *UQGHQGHUhEHUVLFKWOLFKNHLWZLUGDQGLHVHU6WHOOHGDUDXIYHU]LFKWHWGLHVHHEHQIDOOVGDU]XVWHOOHQHVlQ GHUWVLFKOHGLJOLFKGLH$UWLNHOEH]HLFKQXQJ,QHLQHPGULWWHQ7HLOZHUGHQDQVFKOLHHQG)UDJHQGLHIUGHQ .RRSHUDWLRQVSDUWQHUGLHVHU6WXGLHUHOHYDQWVLQGHLQJHDUEHLWHW$XV*UQGHQGHU]XJHVLFKHUWHQ9HUWUDX OLFKNHLWXQGGHUIHKOHQGHQ5HOHYDQ]IUGHQKLHUYRUOLHJHQGHQZLVVHQVFKDIWOLFKHQ7HLOGHU8QWHUVXFKXQJ ZLUGDXIGLH'DUVWHOOXQJYHU]LFKWHW@
$EVFKOLHHQG QRFK ]X ,KUHU 3HUVRQ DOOH $QJDEHQ DXFK KLHU VHOEVWYHUVWlQGOLFK IUHLZLOOLJ XQG VWUHQJYHUWUDXOLFKDEHU6LHKHOIHQPLUGDPLWVHKU ,KU*HVFKOHFKW
ƑZHLEOLFK
ƑPlQQOLFK ,KU*HEXUWVMDKUJDQJBBBBBBBBB
,KUH.|USHUJU|H
BBBBBBBBBFP,KU*HZLFKWBBBBBBBBBNJ
:LHYLHOH.LQGHUXQWHU-DKUHQOHEHQLQ,KUHP+DXVKDOW"BBBBBBB.LQGHU
:HOFKHQ6FKXODEVFKOXVVKDEHQ6LH]XOHW]WHUZRUEHQ" ƑNHLQ6FKXODEVFKOXVV Ƒ)DFK $ELWXU Ƒ3URPRWLRQ+DELOLWDWLRQ
Ƒ+DXSWVFKXODEVFKOXVV Ƒ$EJHVFKO%HUXIVDXVELOGXQJ
Ƒ5HDOVFKXODEVFKOXVV Ƒ+RFKVFKXODEVFKOXVV
:HUHQWVFKHLGHWLQ,KUHP+DXVKDOWLQGHU 5HJHOEHU GHQ(LQNDXI YRQ/HEHQVPLWWHOQ" 0HKU IDFKQHQQXQJP|JOLFK ƑLFKVHOEVW Ƒ/HEHQVSDUWQHULQ Ƒ.LQGHU
Ƒ
DQGHUH
3HUVRQHQ
:LHKRFKLVW,KUJHJHQZlUWLJHVPRQDWOLFKHV+DXVKDOWV1HWWRHLQNRPPHQ" ƑXQWHU¼ ƑYRQELVXQWHU¼ ƑYRQELVXQWHU¼ ƑYRQELVXQWHU¼ ƑYRQELVXQWHU¼ ƑYRQELVXQWHU¼ ƑPHKUDOV¼ 9LHOHQ 'DQN IU ,KUH 7HLOQDKPH %LWWH YHUZHQGHQ 6LH GHQ EHLOLHJHQGHQ 8PVFKODJ
/LWHUDWXUYHU]HLFKQLV $&1,(/6(1 %DVHV3ULFH$GYLVRU)UDQNIXUW $$.(5'$9,' $ 0DQDJLQJ%UDQG(TXLW\&DSLWDOL]LQJRQWKH9DOXHRID%UDQG 1DPH1HZ
$/%(56 6g1.(+(550$11 $1'5($6 +56* +DQGEXFK 3URGXNWPDQDJH PHQW6WUDWHJLHHQWZLFNOXQJ²3URGXNWSODQXQJ²2UJDQLVDWLRQ².RQWUROOH:LHVEDGHQ $/%(57+$16 .ULWLVFKHU5DWLRQDOLVPXV7ELQJHQ $0(5,&$1 0$5.(7,1* $662&,$7,21 +56* 'LFWLRQDU\ RI 0DUNHWLQJ 7HUPV KWWSZZZPDUNHWLQJSRZHUFRPPJGLFWLRQDU\YLHZSKS$EUXI $1'(5621 -$0(6 &*(5%,1* '$9,' : 6RPH 0HWKRGV IRU 5HVSHFLI\LQJ 0HDVXUHPHQW 0RGHOV WR 2EWDLQ 8QLGLPHQVLRQDO &RQVWUXFW 0HDVXUHPHQW LQ -RXUQDO RI0DUNHWLQJ5HVHDUFK-J 6 $1'5(6(1 7+20$6 ,QQHUH 0DUNHQELOGHU 0$; ²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l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
%($5'(1 :,//,$0 2:22'6,'( $5&+ * 7HVWLQJ 9DULDWLRQV RI )LVKEHLQ V %HKDYLRUDO,QWHQWLRQ0RGHO:LWKRXWD&RQVXPHU%HKDYLRU&RQWH[WLQ-RXUQDORI$S SOLHG6RFLDO3V\FKRORJ\-J 6 %(+5(16*(52/' .RQVXPHQWHQYHUKDOWHQ(QWZLFNOXQJ$EKlQJLJNHLWHQ0|J OLFKNHLWHQ+HLGHOEHUJ %(+50$110$5/(1(026&29,7&+0255,6:,12&85*25'21 9LVLRQDQG 0HQWDO ,PDJHU\ LQ +803+5(<6 */<1 : +56* &DVH 6WXGLHV LQ WKH 1HXURSV\ FKRORJ\RI9LVLRQ+RYH6 %(.0(,(5 6,*5,' 0DUNHQZHUW LQ 7,(7= %5812.g+/(5 5, &+$5'=(17(6 -2$&+,0 +56* +DQGZ|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|WWLQJHQ %(5.2:,7= / +56* $GYDQFHV LQ ([SHULPDQWDO 6RFLDO 3V\FKRORJ\ 9RO 1HZ
%,'021 52%(57 .63$7=/ %$5%$5$ 'LH %HIUDJXQJ LQ 526(167,(/ /87= 921+2&.(/ &85' 0,&+$(/02/7 :$/7(5+56* +DQGEXFKGHU$QJHZDQG WHQ3V\FKRORJLH*UXQGODJHQ²0HWKRGHQ²3UD[LV/DQGVEHUJ/HFK6 %,(/ $/(;$1'(5 / *UXQGODJHQ ]XP 0DUNHQZHUWDXIEDX LQ (6&+ )5$1= 58'2/)+56* 0RGHUQH0DUNHQIKUXQJ*UXQGODJHQ–,QQRYDWLYH$QVlW]H–3UDN WLVFKH8PVHW]XQJ:LHVEDGHQ6 %,1'(5 +$5$/'(%(5/ 0$5.86 )RUPDWLYHXQGUHIOH[LYH,QGLNDWRUHQLP)RU VFKXQJVSUR]HVV (QWVFKHLGXQJVUHJHOQ XQG GLH 'RPLQDQ] GHV UHIOH[LYHQ 0RGHOOV LQ 6&+:$,*(5 0$1)5(' +56* 6FKULIWHQ]XU(PSLULVFKHQ)RUVFKXQJXQG4XDQWLWD WLYHQ8QWHUQHKPHQVSODQXQJ+HIW0QFKHQ %..%81'(69(5%$1' +56* %..*HVXQGKHLWVUHSRUW²*HVXQGKHLWLQ =HLWHQGHU*OREDOLVLHUXQJ%HUOLQ %/$1.621&+$5/(6.$/$)$7,667$95263 7KH'HYHORSPHQWDQG9DOLGDWLRQ RI D 6FDOH 0HDVXULQJ &RQVXPHU &OXVWHU'HULYHG *HQHULF 7\SRORJ\ RI 3RVLWLRQLQJ 6WUDWHJLHVLQ-RXUQDORI0DUNHWLQJ0DQDJHPHQW-J +HIW6 %g&.(5)5$1= 0DUNHWLQJ$XIODJH 6WXWWJDUW %g,1* &+5,67,$1 (UIROJVIDNWRUHQ LP %XVLQHVVWR&RQVXPHU(&RPPHUFH :LHVEDGHQ %2//(1 .(11(7+ $ 6WUXFWXUDO (TXDWLRQV ZLWK /DWHQW 9DULDEOHV 1HZ
