Solidification of Silicon: Macro- and Microstructure as Functions of Thermal History and Composition
215
0
0
Fulltekst
(2) NTNU Norwegian University of Science and Technology Thesis for the degree of Philosophiae Doctor Faculty of Natural Sciences and Technology Department of Materials Science and Engineering. © Maria Førde Møll ISBN 978-82-471-4952-2 (printed ver.) ISBN 978-82-471-4953-9 (electronic ver.) ISSN 1503-8181 Doctoral theses at NTNU, 2014:21 IMT-Report 2014:200 Printed by NTNU-trykk.
(3) 7LOSDSSD. L .
(4) . LL .
(5) 3UHIDFH. 3UHIDFH 7KLV ZRUN KDV PDLQO\ EHHQ FDUULHG RXW DW WKH 'HSDUWPHQW RI 0DWHULDO 6FLHQFH DQG 7HFKQRORJ\ DW WKH 1RUZHJLDQ 8QLYHUVLW\ RI 6FLHQFH DQG 7HFKQRORJ\ 1718 DQG DW (ONHP 6LOLFRQ 0DWHULDOV 7URQGKHLP ([SHULPHQWVKDYHDOVREHHQSHUIRUPHGDWWZR(ONHPSODQWVDQGDWWKH 3LORWIDFLOLWLHVRI(ONHP7HFKQRORJ\LQ.ULVWLDQVDQG7KHZRUNLVSDUWRI DQ LQGXVWULDO 3K' IXQGHG E\ WKH 5HVHDUFK &RXQFLO RI 1RUZD\ DQG (ONHP 6LOLFRQ 0DWHULDOV 6RPH H[SHULPHQWV KDYH DOVR EHHQ VXSSRUWHG E\ WKH .0% SURMHFW 520$5DZ PDWHULDO 2SWLPL]DWLRQ DQG HQHUJ\ UHFRYHU\LQWKH0$WHULDOVLQGXVWU\DQGH&$67(QHUJ\DQGFRVWHIIHFWLYH FDVWLQJ RI IHUURDOOR\V H&$67 LV IXQGHG E\ WKH 5HVHDUFK &RXQFLO RI 1RUZD\ DQG 7KH 1RUZHJLDQ )HUURDOOR\ 3URGXFHUV 5HVHDUFK $VVRFLDWLRQ ))) . . LLL .
(6) 3UHIDFH. . LY .
(7) $FNQRZOHGJHPHQWV. $FNQRZOHGJHPHQWV , ZRXOG OLNH WR H[SUHVV D KXJH JUDWLWXGH WR P\ VXSHUYLVRU 3URIHVVRU +DOYDUG7YHLWZKRKDVJXLGHGPHWKURXJKP\\HDUVDVD3K'VWXGHQW 7KH SURJUHVV GXULQJ WKH ODVW \HDU RI P\ 3K' ZRXOG QRW KDYH EHHQ WKH VDPHZLWKRXWWKHPHHWLQJVWRJHWKHUZLWK+DOYDUG7YHLWDQG.MHOO+nNRQ %HUJHW(ONHP6LOLFRQ0DWHULDOVWKDWKDYHPRWLYDWHGPHDQGLQFUHDVHG P\XQGHUVWDQGLQJRIWKHLQGXVWULDOVROLGLILFDWLRQSURFHVV , ZRXOG OLNH WR WKDQN P\ FRVXSHUYLVRU 3URIHVVRU 0HUHWH 7DQJVWDG 'HSDUWPHQW RI 0DWHULDO 6FLHQFH DQG 7HFKQRORJ\ 1718 HVSHFLDOO\ IRU LQFOXGLQJ PH LQ WKH 6L0DQ7L JURXS ,W KDV EHHQ DQ LPSRUWDQW VRFLDO DUHQD DQG KDV OHIWPH ZLWK IULHQGV VXFK DV 0DUL,GD 0DULW 'HOSKLQH 6WHSKHQ DQG /DLOD , DP DOVR JUDWHIXO WR 3URIHVVRU /DUV $UQEHUJ 'HSDUWPHQW RI 0DWHULDO 6FLHQFH DQG 7HFKQRORJ\ 1718 IRU LQFOXGLQJ PHDVDPHPEHURIKLV6ROLGLILFDWLRQJURXS ,KDYHEHHQIRUWXQDWHDQGKDGDORWRIVXSSRUWGXULQJP\H[SHULPHQWDO ZRUN DQG WKHUH DUH VHYHUDO SHRSOH WKDW , ZRXOG OLNH WR PHQWLRQ 7KH LQGXVWULDOH[SHULPHQWVFRXOGQRWKDYHEHHQSHUIRUPHGZLWKRXWWKHKHOS RIWKHVWDIIDWWKHSODQWV,ZRXOGOLNHWRWKDQN.MDUWDQ0\NOHEXVW(OLQ 6WXEKDXJ*DEULHO2VVHQNDPS%HQWH)DDQHV7LQH(LNHYLN2OH-¡UJHQ VWHQVHQ +DOOJHLU 2SKDXJ DQG /HLI .ULVWLDQVHQ IRU DOO WKHLU KHOS $W (ONHP 7HFKQRORJ\ LQ .ULVWLDQVDQG , ZDQW WR WKDQN .DUO )RUZDOG 7HUMH +DQVHQ 6WHSKHQ /HLWH )UDQN 6LPRQVHQ 6LJXUG 6LPRQVHQ 5RQQ\ 1LOVHQ 7DUMHL 1RUGE¡H +HOJH 0DWKLVHQ $QQH *UHWH )RUZDOG .DWH 6NDUSHLG %HQWH .URND 3nO %DJJHWXQ 6WHLQ $UQH )RVV $QGHUV +RSH $PXQGVHQ 5RJHU 6DQGYLN $VWULG 6WRUHVXQG $QHWWH 7RYHU¡G +HJH 7HLVUXGDQG.MHOO%ODQGKRO,QJYLOO9LNDQ0\KUHDQG(UQD/HFRDW(ONHP 7KDPVKDYQIRUVTXHH]LQJP\VDPSOHVLQWRWKHLUDOUHDG\EXV\VFKHGXOHV )URP 1718 'HOSKLQH /HUR\ IRU IDFLOLWDWLQJ P\ H[SHULPHQWV <LQJD <X IRU KHOS ZLWK WKH 6(0 DQG 0RUWHQ 5DDQHV IRU DOO WKH ZRUN ZLWK WKH PLFURSUREH DQDO\VLV $W WKH 'HSDUWPHQW RI *HRORJ\ DQG 0LQHUDO 5HVRXUFHV (QJLQHHULQJ 1718 , ZRXOG OLNH WR WKDQN $UYLG 5HLQ (ULN /DUVHQDQG2GG&RUQHOLXVVHQ)URP6,17()0DWHULDOVDQG&KHPLVWU\, ZRXOG OLNH WR WKDQN 2YH 'DUHOO 7RQH $Q]M¡Q 6DULQD %DR 6YHQG *UnGDKO (GLWK 7KRPDVVHQ DQG :LOKHOP 'DOO $OVR 0DUWLQ 6\YHUWVHQ DQG+DOYRU'DODNHUIRUKHOSLQJPHZLWK WKH&\EHUVWDUH[SHULPHQW7KH SURMHFWOHDGHUVRIWKH520$DQGH&$67SURMHFWV(OL5LQJGDOHQ0RUWHQ. Y .