%58+1 0$1)5(' 0DUNHQSROLWLN (LQ hEHUEOLFN ]XP 6WDWH RI WKH $UW LQ 'LH %HWULHEVZLUWVFKDIW'%: -J 6 %58+10$1)5('+56* +DQGEXFK0DUNHQPDQDJHPHQW$XIODJH 6WXWWJDUW %58+1 0$1)5('+20%85* &+5,67,$1 *DEOHU0DUNHWLQJ/H[LNRQ$XIOD JH :LHVEDGHQ %h+/ $&+,0=g)(/3(7(5 6366(LQIKUXQJLQGLHPRGHUQH'DWHQDQDO\VH XQWHU:LQGRZV$XIODJH 0QFKHQ %h+1(5 0$5.86 (LQIKUXQJ LQ GLH 7HVW XQG )UDJHERJHQNRQVWUXNWLRQ 0Q FKHQ %81'(60,1,67(5,80 )h5 %,/'81* 81' )256&+81* 'LH ZLUWVFKDIWOLFKH XQG VR]LDOH/DJH GHU6WXGLHUHQGHQLQGHU %XQGHVUHSXEOLN'HXWVFKODQG6R]LDOHU KHEXQJ GHV 'HXWVFKHQ 6WXGHQWHQZHUNV GXUFKJHIKUW GXUFK GDV +,6 +RFKVFKXO ,QIRUPDWLRQV6\VWHP%HUOLQ %850$11 &+5,67,23+0())(57 +(5,%(57.2(56 0$57,1 6WHOOHQZHUWXQG *HJHQVWDQG GHV 0DUNHQPDQDJHPHQWV LQ 0())(57 +(5,%(57%850$11 &+5,6723+.2(56 0$57,1 +56* 0DUNHQPDQDJHPHQW ² ,GHQWLWlWVRULHQWHLUWH 0DUNHQIKUXQJXQGSUDNWLVFKH8PVHW]XQJ$XIODJH :LHVEDGHQ %850$11&+5,6723+%/,1'$/$561,76&+.($;(/ .RQ]HSWLRQHOOH*UXQG ODJHQGHVLGHQWLWlWVEDVLHUWHQ0DUNHQPDQDJHPHQWV%UHPHQ %850$11 &+5,6723+0())(57 +(5,%(57 7KHRUHWLVFKHV *UXQGNRQ]HSW GHU LGHQWLWlWVRULHQWLHUWHQ 0DUNHQIKUXQJ LQ 0())(57 +(5,%(57%850$11 &+5,6 723+.2(56 0$57,1 +56* 0DUNHQPDQDJHPHQW ,GHQWLWlWVRULHQWLHUWH 0DUNHQ IKUXQJXQGSUDNWLVFKH8PVHW]XQJ$XIODJH :LHVEDGHQ6 %850$11 &+5,6723+0())(57 +(5,%(57.2(56 0$57,1 6WHOOHQZHUW XQG *HJHQVWDQG GHV 0DUNHQPDQDJHPHQWV LQ 0())(57 +(5,%(57%850$11 &+5,6 723+.2(56 0$57,1 +56* 0DUNHQPDQDJHPHQW ,GHQWLWlWVRULHQWLHUWH 0DUNHQ IKUXQJXQG8PVHW]XQJ$XIODJH :LHVEDGHQ6 %86.,5.5,&+$5'+ 3ULQFLSOHVRI0DUNHWLQJ$XIODJH +LQVGDOH %<51(%$5%$5$ 0 6WUXFWXUDO(TXDWLRQ0RGHOLQJZLWK$026%DVLF&RQFHSWV $SSOLFDWLRQVDQG3URJUDPPLQJ/RQGRQ &$/'(5 %2%%< -3+,/,336 /<11 :7<%287 $/,&( 0 'HVLJQLQJ5HVHDUFK IRU$SSOLFDWLRQLQ-RXUQDORI&RQVXPHU5HVHDUFK-J 6 &$1121-7+20$6 %XVLQHVV6WUDWHJ\DQG3ROLF\1HZ
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
&521%$&+/(( - &RHIILFLHQW$OSKDDQGWKH,QWHUQDO6WUXFWXUHRI7HVWVLQ3V\ FKRPHWULND-J 6 &800,1*6 521$/' *%522.6+,5( ' 66&+8/=( :,//,$0 ' +56* 9DOXLQJ(QYLURQPHQWDO*RRGV$Q$VVHVVPHQWRIWKH&RQWLQJHQW9DOXDWLRQ0HWKRG 7RWRZD &85(721 (':$5' (' $*267,12 5$/3+ % )DFWRU $QDO\VLV $Q $SSOLHG $SSURDFK+LOOVGDOH '$5%<0,&+$(/5.$51<(', )UHH&RPSHWLWLRQDQGWKH2SWLPDO$PRXQWRI )UDXGLQ-RXUQDORI/DZDQG(FRQRPLFV-J 6 '$< *(25*(:(,7= %$5721:(16/(< 52%,1 +56* 7KH ,QWHUIDFH RI 0DUNHWLQJDQG6WUDWHJ\*UHHQZLFK '(9(//,6 52%(57 ) 6FDOH 'HYHORSPHQW 7KHRU\ DQG $SSOLFDWLRQV 1HZEXU\ 3DUN/RQGRQ1HZ'HOKL '+$5 5$9,:(57(1%52&+ ./$86 &RQVXPHU &KRLFH EHWZHHQ +HGRQLF DQG 8WLOLWDULDQ*RRGVLQ-RXUQDORI0DUNHWLQJ5HVHDUFK-J 6