(8) $FNQRZOHGJHPHQWV 2QV¡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nJQHV -LUDQJ &XL (GLQ 0\UKDXJ 1LOV (LYLQG .DPIMRUG 2OH 6YHLQ .OHYDQ .XUW $DVO\ DQG 9HJDU $QGHUVHQ IRU WKHLU VXSSRUW DQG WKH JRRG GLVFXVVLRQV ZH KDYH KDG *UHDW FROOHDJXHV KDYHEHHQLPSRUWDQWLQRUGHUWRPDLQWDLQP\PRWLYDWLRQ $PRQJ P\ QRQPDWHULDO VFLHQFH IULHQGV , ZRXOG OLNH WR WKDQN /LVH IRU DOZD\VEHLQJWKHUHGXULQJP\.ULVWLDQVDQGYLVLWV$QGRIIFRXUVH6WLQD WKH \HDUV EDFN LQ 7URQGKHLP ZRXOG QRW KDYH EHHQ WKH VDPH ZLWKRXW ´6WLQDDQG0DULDTXDOLW\WLPHµ ,ZRXOGOLNHWRWKDQN1LOV,QJHDQG+HOJDIRUPDNLQJPHIHHODSSUHFLDWHG DQGZHOFRPHLQWKHLUKRPH,ZRXOGDOVROLNHWRWKDQNP\DXQWDQGP\ EURWKHU , YDOXH WKH FORVH UHODWLRQVKLS WKDW ZH KDYH , ZDQW WR JLYH D VSHFLDOWKDQNVWRP\PRWKHU,DGPLUH\RXUVWUHQJWKDQGWKHNLQGQHVV \RXVKDUHZLWKWKHSHRSOHDURXQG\RX )LQDOO\,ZDQWWRWKDQN6WLDQ,WKDVEHHQHDV\WRZULWHDQGEHIRFXVHG KDYLQJ\RXDVDJRRG´GLVWUDFWLRQµLQDQRWKHUZLVHPRQRWRQHGDLO\OLIH 7KDQN\RXIRUDOO\RXUSDWLHQFHDQGVXSSRUW . YL .
(9) $EVWUDFW. $EVWUDFW 6LOLFRQ RI SXULW\ WR a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ǍP IUDFWLRQ XVLQJ WKH 6/RQ VHSDUDWRU 7KH UHFRYHU\LQWKHIUDFWLRQZDVLOOXVWUDWLQJWKDWWKHUHLVSRWHQWLDOIRU IXUWKHURSWLPL]DWLRQRIWKHVHSDUDWLRQ . YLLL .
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
(12) 7DEOHRIFRQWHQWV 0*6L /DEVFDOHVROLGLILFDWLRQH[SHULPHQWV 6ROLGLILFDWLRQRQDFRROHGFRRSHUSODWH 'LUHFWLRQDOVROLGLILFDWLRQ &\EHUVWDU 'LIIHUHQWLDOWKHUPDODQDO\VLV'7$ 0HFKDQLFDOSURSHUWLHV $EUDVLRQVWUHQJWK 9LFNHUVKDUGQHVVWHVW 0DJQHWLFVHSDUDWLRQRI0*6L &KDUDFWHUL]DWLRQDQGPLFURVWUXFWXUHDQDO\VLV ;UD\IOXRUHVFHQFHVSHFWURVFRS\ ;5) ,QGXFWLYHO\FRXSOHGSODVPD²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
(14) 7DEOHRIFRQWHQWV 6L]HRIWKHLQWHUPHWDOOLFSKDVHV (YDOXDWLRQRIWKHH[SHULPHQW &RQFOXVLRQV )XWXUHZRUN %LEOLRJUDSK\ $SSHQGL[$&KHPLFDO$QDO\VLV $SSHQGL[% % *UDLQGLVWULEXWLRQLQ WKHVDPSOHV % 'LVWULEXWLRQRILQWHUPHWDOOLFSKDVHV % (%6'JUDLQVL]HPHDVXUHPHQW $SSHQGL[& & 5HVXOWVIURP(30$DQDO\VLV & 'LVWULEXWLRQRIWUDFHHOHPHQWVEHWZHHQWKHLQWHUPHWDOOLF SKDVHV . [LY . .