',$0$172328/26 $'$0$17,26:,1./+2)(5 +(,', 0 ,QGH[&RQVWUXFWLRQ ZLWK)RUPDWLYH,QGLFDWRUV$Q $OWHUQDWLYHWR6FDOH'HYHORSPHQWLQ-RXUQDORI0DU NHWLQJ5HVHDUFK-J 6 ',&.621 3(7(5 56$:<(5 $/$1 * 7KH3ULFH.QRZOHGJHDQG6HDUFKRI6X SHUPDUNHW6KRSSHUVLQ-RXUQDORI0DUNHWLQJ-J -XO\6 ',//(5 +(50$11 'HU 3UHLV DOV 4XDOLWlWVLQGLNDWRU LQ 'LH %HWULHEVZLUWVFKDIW '%: -J 6 ',//(5+(50$11 3UHLVSROLWLN6WXWWJDUW ',//(5 +(50$11 +56* 'HU PRGHUQH 9HUEUDXFKHU ² 1HXH %HIXQGH ]XP (LQNDXIVYHUKDOWHQ1UQEHUJ ',//(5 +(50$11 3UREOHPH GHU +DQGKDEXQJ YRQ 6WUXNWXUJOHLFKXQJVPRGHOOHQ LQ GHU EHWULHEVZLUWVFKDIWOLFKHQ )RUVFKXQJ ² (LQH NULWLVFKH (LQIKUXQJ LQ 'LH %H WULHEVZLUWVFKDIW'%: -J 6 ',//(5 +(50$11+(50$11 $1'5($6+56* +DQGEXFK3UHLVSROLWLN:LHV EDGHQ '2''6 :,//,$0 %02152( .(17 %*5(:$/ '+589 (IIHFWV RI 3ULFH %UDQGDQG6WRUH,QIRUPDWLRQRQ%X\HUV 3URGXFW(YDOXDWLRQVLQ-RXUQDORI0DUNHWLQJ 5HVHDUFK-J 6 '20,7=/$))+$16 'LH*HZLQQXQJGHV|IIHQWOLFKHQ9HUWUDXHQV(LQ/HKUEXFK GHU0DUNHQWHFKQLN+DPEXUJ '=,8%$1 &+$5/(6 '6+,5.(< (':,1 & :KHQ LV D &RUUHODWLRQ 0DWUL[ $S SURSULDWHIRU)DFWRU$QDO\VLV"6RPH'HFLVLRQ5XOHVLQ3V\FKRORJLFDO%XOOHWLQ-J 6 ($6,1*:22' &+5,6723+(5 -0$+$-$1 9,-$< 3RVLWLRQLQJ RI )LQDQFLDO 6HUYLFHV IRU &RPSHWLWLYH 6WUDWHJ\ LQ -RXUQDO RI 3URGXFW ,QQRYDWLRQ 0DQDJHPHQW -J 6
((570$16$%$(<(16)9$1'(1%(5*+2 )RRG/LNHVDQG7KHLU5HODWLYH ,PSRUWDQFHLQ+XPDQ(DWLQJ%HKDYLRU5HYLHZDQG3UHOLPLQDU\6XJJHVWLRQVIRU+HDOWK 3URPRWLRQLQ+HDOWK(GXFDWLRQ5HVHDUFK-J 6 ()521%5$'/(<7,%6+,5$1,52%(57 ,PSURYHPHQWVRQ&URVV9DOLGDWLRQ7KH %RRWVWUDS 0HWKRG LQ -RXUQDO RI WKH $PHULFDQ 6WDWLVWLFDO $VVRFLDWLRQ -J 6 ()6$ KWWSZZZHIVDHXLQW$EUXI (5'(0 7h/,16:$,7 -2))5( %UDQG (TXLW\ DV D 6LJQDOOLQJ 3KHQRPHQRQ LQ -RXUQDORI&RQVXPHU3V\FKRORJ\-J 6 (6&+)5$1=58'2/)+56* 0RGHUQH0DUNHQIKUXQJ*UXQGODJHQ²,QQRYD WLYH$QVlW]H²3UDNWLVFKH8PVHW]XQJ$XIODJH :LHVEDGHQ (6&+)5$1=58'2/) 0DUNHQSURILOLHUXQJXQG0DUNHQWUDQVIHULQ$/%(566g1 .(+(550$11 $1'5($6 +56* +DQGEXFK 3URGXNWPDQDJHPHQW 6WUDWHJLHHQW ZLFNOXQJ²3URGXNWSODQXQJ²2UJDQLVDWLRQ².RQWUROOH:LHVEDGHQ6
(6&+ )5$1=58'2/)+56* 0RGHUQH0DUNHQIKUXQJ*UXQGODJHQ²,QQRYD WLYH$QVlW]H²3UDNWLVFKH8PVHW]XQJ$XIODJH :LHVEDGHQ (6&+ )5$1=58'2/) 6WUDWHJLH XQG 7HFKQLN GHU 0DUNHQIKUXQJ $XIODJH 0QFKHQ (6&+ )5$1=58'2/)*(86 3$75,&. $QVlW]H]XU0HVVXQJGHV0DUNHQZHUWHV LQ(6&+)5$1=58'2/)+56* 0RGHUQH0DUNHQIKUXQJ*UXQGODJHQ²,QQRYDWL YH$QVlW]H²3UDNWLVFKH8PVHW]XQJ$XIODJH :LHVEDGHQ6 (6&+ )5$1=58'2/)0g// 7+2567(1(/*(5 &+5,67,$1 (5,&+1(8+$86 &$ 52/,1:(%(5 %(51' :LUNXQJYRQ0DUNHQHPRWLRQHQ²1HXURPDUNHWLQJDOV QHXHUYHUKDOWHQVZLVVHQVFKDIWOLFKHU=XJDQJLQ0DUNHWLQJ=)3-J 6 (6&+)5$1=58'2/):,&.($1'5($6 +HUDXVIRUGHUXQJHQXQG$XIJDEHQGHV 0DUNHQPDQDJHPHQWV LQ (6&+ )5$1=58'2/) +56* 0RGHUQH 0DUNHQIKUXQJ *UXQGODJHQ ² ,QQRYDWLYH $QVlW]H ² 3UDNWLVFKH 8PVHW]XQJ $XIODJH :LHVEDGHQ 6 )$%5,*$5 /($1'5( 5:(*(1(5 '8$1( 70$&&$//80 52%(57 &675$+$1 (5,1- (YDOXDWLQJWKH8VHRI([SORUDWRU\)DFWRU$QDO\VLVLQ3V\FKRORJLFDO5H VHDUFKLQ3V\FKRORJLFDO0HWKRGV-J 6 )$1;,$72:$1*/,17+203621%58&( (IIHFWVRI6DPSOH6L]H(VWLPDWLRQ 0HWKRGV $QG 0RGHO 6SHFLILFDWLRQ RQ 6WUXFWXUDO (TXDWLRQ 0RGHOLQJ )LW ,QGH[HV LQ 6WUXFWXUDO(TXDWLRQ0RGHOLQJ-J 6 )$1 ;,7$26,92 67(3+(1 $ 6HQVLWLYLW\RI)LW,QGLFHVWR0RGHO0LVVSHFLILFDWLRQDQG 0RGHO7\SHVLQ0XOWLYDULDWH%HKDYLRUDO5HVHDUFK-J 6
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lXIHUYHUKDOWHQ *UXQGODJHQ ² 3HU VSHNWLYHQ²$QZHQGXQJHQ:LHVEDGHQ
)5$1=2:,$. 3(7(56$%2 3(7(5 +56* 'RNXPHQWHGHU*HVXQGKHLWVI|UGH UXQJ²,QWHUQDWLRQDOHXQGQDWLRQDOH'RNXPHQWHXQG*UXQGODJHQWH[WH]XU(QWZLFNOXQJ GHU*HVXQGKHLWVI|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·V )RRG &KRLFHV %HUOLQ )5,7=:2/)*$1* 0DUNWRULHQWLHUWH8QWHUQHKPHQVIKUXQJXQG8QWHUQHKPHQV HUIROJ6WXWWJDUW )81. 7+20$6 'LH:LUNXQJHQYRQ%RQXVSURJUDPPQHW]ZHUNHQDXIGDV&URVV %X\LQJ9HUKDOWHQ:LHVEDGHQ *$%25$1'5e*5$1*(5&:- 3ULFH6HQVLWLYLW\RIWKH&RQVXPHULQ-RXUQDO RI$GYHUWLVLQJ5HVHDUFK-J 6 *$5/$1' 521 $&RPSDULVRQRI7KUHH)RUPVRIWKH6HPDQWLF'LIIHUHQWLDOLQ 0DUNHWLQJ%XOOHWLQ-J 6 *,(5( -(16:,57= %(51' %6&+,/.