(15) 6\PEROVDQGDEEUHYLDWLRQV. 6\PEROVDQGDEEUHYLDWLRQV . 6\PERO $ $ ǂ &/ &R &S &V '/ Dž G ( (E dž ) )F )L )P IO IV IX Ʀ* Ʀ*L Ʀ* FL Ʀ* L *DEV *O *P Ʀ+ Ʀ+I + G+G[ K - - . Nj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·VFRQVWDQW 7KHUPDOFRQGXFWLYLW\ (TXLOLEULXPGLVWULEXWLRQFRHIILFLHQW (IIHFWLYHGLVWULEXWLRQFRHIILFLHQW. [Y .
(16) 6\PEROVDQGDEEUHYLDWLRQV ǍR ǍU Ʀ3 1FLUFOH 1FLUFXPIHUHQFH 3 3 T. 5P 5QP U U Ʀ6 ǔ ǔVO Ʀ7 Ʀ7S Ʀ7U lj 70 7V 7VXU 7 Ʀ9 9 9V ǘ . $EEUHYLDWLRQV $W (*6L (30$ +(6 +9 ,&32(6 0&6 0*6L 6&* 6(0 6R*6L 7'1 735( 7&6 :W ;5). 3HUPHDELOLW\LQYDFXXP 5HODWLYHSHUPHDELOLW\ &KDQJHLQSUHVVXUH 1XPEHURIJUDLQVZLWKLQDFLUFOH 1XPEHURIJUDLQVWKDWLQWHUVHFWVWKHFLUFOH 3UHVVXUH /RDG +HDWWUDQVIHUUDWH 5HFRYHU\RIPDJQHWLFIUDFWLRQ 5HFRYHU\RIQRQPDJQHWLFIUDFWLRQ &ULWLFDOUDGLLIRUQXFOHDWLRQ (TXLYDOHQWJUDLQVL]H (QWURS\ 6WHIDQ%ROW]PDQQ·VFRQVWDQW 6XUIDFHHQHUJ\RIWKHVROLGOLTXLGLQWHUIDFH 8QGHUFRROLQJ 8QGHUFRROLQJGXHWRSUHVVXUH 8QGHUFRROLQJGXHWRFXUYDWXUH :HWWLQJDQJOH 7UDQVIRUPDWLRQVWHPSHUDWXUHOLTXLGWRVROLG 6XUIDFHWHPSHUDWXUH 7HPSHUDWXUHRIVXUURXQGLQJV )OXLGWHPSHUDWXUH &KDQJHLQYROXPH *URZWKUDWHRIVROLGOLTXLGLQWHUIDFH 0RODUYROXPH 0DJQHWLFVXVFHSWLELOLW\ 'HVFULSWLRQ $WRPLFSHUFHQW (OHFWURQLFJUDGHVLOLFRQ (OHFWURQPLFURSUREHDQDO\VLV +HDOWKVDIHW\DQGHQYLURQPHQW 9LFNHUVKDUGQHVV ,QGXFWLYHO\FRXSOHGSODVPDRSWLFDOHPLVVLRQ 'LPHWK\OGLFKORURVLODQH 0HWDOOXUJLFDOJUDGHVLOLFRQ 6FUHZGLVORFDWLRQJURZWK 6FDQQLQJHOHFWURQPLFURVFRSH 6RODU*UDGHVLOLFRQ 7ZRGLPHQVLRQDOQXFOHDWLRQ 7ZLQSODQHUHHQWUDQWDQJOH 7ULFKORURVLODQH :HLJKWSHUFHQW ;UD\IOXRUHVFHQFH. [YL .
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x ,QFUHDVLQJ WKH SRVW WDSKROH \LHOG DQG KHQFH UHGXFLQJ WKH WRWDO HQHUJ\FRQVXPSWLRQ x ,PSURYLQJ WKH SURGXFW TXDOLW\ UHJDUGLQJ FXVWRPHU YDOXH ² WKLV PD\LQFOXGH o 'HILQHGVLOLFRQJUDLQVL]H o 'LVWULEXWLRQRILQWHUPHWDOOLFSKDVHV o 7UDFHHOHPHQWV o +RPRJHQHLW\ x 0HHWLQJQHZUHTXLUHPHQWVIRUZRUNLQJHQYLURQPHQW x 5HGXFLQJWKHFRVWIRUWKHVROLGLILFDWLRQDQGVLOLFRQIRUPLQJVWHS ,QWKLVVWXG\VLOLFRQUDQJLQJIURP WRaZWVLOLFRQZDVFDVWDW GLIIHUHQW FRROLQJ FRQGLWLRQV %\ WUDFNLQJ WKH VLOLFRQ IURP WKH IXUQDFH WKURXJKRXWWKHFDVWLQJLWZDVVHHQWKDWVHYHUDOIDFWRUVLQWHUDFWHGDQGLQ FRPELQDWLRQJDYHWKHILQDOSURGXFW7KHPDLQIRFXVZDVKRZJUDLQVL]H .
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|QV-DNRE%HU]HOLXV GLVFRYHUHG VLOLFRQ EXW DOPRVW DQRWKHU \HDUV SDVVHG EHIRUH IHUURVLOLFRQ ZDV SURGXFHG LQGXVWULDOO\ LQ DQ HOHFWULF DUF IXUQDFH 6WHHO SURGXFWLRQ ZDV WKH RULJLQDO DSSOLFDWLRQ RI WKH HOHFWULF DUF IXUQDFH EXW DIWHU WKH GHYHORSPHQW RI WKH 6¡GHUEHUJ HOHFWURGH WKH SURGXFWLRQ RI IHUURVLOLFRQ EHFDPH IHDVLEOH )HUURVLOLFRQ LV DQ LPSRUWDQW DGGLWLYH WR VWHHO GXH WR WKH JRRG GHR[LGDWLRQ SURSHUWLHV RI VLOLFRQ ZKLFKLPSURYHV WKH VWHHO TXDOLW\ DQG \LHOG ,Q WKH V IHUURVLOLFRQ DOVR EHFDPH DQ. .
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
(20) ,QWURGXFWLRQ QXPEHURIGLIIHUHQWFRPSRXQGVQDPHGVLOLFRQHVZKLFKFRQWDLQD6L2 6L EDFNERQH 7KLV EDFNERQH FDQ EH LQFRUSRUDWHG LQWR ULQJV DQG ODUJH FKDLQV 3DUWV RI WKH FKDLQV DQG ULQJV FDQ FRQWDLQ GLIIHUHQW VXEVWLWXWH JURXSV VXFK DV &+ &22+ 2+ 7KLV JLYHV DQ HQRUPRXV GLYHUVLW\ ZKHQLWFRPHVWRWKHSURSHUWLHVRIWKHGLIIHUHQWVLOLFRQHV7KHVLOLFRQHV DUHDQLPSRUWDQWSDUWRIRXUPRGHUQOLIHVW\OH3URGXFWVZKHUHVLOLFRQHV DUH IUHTXHQWO\ XVHG DUH PDNHXS SDLQW ZDWHU UHVLVWDQW FORWKLQJ PHGLFLQHVDQGEDNLQJPRXOGV%OXHVWDU6LOLFRQHV 7KH GHYHORSPHQW RI WKH ILUVW XVDEOH FRPSXWHUV RFFXUUHG GXULQJ WKH 6HFRQG :RUOG :DU ,Q WKH V WKH LQYHQWLRQ RI WKH WUDQVLVWRU DQG FRPELQHG ZLWK WKH GHYHORSPHQW DQG XVH RI VHPLFRQGXFWRU VLOLFRQ RSHQHGWKHHUDWKDWFRXOGEHUHIHUUHGWRDVWKH´VLOLFRQDJHµ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ϮϱϬϬ. 