( 2/,9(5 0HKUGLPHQVLRQDOH.RQVWUXN WH².RQ]HSWLRQHOOH*UXQGODJHQXQG0|JOLFKNHLWHQLKUHU$QDO\VHPLWKLOIHYRQ6WUXN WXUJOHLFKXQJHPRGHOOHQLQ'LH%HWULHEVZLUWVFKDIW'%: -J 6 *,(5,1* $11(77( 'HU =XVDPPHQKDQJ ]ZLVFKHQ .XQGHQ]XIULHGHQKHLW XQG .XQGHQOR\DOLWlW(LQH8QWHUVXFKXQJPRGHULHUHQGHU(IIHNWH:LHVEDGHQ *,/%(57 ;$9,(5675(%(/ 3$8/ 6WUDWHJLHV WR 2XWSDFH WKH &RPSHWLWLRQ LQ -RXUQDORI%XVLQHVV6WUDWHJ\-J 6 *2568&+5,&+$5'/ )DFWRU$QDO\VLV+LOOVGDOH *5g33(/./(,1$1'5($ 9HUKDOWHQVZLVVHQVFKDIWOLFKH*UXQGODJHQIUGLH0DU NHQIKUXQJ YRQ .RQVXPJWHUQ LQ %58+1 0$1)5(' +56* +DQGEXFK 0DUNHQ PDQDJHPHQW$XIODJH 6WXWWJDUW6 *8$'$*12/, (':$5'9(/,&(5 :$<1( ) 5HODWLRQ RI 6DPSOH 6L]H WR WKH 6WDELOLW\RI&RPSRQHQW3DWWHUQVLQ3V\FKRORJLFDO%XOOHWLQ-J 6 *h77/(53(7(5 2 6R]LDOSV\FKRORJLH6R]LDOH(LQVWHOOXQJHQ²9RUXUWHLOH²(LQ VWHOOXQJVlQGHUXQJ$XIODJH 0QFKHQ +$*(5:,//, 7HVWSODQXQJ]XUVWDWLVWLVFKHQ3UIXQJHPSLULVFKHU+\SRWKHVHQGHU 3V\FKRORJLH'LH$EOHLWXQJYRQ9RUKHUVDJHQXQGGLH.RQWUROOHGHU'HWHUPLQDQWHQGHV VWDWLVWLVFKHQ7HVWV*|WWLQJHQ
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²$QZHQGXQJHQ²3UD[LVEHLVSLHOH$XIODJH :LHVEDGHQ +(550$11$1-$ .$5,1$ .DXIYHUKDOWHQEHL,QQRYDWLRQHQDXIGHP/HEHQVPLW WHOPDUNW(QWZLFNOXQJHLQHVNDXVDODQDO\WLVFKHQ0HVVLQVWUXPHQWVIU)XQFWLRQDO)RRG :LHVEDGHQ +,/'(%5$1'7 /87= .DXVDODQDO\VH LQ 7,(7= %5812.g+/(5 5, &+$5'=(17(6 -2$&+,0 +56* +DQGZ|UWHUEXFK GHV 0DUNHWLQJ $XIODJH 6WXWWJDUW6S +,/'(%5$1'7 /87=+20%85* &+5,67,$1+56* 'LH.DXVDODQDO\VH6WXWW JDUW +,//0$11 .$5/+(,1= =XU :HUWHZDQGHOIRUVFKXQJ (LQIKUXQJ h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
'(%5$1'7/87=+20%85*&+5,67,$1+56* 'LH.DXVDODQDO\VH6WXWWJDUW
6 +20%85* &+5,67,$1./$50$11 0$57,1 'LH .DXVDODQDO\VH LQ GHU HPSLUL VFKHQ EHWULHEVZLUWVFKDIWOLFKHQ )RUVFKXQJ ² 3UREOHPIHOGHU XQG $QZHQGXQJVHPSIHK OXQJHQLQ'LH%HWULHEVZLUWVFKDIW'%: -J 6 +20%85* &+5,67,$1.52+0(5 +$5/(< 0DUNHWLQJPDQDJHPHQW 6WUDWHJLH ² ,QVWUXPHQWH²8PVHW]XQJ²8QWHUQHKPHQVIKUXQJ$XIODJH :LHVEDGHQ +20%85* &+5,67,$13)/(66(5 &+5,67,$1 6WUXNWXUJOHLFKXQJVPRGHOOH PLW ODWHQWHQ 9DULDEOHQ LQ +(550$11 $1'5($6+20%85* &+5,67,$1 +56* 0DUNWIRUVFKXQJ0HWKRGHQ²$QZHQGXQJHQ²3UD[LVEHLVSLHOH$XIODJH :LHVEDGHQ 6 +22/(< *5$+$0 -%52'(5,&. $0$1'$0g//(5 .5,67,$1 &RPSHWLWLYH3RVLWLRQ LQJDQGWKH5HVRXUFHEDVHG9LHZRIWKH)LUPLQ-RXUQDORI6WUDWHJLF0DUNHWLQJ-J 6
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²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h5*(1/$$7= :,/)5,(' 6WDWLVWLVFKH 'DWHQDQDO\VH PLW 6366 IU :LQGRZV$XIODJH %HUOLQ -$59,6&+(5%85.(0$&.(1=,(6&277%32'6$.2))3+,/,30 $&ULWL FDO5HYLHZRI&RQVWUXFW,QGLFDWRUVDQG0HDVXUHPHQW0RGHO6SHFLILFDWLRQLQ0DUNHWLQJ DQG&RQVXPHU5HVHDUFKLQ-RXUQDORI&RQVXPHU5HVHDUFK-J 6
-(',', .$0(/0(/$ &$5/ )*837$ 681,/ 0DQDJLQJ $GYHUWLVLQJ DQG 3UR PRWLRQIRU/RQJ5XQ3URILWDELOLW\LQ0DUNHWLQJ6FLHQFH-J 6 -g5(6.2* .$5/ *867$9:2/' +$52/' +56* 6\VWHPV 8QGHU ,QGLUHFW 2EVHUYDWLRQV²&DXVDOLW\6WUXFWXUH3UHGLFWLRQ3DUW $PVWHUGDP .$,6(5+(15<)5,&(-2+1 /LWWOH-LII\0DUN,9LQ(GXFDWLRQDODQG3V\FKR ORJLFDO0HDVXUHPHQW-J 6 .$/$)$7,6 67$9526762*$6 0$5.26 +%/$1.621 &+$5/(6 3RVLWLRQLQJ6WUDWHJLHV LQ%XVLQHVV0DUNHWVLQ-RXUQDORI%XVLQHVVDQG,QGXVWULDO0DUNHWLQJ-J 6
.$/,6+ 6+/2021(/621 3$8/ $&RPSDULVRQRI5DQNLQJ5DWLQJDQG5HVHU YDWLRQ 3ULFH 0HDVXUHPHQW LQ &RQMRLQW $QDO\VLV LQ 0DUNHWLQJ /HWWHUV -J 6 .$0(1-26(3+0720$152%(57- 3V\FKRSK\VLFVRI3ULFHVLQ-RXUQDORI0DUNHWLQJ 5HVHDUFK-J 6