'ůŽďĂůĚĞŵĂŶĚDd. ϮϬϬϬ ϭϱϬϬ ϮϬϬϮ ϭϬϬϬ. ϮϬϭϮ. ϱϬϬ Ϭ ^ŝůŝĐŽŶĨŽƌ ĂůƵŵŝŶŝƵŵ. D^ƌĞůĂƚĞĚ. d^ƌĞůĂƚĞĚ. dŽƚĂů. . )LJXUH *OREDOGHPDQGIRUVLOLFRQLQYVFRXUWHV\RIGH/LQGH&58 . 7KH LQFUHDVH LQ VLOLFRQ FRQVXPSWLRQ DOVR PHDQV WKHUH ZLOO EH DQ LQFUHDVHG GHPDQG IRU PHWDOOXUJLFDO JUDGH VLOLFRQ 7KH VLOLFRQ LQGXVWU\ IDFHV VRPH PDLQ FKDOOHQJHV 7KH LQGXVWU\ ZLOO KDYH WR LPSURYH .
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
(23) 3URGXFWLRQRIVLOLFRQ XVHG DQG W\SH RI HOHFWURGHV 7KH YDULDWLRQ LQ SXULW\ ZLWKLQ D FDVW ZLOO GHSHQGRQWKHVROLGLILFDWLRQ 7DEOH 7\SLFDOFKHPLFDOFRPSRVLWLRQRIFDVW0*6L &HFFDUROLDQG/RKQH . (OHPHQW. &. 0J. 7L. 0Q. /RZ SSP +LJK SSP . 2. . . . . . (OHPHQW. %. 3. &X. &U. 1L. =U. 0R. . . . . . . . 9. /RZ SSP +LJK SSP . )H. $O. &D. ,Q WKH ZRUN E\ 0\UKDXJ WKH VRXUFH RI LPSXULW\ HOHPHQWV LQ IHUURVLOLFRQLVOLVWHG)RUVLOLFRQDVRSSRVHGWRIHUURVLOLFRQQRLURQRUHLV DGGHGDQGWKH6¡GHUEHUJHOHFWURGHVFDQEHWKHPDLQVRXUFHRILURQDQG JLYHLQWKHRUGHURILURQLQWKHVLOLFRQ7RSURGXFHVLOLFRQZLWK0* 6LTXDOLW\HOHFWURGHVDUHXWLOL]HGWKDW\LHOGORZHULURQFRQWDPLQDWLRQLQ WKHVLOLFRQ6ROLGJUDSKLWHHOHFWURGHVDUHXVHGLQVPDOOHUIXUQDFHV²DQG FRPSRVLWHHOHFWURGHVDUHXVHGLQODUJHUIXUQDFHV7KHSULQFLSOHVIRUWKH FRPSRVLWH HOHFWURGHV DUH H[WUXVLRQ RI WKH HOHFWURGH WKURXJK D VORZ PRYLQJ RXWHU VWHHO FDVLQJ ²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
(24) ,QWURGXFWLRQ LQGXVWULDOSRLQWRIYLHZWKHHFRQRPLFVDQGHPLVVLRQVGXULQJSURGXFWLRQ DOVR QHHG WR EH FRQVLGHUHG ,W ZLOO EH WKH FRPELQDWLRQ RI SURGXFWLRQ FRVWTXDOLW\DQGHQYLURQPHQWWKDWZLOOSUHGLFWZKDWPHWKRGWKDWVKRXOG EHFKRVHQLQWKHIXWXUH. . 3XEOLFDWLRQV. 3DUWV RI WKLV ZRUN KDYH SXEOLVKHG LQ WKH SURFHHGLQJV RI WKH 6LOLFRQ IRU WKH &KHPLFDO DQG 6RODU &HOO,QGXVWU\ FRQIHUHQFH ;,0¡OO HW DO DQG,1)$&21;,,,0¡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
(25) . 7KHRUHWLFDO%DFNJURXQG. 6ROLGLILFDWLRQ LQYROYHV WKH WUDQVLWLRQ IURP D OLTXLG WR D VROLG VWDWH 7KH SURFHVVZLOOKDYHDVXEVWDQWLDOLPSDFWRQWKHSURSHUWLHVRIWKHILQLVKHG SURGXFW 7KH PDLQ SURGXFW FKDUDFWHULVWLFV WKDW DUH LQIOXHQFHG E\ WKH VROLGLILFDWLRQSURFHVVDUHJUDLQVL]HDQGJUDLQVL]HGLVWULEXWLRQVL]HDQG GLVWULEXWLRQRILQWHUPHWDOOLFSKDVHVFKHPLFDOVHJUHJDWLRQRQPLFURDQG PDFUR VFDOHV SURGXFW VWUHQJWK DQG SURGXFW \LHOG 7KH VROLGLILFDWLRQ SURFHVV LQFOXGHV WKH WUDQVSRUW RI D KLJK DPRXQW RI WKHUPDO HQHUJ\ ²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¡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dD '^ Ϭ . .
(26) 7KHRUHWLFDO%DFNJURX XQG Ʀ* LV WKH FKDQJH LQ L IUHH HQHUJ\ DQG Ʀ+ DQG Ʀ6 WKH H FKDQJHV LQ HQWKDOS\DQGHQWURS\ DWWKHHTXLOLEULXPWUDQVIRUPDWLRQWHP PSHUDWXUH70 $WRWKHUWHPSHUDWXUHVWKHIUHHHQHUJ\FKDQJHFDQEHZULWWHQDV '' ', d '^ z Ϭ QWKDOS\ DQG HQWURS\ DUH QRW GHSHQG GHQW RQ VPDOO $VVXPLQJ WKDW WKH HQ FKDQJHVLQWHPSHUDWXUUHWKHWZRHTXDWLRQVFRPELQHG\LHOGV V ''. ', 'd z Ϭ dD. HUFRROLQJ 707 ZKHUHƦ7LVWKHXQGH VROLGLILFDWLRQLQFUHDVHVZKHQWKHQHJ JDWLYHYDOXHRI 7KHGULYLQJIRUFHIRUV WKH IUHH HQHUJ\ LQFUUHDVHV 6LQFH Ʀ+ LV QHJDWLYH IRU VROLGLILFDWLRQ LQFUHDVHGXQGHUFRROLQJZLOOLQFUHDVHVWKHGULYLQJIRUFHIRUV VROLGLILFDWLRQ ,Q )LJXUH IUHH HQ QHUJ\ FXUYHV DV D IXQFWLRQ RI WHP PSHUDWXUH DUH LOOXVWUDWHG IRU D SXUH PDWHULDO %DNHU DQG &DKQ $W 7 !70 WKH QLPXPIRUWKHOLTXLGSKDVHDQGWKH OLTXLGZLOOEH IUHHHQHUJ\LVDWDPLQ WKHWKHUPRG\QDPLFDOO\ \VWDEOHSKDVH. . )LJXUH )UHHHQHUJ\FX XUYHVYHUVXVWHPSHUDWXUHIRUDSXUHPDWHULDO %DNHUDQG &DKQ . $W7 70WKHOLTXLGSK KDVHZLOOEHLQHTXLOLEULXPZLWKWKH VROLGSKDVHĮ DQG IXUWKHU FRROLQJ FRXOG F OHDG WR WKH VROLGLILFDWLRQ RI WK KLV SKDVH ,I .