.(//(5.(9,1/ 6WUDWHJLFEUDQGPDQDJHPHQW%XLOGLQJPHDVXULQJDQGPDQDJ LQJEUDQGHTXLW\$XIODJH 8SSHU6DGGOH5LYHU .(33(5*$%< 4XDOLWDWLYH0DUNWIRUVFKXQJ0HWKRGHQ(LQVDW]P|JOLFKNHLWHQXQG %HXUWHLOXQJVNULWHULHQ$XIODJH :LHVEDGHQ .(5,1 52*(5 $6(7+585$0$1 5$< ([SORULQJWKH%UDQG9DOXH6KDUHKROGHU 9DOXH1H[XVIRU&RQVXPHU*RRGV&RPSDQLHVLQ-RXUQDORIWKH$FDGHP\RI0DUNHWLQJ 6FLHQFH-J 6 .(87++(5%(57 'LH3KLORVRSKLH.DUO3RSSHUV7ELQJHQ .,5. 52*(5 ( ,QVWUXFWRU V VROXWLRQV PDQXDO IRU ([SHULPHQWDO GHVLJQ 3URFH GXUHVIRUWKHEHKDYLRUDOVFLHQFHV3DFLILF*URYH .,5.52*(5 ( ([SHULPHQWDO'HVLJQLQ6&+,1.$ -2+1 $9(/,&(5 :$<1( ) +56* +DQGERRN RI 3V\FKRORJ\ 9ROXPH 5HVHDUFK 0HWKRGV LQ 3V\FKRORJ\ +RERNHQ6 .,50$1, $01$:5,*+7 3(7(5 0RQH\7DONV3HUFHLYHG$GYHUWLVLQJ([SHQVH DQG([SHFWHG3URGXFW4XDOLW\LQ-RXUQDORI&RQVXPHU5HVHDUFK-J 'H FHPEHU6 ./(,1 125((1 025*/(7+253( -$1(7 ( &RJQLWLYH 5HIHUHQFH 3RLQWV LQ &RQVXPHU 'HFLVLRQ 0DNLQJ LQ $GYDQFHV LQ &RQVXPHU 5HVHDUFK -J 6 ./,(%,6&+ &+5,6723+ 0RWLYH ]XP .DXIYHUKDOWHQ YRQ /HEHQVPLWWHOQ ² (LQH HPSLULVFKH6WXGLHDXI%DVLVGHU0HDQV(QG&KDLQ7KHRULHLQ$JUDUZLUWVFKDIW-J 6 ./,1( 5(; % 3ULQFLSOHV DQG SUDFWLFH RI 6WUXFWXUDO (TXDWLRQ 0RGHOLQJ 1HZ
.23$//( 35$9((1 ./,1'6(<08//,.,1 -2$1 7KH,PSDFWRI([WHUQDO5HI HUHQFH3ULFHRQ&RQVXPHU3ULFH([SHFWDWLRQVLQ-RXUQDORI5HWDLOLQJ-J 6 .27+$1'$3$1,9,583$.6+$ 9DOLGDWLRQRI)HHOLQJ%HOLHIDQG,QWHQWLRQWR$FW DV7KUHH&RPSRQHQWVRI$WWLWXGHDQG7KHLU&RQWULEXWLRQWR3UHGLFWLRQRI&RQWUDFHS WLYH%HKDYLRULQ-RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\-J 6 .5(,3/&/$8',$ (IILFLHQW&RQVXPHU5HVSRQVHXQGGLH%HUHLWVFKDIW]XU.RRSH UDWLRQ (LQH HPSLULVFKH 8QWHUVXFKXQJ DQ GHXWVFKHQ .UDQNHQKlXVHUQ :LHVEDGHQ .52(%(55,(/ :(51(5(6&+ )5$1=58'2/) 6WUDWHJLH XQG 7HFKQLN GHU :HUEXQJ9HUKDOWHQVZLVVHQVFKDIWOLFKH$QVlW]H6WXWWJDUW .52(%(55,(/ :(51(5:(,1%(5* 3(7(5 .RQVXPHQWHQYHUKDOWHQ $XIOD JH 0QFKHQ .52(%(55,(/ :(51(5 .RQVXPHQWHQYHUKDOWHQ LQ 7,(7= %5812.g+/(5 5, &+$5'=(17(6 -2$&+,0 +56* +DQGZ|UWHUEXFKGHV0DUNHWLQJ$XIOD JH 6WXWWJDUW6S .52+0(5 +$5/(< 0DUNWRULHQWLHUWH 8QWHUQHKPHQVNXOWXU DOV (UIROJVIDNWRU GHU 6WUDWHJLHLPSOHPHQWLHUXQJ:LHVEDGHQ .83.$ 7,1$%/,1'$ /$5675$8 )5$1.0,&+$(/ :HOOQHVV 3RVLWLRQLHUXQJHQLP5DKPHQHLQHULGHQWLWl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
/,1*(1)(/'(50,&+$(//$8(5 $/(;$1'(5)81. &$567(1 'LH0DUNHQ EHUHLWVFKDIWXQG0DUNHQDN]HSWDQ]YRQ.RQVXPHQWHQLP/LFKWHGHU,QIRUPDWLRQV|NR QRPLH0DUEXUJ /,1*(1)(/'(5 0,&+$(//2(9(1,&+ 3(7(5 'LH,GHQWLILNDWLRQXQG %HDUEHL WXQJ YRQ ,QWHUQHW.lXIHUQ LQ ',//(5 +(50$11 +56* 'HU PRGHUQH 9HUEUDX FKHU²1HXH%HIXQGH]XP(LQNDXIVYHUKDOWHQ1UQEHUJ6 /2(9(1,&+ 3(7(5 6XEVWLWXWLRQVNRQNXUUHQ] GXUFK (&RPPHUFH 0HVVXQJ ² 'HWHUPLQDQWHQ²$XVZLUNXQJHQ:LHVEDGHQ /8+0$111,./$6 'LH5HDOLWlWGHU0DVVHQPHGLHQ:LHVEDGHQ 0$''(1 7+20$6 -)(+/( )5$1.)2851,(5 686$1 %UDQGV 0DWWHU $Q (PSLULFDO'HPRQVWUDWLRQRIWKH&UHDWLRQRI6KDUHKROGHU9DOXH7KURXJK%UDQGLQJLQ -RXUQDORIWKH$FDGHP\RI0DUNHWLQJ6FLHQFH-J 6 0b'(5 5$/) 0HVVXQJXQG6WHXHUXQJYRQ0DUNHQSHUV|QOLFKNHLW²(QWZLFNOXQJ HLQHV0HVVLQVWUXPHQWVXQG$QZHQGXQJLQGHU:HUEXQJPLWSURPLQHQWHQ7HVWLPRQL DOV:LHVEDGHQ 0$/+275$1$5(6+ . $6FDOHWR0HDVXUH6HOI&RQFHSWV3HUVRQ&RQFHSWVLQ -RXUQDORI0DUNHWLQJ5HVHDUFK-J +HIW6 0$/+275$1$5(6+. 0DUNHWLQJ5HVHDUFK²$Q$SSOLHG2ULHQWDWLRQ$XIOD JH 8SSHU6DGGOH5LYHU 0$1'/+(,1=63$'$+$16+56* :LVVHQVSV\FKRORJLH0QFKHQ 0$5'(5 (5,& 7KH/DZVRI&KRLFH3UHGLFWLQJ&RQVXPHU%HKDYLRU1HZ
0())(57 +(5,%(57.5$:,7= 125%(57+56* 8QWHUQHKPHQVUHFKQXQJXQG EHVWHXHUXQJ*UXQGIUDJHQXQG(QWZLFNOXQJ:LHVEDGHQ 0(//(17,1-8/,$1 +HDOWKFODLPFKDRVLQWKHPDNLQJLQ'DLU\,QGXVWULHVR-J 6 0(15$'./$86,QQRYDWLRQVDWWKH%RUGHUOLQHRI)RRG1XWULWLRQDQG+HDOWKLQ*HU PDQ\$6\VWHPV 7KHRU\$SSURDFKLQ$JUDUZLUWVFKDIW-J +HIW6 0,17(/ ,17(51$7,21$/ *5283 0LQWHO JQSG ² JOREDO QHZ SURGXFWV GDWDEDVH ZZZJQSGFRP$EUXI 02152( .(17 %.5,6+1$1 5 7KH (IIHFW RI 3ULFH LQ 6XEMHFWLYH 3URGXFW (YDOXDWLRQV LQ -$&2%< -$&2%2/621 -(55< & +56* 3HUFHLYHG 4XDOLW\ +RZ &RQVXPHUV9LHZ6WRUHVDQG0HUFKDQGLVH/H[LQJWRQ6 0256&+(77 ',5. .RQ]HSWLRQDOLVLHUXQJ XQG 2SHUDWLRQDOLVLHUXQJ GHV 0DUNHQ ZHUWHVYRQ(LQNDXIVWlWWHQLQ0DUNHWLQJ²=)3-J 6 0h//(5:2/)*$1* *UXQG]JHGHV3UHLVEHXUWHLOXQJVYHUKDOWHQVYRQ'LHQVWOHLV WXQJVQDFKIUDJHUQLQ'HU0DUNW-J +HIW6 0h//(5+$*('251/27+$5 'HU+DQGHO6WXWWJDUW 0800(1'(< +$16 ',(7(5 'LH )UDJHERJHQ0HWKRGH $XIODJH *|WWLQJHQ 1$*/( 7+20$6 7+2/'(1 5((' ./$56(1 *(25* 0 3ULFLQJ3UD[LVGHU RSWLPDOHQ3UHLVILQGXQJ%HUOLQ 1($/ :,//,$0 ' 6WUDWHJLF 3URGXFW 3RVLWLRQLQJ $ 6WHSE\6WHS *XLGH LQ %XVLQHVV+RUL]RQV-J0D\-XQH6 1(/621 3(7(5 $GYHUWLVLQJ DV ,QIRUPDWLRQ LQ 7KH -RXUQDO RI 3ROLWLFDO (FRQ RP\-J 6 1,(6&+/$* 52%(57',&+7/ (5:,1+g56&+*(1 +$16 0DUNHWLQJ$XI ODJH %HUOLQ 1811$//<-80& 3V\FKRPHWULF7KHRU\1HZ
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²(LQVWHOOXQJVIRUVFKXQJ*|W WLQJHQ 3(7(50$11)5$1= (LQVWHOOXQJVPHVVXQJXQGIRUVFKXQJ*UXQGODJHQ$QVlW]H XQG3UREOHPHLQ3(7(50$11 )5$1=+56* (LQVWHOOXQJVPHVVXQJ²(LQVWHOOXQJV IRUVFKXQJ*|WWLQJHQ6 3(7(5621 52%(57 $ $ 0HWDDQDO\VLV RI &URQEDFK V &RHIILFLHQW $OSKD LQ -RXUQDORI&RQVXPHU5HVHDUFK-J 6 3(77< 5,&+$5' (&$&,2332 -2+1 7 $WWLWXGHV DQG 3HUVXDWLRQ &ODVVLF DQG &RQWHPSRUDU\$SSURDFKHV%RXOGHU 3(77< 5,&+$5' (811$9$ 5$2 +675$7+0$1 $//$1 - 7KHRULHVRI$WWL WXGH&KDQJHLQ52%(57621 7+20$6 6.$66$5-,$1 +$52/' ++56* +DQG ERRNRI&RQVXPHU%HKDYLRU(QJOHZRRG&OLIIV6 3233(5.$5/ 9HUPXWXQJHQXQG:LGHUOHJXQJHQ7ELQJHQ 3257(50,&+$(/( :HWWEHZHUEVVWUDWHJLH)UDQNIXUW0DLQ 38'(/ 92/.(5:(67(1+g)(5 -2$&+,0 (UQlKUXQJVSV\FKRORJLH (LQH (LQ IKUXQJ$XIODJH *|WWLQJHQ 5$0067('7 %($75,&( =XU %HVWLPPXQJ GHU *WH YRQ 0XOWL,WHP6NDOHQ 0DQQKHLP 5$1'$// $/$1,9(6 %(55<($670$1 &/<'( %LGGLQJ*DPHVIRU9DOXDWLRQ RI$HVWKHWLF(QYLURQPHQWDO,PSURYHPHQWVLQ-RXUQDORI(QYLURQPHQWDO(FRQRPLFV DQG0DQDJHPHQW-J6 5$2 $.6+$< 502152( .(17 % 7KH (IIHFW RI 3ULFH %UDQG 1DPH DQG 6WRUHRQ%X\HU V3HUFHSWLRQVRI3URGXFW4XDOLW\$Q,QWHJUDWLYH5HYLHZLQ-RXUQDORI 0DUNHWLQJ5HVHDUFK-J +HIW6
5(<12/'6 7+20$6 -:+,7/$5. '$9,' % $SSO\LQJ /DGGHULQJ 'DWD WR &RPPXQLFDWLRQ6WUDWHJ\DQG$GYHUWLVLQJ3UDFWLFHLQ-RXUQDORI$GYHUWLVLQJ5HVHDUFK -J -XO\$XJXVW6 5,&+$5'6 0$; '*5((1/$: 3$8/ 6 0DQDJHPHQW'HFLVLRQ0DNLQJ+RPH ZRRG 5,(6 $/75287 -$&. 0DUNHWLQJIlQJWEHLP.XQGHQDQ7DNWLNJHKWYRU6WUDWH JLH)UDQNIXUW0DLQ 5,*'21(':$5' ( 'HPRQVWUDWLQJWKH(IIHFWVRI8QPRGHOHG5DQGRP0HDV XUHPHQW(UURULQ6WUXFWXUDO(TXDWLRQ0RGHOLQJ-J 6 5,1*/( &+5,67,$1 0$5&:(1'( 69(1:,// $/(;$1'(5 6PDUW3/6 EHWD KWWSZZZVPDUWSOVGH8QLYHUVLWlW+DPEXUJ+DPEXUJ 52%(57621 7+20$6 6.$66$5-,$1 +$52/' ++56* +DQGERRNRI&RQ VXPHU%HKDYLRU(QJOHZRRG&OLIIV 52%621 &2/,1 5HDO :RUOG 5HVHDUFK $ 5HVRXUFH IRU 6RFLDO 6FLHQWLVWV 0DOGHQ 52(%5,$1/(9<$/$16'(5%<%(1'$0 7KH,PSDFWRI+HDOWK&ODLPVRQ &RQVXPHU6HDUFKDQG3URGXFW(YDOXDWLRQ2XWFRPHV5HVXOWVIURP)'$([SHULPHQWDO 'DWDLQ-RXUQDORI3XEOLF3ROLF\ 0DUNHWLQJ-J +HIW6 526(167,(/ /87= 921+2&.(/ &85' 0,&+$(/02/7 :$/7(5 +56* +DQGEXFK GHU $QJHZDQGWHQ 3V\FKRORJLH *UXQGODJHQ ² 0HWKRGHQ ² 3UD[LV /DQGV EHUJ/HFK 5266,7(5-2+1 5 7KH&2$56(3URFHGXUHIRU6FDOH'HYHORSPHQWLQ0DUNH WLQJLQ,QWHUQDWLRQDO-RXUQDORI5HVHDUFKLQ0DUNHWLQJ-J 6 5267-h5*(1 /HKUEXFK7HVWWKHRULH²7HVWNRQVWUXNWLRQ$XIODJH %HUQ 527+3+,/,3 / 0LVVLQJ'DWD$&RQFHSWXDO5HYLHZIRU$SSOLHG3V\FKRORJLVWV LQ3HUVRQQHO3V\FKRORJ\-J 6 5867 52/$1' 7$0%/(5 7,0&$53(17(5 *5(*25< 6.80$5 965,9$67$9$ 5$-(1'5$ . 0HDVXULQJ0DUNHWLQJ3URGXFWLYLW\&XUUHQW.QRZOHGJHDQG)X WXUH'LUHFWLRQVLQ-RXUQDORI0DUNHWLQJ-J 2FWREHU6 6$%$ $11$ &URVV&XOWXUDO 'LIIHUHQFHV LQ )RRG &KRLFH LQ )5(:(5 /<11 -5,69,. (,1$56&+,))(567(,1 +(1'5,. +56* )RRG 3HRSOH DQG 6RFLHW\ $ (XURSHDQ3HUVSHFWLYHRI&RQVXPHU·V)RRG&KRLFHV%HUOLQ6 6$1%210$768 '$9,' 0.$5'(6 )5$1. 5+28*+721 '$9,' &+2 (':$5' 2YHUHVWLPDWLQJ WKH ,PSRUWDQFH RI WKH *LYHQ ,QIRUPDWLRQ LQ 0XOWL $WWULEXWH &RQVXPHU-XGJHPHQWLQ-RXUQDORI&RQVXPHU3V\FKRORJ\-J 6 6$77/(5 +(15,. +HUNXQIWV XQG *WH]HLFKHQ LP .DXIHQWVFKHLGXQJVSUR]H 6WXWWJDUW 6$77/(5+(15,. 'LH9DOLGLWlWYRQ3URGXNWWHVWV(LQHPSLULVFKHU9HUJOHLFK]ZL VFKHQ K\SRWKHWLVFKHU XQG UHDOHU 3URGXNWSUlVHQWDWLRQ LQ 0DUNHWLQJ =)3 -J 6
6$77/(5+(15,. 0DUNHQEHZHUWXQJLQ=HLWVFKULIWIU%HWULHEVZLUWVFKDIW=I% -J 6 6$77/(5+(15,. 0DUNHQSROLWLN6WXWWJDUW 6$77/(5+(15,. 0DUNHQEHZHUWXQJ6WDWHRIWKH$UW+DPEXUJ 6$77/(5 +(15,.1,76&+.( 7+20$6 (LQ HPSLULVFKHU 9HUJOHLFK YRQ ,QVWUX PHQWHQ ]XU (UKHEXQJ YRQ =DKOXQJVEHUHLWVFKDIWHQ LQ =HLWVFKULIW IU %HWULHEVZLUW VFKDIW=I% -J 6 6$77/(5 +(15,.5$2 9,7+$/$ 5 'LH9DOLGLWlWGHV$QVDW]HV]XU6HSDULHUXQJ GHU$OORNDWLRQVXQG,QIRUPDWLRQVIXQNWLRQGHV3UHLVHVLQ=HLWVFKULIWIU%HWULHEVZLUW VFKDIW=I% -J 6 6$8(5 1,&2/$ ( (QWZLFNOXQJ XQG 9DOLGLHUXQJ HLQHU 6NDOD ]XU 0HVVXQJ YRQ &RQVXPHU6RSKLVWLFDWLRQLQ0DUNHWLQJ=)3-J 6 6$:<(5 $/$1 *3$5.(5 0 :257+,1*6(1'$. 3$8/ ( 7KH 5ROH RI /DERUDWRU\([SHULPHQWVWR7HVW0DUNHWLQJ6WUDWHJLHVLQ-RXUQDORI0DUNHWLQJ-J 6XPPHU6 6&+$1= *h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²7KH ,QWHU SOD\RIDIIHFW&RJQLWLRQLQ&RQVXPHU 'HFLVLRQ0DNLQJLQ-RXUQDORI&RQVXPHU5H VHDUFK-J 6 6+2&.(5 $//$1 '65,1,9$6$1 9 6((18 $ &RQVXPHU%DVHG 0HWKRGRORJ\ IRU WKH ,GHQWLILFDWLRQ RI 1HZ 3URGXFW ,GHDV LQ 0DQDJHPHQW 6FLHQFH -J 6 6+2329 $/(.6$1'$5)81&. ',5. 'LH =XIULHGHQKHLW JHZHUEOLFKHU .XQGHQ 7KHRUHWLVFKH *UXQGODJHQ XQG hEHUSUIXQJ GHV 0HVVLQVWUXPHQWHV Å,1'6$7´ *|W WLQJHQ
6,(0(5 6,/.( (LQNDXIVVWlWWHQSURILOLHUXQJ GXUFK +DQGHOVPDUNHQZDUH GHV /H EHQVPLWWHOHLQ]HOKDQGHOV (LQ JHGlFKWQLVSV\FKRORJLVFKHU (UNOlUXQJVDQVDW] $DFKHQ 6,(06)/25,$13UHLVZDKUQHKPXQJYRQ'LHQVWOHLVWXQJHQ:LHVEDGHQ 6,021 &$52/ -68//,9$1 0$5< : 7KH0HDVXUHPHQW$QG'HWHUPLQDQWVRI %UDQG(TXLW\$)LQDQFLDO$SSURDFKLQ0DUNHWLQJ6FLHQFH-J 6 6,021+(50$11 3UHLVPDQDJHPHQW$QDO\VH²6WUDWHJLH²8PVHW]XQJ$XIOD JH :LHVEDGHQ 6,;%(51' 'DV.RQ]HSWGHU(LQVWHOOXQJXQGVHLQH5HOHYDQ]IUGLH9RUKHUVDJH GHV9HUKDOWHQVLQ3(7(50$11)5$1=+56* (LQVWHOOXQJVPHVVXQJ²(LQVWHOOXQJV IRUVFKXQJ*|WWLQJHQ6 6,; %(51'(&.(6 7+20$6 0HWDDQDO\VHQ LQ GHU (LQVWHOOXQJV9HUKDOWHQV )RUVFKXQJLQ=HLWVFKULIWIU6R]LDOSV\FKRORJLH-J 6 6.,(5$%(51'63$110$57,1 $XNWLRQHQLQ',//(5+(50$11+(50$11 $1'5($6+56* +DQGEXFK3UHLVSROLWLN:LHVEDGHQ6 62/2021 0,&+$(/%$0266< *$5<$6.(*$$5' 6g5(1 .RQVXPHQWHQYHU KDOWHQ0QFKHQ 63(&+7*h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|ONHUXQJ'HXWVFKODQGVELVNRRUGLQLHUWH %HY|ONHUXQJVYRUDXVEHUHFKQXQJ:LHVEDGHQ 67())(1+$*(1 +$57:,* :HUEHZLUNXQJVIRUVFKXQJ LQ :LUWVFKDIWVZLVVHQ VFKDIWOLFKHV6WXGLXP-J 6 67g&./()(/,; %UDQG(TXLW\YHUVXV%UDQG(IILFLHQF\$QVlW]HIUHLQHIIL]LHQ] RULHQWLHUWHV0DUNHQPDQDJHPHQWLQ3ODQXQJXQG$QDO\VH-J+HIW6 6=<%,//2 *(25*( --$&2%< -$&2% (IIHFWVRI'LIIHUHQW/HYHOVRI,QWHJUDWLRQ RQ$GYHUWLVLQJ3UHIHUHQFHDQG,QWHQWLRQWR3XUFKDVHLQ-RXUQDORI$SSOLHG3V\FKRO RJ\-J 6 7+( %26721 &2168/7,1* *5283 +56* *HJHQ GHQ 6WURP :HUWVWHLJHUXQJ GXUFKDQWL]\NOLVFKHQ0DUNHQDXIEDX0QFKHQ 7+203621%58&( ([SORUDWRU\DQG&RQILUPDWRU\)DFWRU$QDO\VLV8QGHUVWDQG LQJ&RQFHSWVDQG$SSOLFDWLRQV:DVKLQJWRQ'&
7,(7=%5812.g+/(55,&+$5'=(17(6-2$&+,0+56* +DQGZ|UWHUEXFK GHV0DUNHWLQJ$XIODJH 6WXWWJDUW 720&=$. 72567(1%(/= &+5,67,$1 +56* .XQGHQZQVFKHUHDOLVLHUHQ6W *DOOHQ 752006'25))92/.(5 .RQVXPHQWHQYHUKDOWHQ$XIODJH 6WXWWJDUW 752006'25)) 92/.(53$8/66(1 0$5&(/ 0HVVXQJ XQG *HVWDOWXQJ GHU 0DUNHQSRVLWLRQLHUXQJ LQ (6&+ )5$1=58'2/) +56* 0RGHUQH 0DUNHQIKUXQJ *UXQGODJHQ ² ,QQRYDWLYH $QVlW]H ² 3UDNWLVFKH 8PVHW]XQJ $XIODJH :LHVEDGHQ 6 9(/,&(5:$<1( ) 'HWHUPLQLQJWKH1XPEHURI&RPSRQHQWVIURPWKH0DWUL[ RI3DUWLDO&RUUHODWLRQVLQ3V\FKRPHWULND-J 6 9(5%5$8&+(5$1$/<6( 9HUEUDXFKHUDQDO\VH &RGHSODQ 9$ .ODVVLN R2 9(56+2)(1 :,/+(/0 'LH :LUWVFKDIWVIRUVFKXQJ%HUOLQ
0DUNWHQWQDKPH
DOV
.HUQVWFN
GHU
9g/&.1(5 )5$1=,6.$ 0HWKRGHQ ]XU 0HVVXQJ LQGLYLGXHOOHU =DKOXQJVEHUHLW VFKDIWHQ²(LQhEHUEOLFN]XP6WDWHRIWKH$UW+DPEXUJ 9g/&.1(5 )5$1=,6.$ 'HWHUPLQDQWHQ GHU ,QIRUPDWLRQVIXQNWLRQ GHV 3UHLVHV ² (LQHHPSLULVFKH$QDO\VHLQ=HLWVFKULIWIU%HWULHEVZLUWVFKDIW=I% -J 6 :$6+%851 -8',7+ +3/$1. 5,&+$5' ( 0HDVXULQJ %UDQG (TXLW\ $Q (YDOXDWLRQ RI D &RQVXPHU%DVHG (TXLW\ 6FDOH LQ -RXUQDO RI 0DUNHWLQJ 7KHRU\ DQG 3UDFWLFH-J 6 :(,%(5 52/)$'/(5 -267 ,QIRUPDWLRQV|NRQRPLVFK EHJUQGHWH 7\SRORJLVLH UXQJYRQ.DXISUR]HVVHQLQ=HLWVFKULIWIUEHWULHEVZLUWVFKDIWOLFKH)RUVFKXQJ=IE) -J 6 :(57(1%52&+./$86 &RQVXPSWLRQ6HOI&RQWUROE\5DWLRQLQJ3XUFKDVH4XDQ WLWLHVRI9LUWXHVDQG9LFHLQ0DUNHWLQJ6FLHQFH-J 6 :(57(1%52&+ ./$866.,(5$ %(51' 0HDVXULQJ &RQVXPHUV :LOOLQJQHVV WR 3D\DWWKH3RLQWRI3XUFKDVHLQ-RXUQDORI0DUNHWLQJ5HVHDUFK-J 6 :(67(50$11 5$,1(5 :LVVHQVFKDIWVWKHRULH XQG ([SHULPHQWDOPHWKRGLN (LQ /HKUEXFK]XU3V\FKRORJLVFKHQ0HWKRGHQOHKUH*|WWLQJHQ :,&.(5 $//$1 : $WWLWXGHV YV DFWLRQV 7KH UHODWLRQVKLS RI YHUEDO DQG RYHUW EHKDYLRUDO UHVSRQVHV WR DWWLWXGH REMHFWV LQ -RXUQDO RI 6RFLDO ,VVXHV -J 6 :,(6(.( -$1 ,PSOHPHQWLHUXQJ LQQRYDWLYHU 'LHQVWOHLVWXQJVPDUNHQ (UIROJVIDN WRUHQ XQG *HVWDOWXQJVYRUVFKOlJH DXI %DVLV HLQHU HPSLULVFKHQ 0HKUHEHQHQDQDO\VH :LHVEDGHQ :,/.(1,1* ) =XU 5ROOH GHV :LVVHQV LQ GHU :DKUQHKPXQJ LQ 0$1'/ +(,1=63$'$+$16+56* :LVVHQVSV\FKRORJLH0QFKHQ6
:,1'<25$0-3URGXFW3ROLF\&RQFHSWV0HWKRGVDQG6WUDWHJ\5HDGLQJ :,1' <25$0 - 3RVLWLRQLQJ $QDO\VLV DQG 6WUDWHJ\ LQ '$< *(25*(:(,7= %$5721:(16/(< 52%,1 +56* 7KH ,QWHUIDFH RI 0DUNHWLQJ DQG 6WUDWHJ\ *UHHQZLFK6 :2/' +$52/' 6RIW 0RGHOLQJ 7KH %DVLF 'HVLJQ DQG VRPH ([WHQVLRQV LQ -g5(6.2* .$5/ *867$9:2/' +$52/' +56* 6\VWHPV8QGHU,QGLUHFW2EVHU YDWLRQV²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
=$12/, 5$))$(/(1$63(77, 6,021$ &RQVXPHU0RWLYDWLRQVLQWKH3XUFKDVH RI2UJDQLF)RRGLQ%ULWLVK)RRG-RXUQDO-J +HIW6 =(,7+$0/ 9$/$5,( $ &RQVXPHU 3HUFHSWLRQV RI 3ULFH 4XDOLW\ DQG 9DOXH $ 0HDQV(QG0RGHODQG6\QWKHVLVRI(YLGHQFHLQ-RXUQDORI0DUNHWLQJ-J 6 =,0%$5'23+,/,3**(55,*5,&+$5'- 3V\FKRORJLH0QFKHQ =,00(50$11 5$,1(5./(,1%g/7,1* 8'26$1'(5 7+$5(. %UDQG(TXLW\5HZLHZ'VVHOGRUI
%-g51085$'$*$
=:,&. :,//,$0 59(/,&(5 :$<1( ) &RPSDULVRQRI)LYH5XOHVIRU 'HWHU PLQLQJ WKH 1XPEHU RI &RPSRQHQWV WR 5HWDLQ LQ 3V\FKRORJLFDO %XOOHWLQ -J 6