(27) 7KHUPRG\QDPLFVRIVROLGLILFDWLRQ KRZHYHU QXFOHDWLRQ LV VXSSUHVVHG IRU VRPH UHDVRQ WKH OLTXLG ZLOO FRQWLQXH WR FRRO 7KH IRUPDWLRQ RI WKH PHWDVWDEOH SKDVHV ǃ DQG DŽ PD\ WDNHSODFHLQVXEVHTXHQWRUGHU7KHDž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ϮV dDs^N 'dƌ ', NjLVWKHPHDQVXUIDFHFXUYDWXUHDQGLQFUHDVHVZLWKGHFUHDVLQJUDGLLǔ LV WKH VXUIDFH WHQVLRQ DQG 9V LV WKH PRODU YROXPH RI WKH VROLG 7KH VXUIDFH WHQVLRQ RI OLTXLGV LV XVXDOO\ ORZHU WKDQ WKH VXUIDFH WHQVLRQ RI VROLGV 7KLV UHVXOW LQ VXSSUHVVLRQ RI WKH OLTXLGXV DQG VROLGXV OLQHV DV WKHUDGLXVRIDSDUWLFOHGHFUHDVHV7KLV \LHOGVZKHQWKHVXUIDFHDUHDLV OHVVWKDQaǍP 6W¡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
(29) 7KHUPRG\QDPLFVR RIVROLGLILFDWLRQ. . )LJXUH %LQDU\SKDVHG GLDJUDPRID$%V\VWHPZKHUHWKHGLVWULEXWWLRQFRHIILFLHQWLV VPDOOHUWKDQXQLW\N .X XU]DQG)LVKHU . 7KH VROLG DQG OLTXLG G FRPSRVLWLRQV DW WKH VROLGOLTXLG LQWHUIDFH DUH WHPSHUDWXUH GHSHQGHQ QW DV LOOXVWUDWHG LQ WKH ELQDU\ HTXLOLEULXP SKDVH GLDJUDP )LJXUH 7KH GLVWULEXWLRQ RI WKH VROXWH EHWZ ZHHQ WKH VROLG DQGWKHOLTXLGSKDVHV FDQEHH[SUHVVHGE\WKHHTXLOLEULXP PGLVWULEXWLRQ FRHIILFLHQWN. Ŭ. ƐΎ >Ύ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
(30) 7KHRUHWLFDO%DFNJURXQG ZKHUH IV DQG I/ DUH WKH VROLG DQG OLTXLG IUDFWLRQV UHVSHFWLYHO\ 7KH UHPDLQLQJOLTXLGGLVDSSHDUVZKHQWKHVROLGXVOLQHLVFURVVHG ,I LW LV DVVXPHG WKDW GLIIXVLRQ LQ WKH VROLG LV QHJOLJLEOH DQRWKHU H[SUHVVLRQ IRU WKH VROLGLILFDWLRQ FDQ EH GHYHORSHG 6LQFH WKH DPRXQW RI VROXWHUHMHFWHGDWWKHLQWHUIDFHPXVWEHHTXDOWRWKHLQFUHDVHRIVROXWHLQ WKH OLTXLG D PDWHULDO EDODQFH FDQ EH JLYHQ ZKHQ D VPDOO DPRXQW VROLGLILHVGIV ; > ƐΎ ͿĚĨ Ɛ ;ϭ Ĩ Ɛ ͿĚ > ,I ZH XVH WKH UHODWLRQVKLS IURP WKH SKDVH GLDJUDP N &V &/ DQG LQWHJUDWH IURP &V N & DW IV RQH REWDLQV DQ H[SUHVVLRQ IRU WKH FRQFHQWUDWLRQLQWKHVROLGDVDIXQFWLRQRIWKHIUDFWLRQVROLG ƐΎ Ŭ Ϭ ;ϭ Ĩ Ɛ Ϳ; Ŭ ϭͿ RU WKH UHODWLRQVKLS EHWZHHQ VROXWH LQ OLTXLG DV D IXQFWLRQ RI IUDFWLRQ OLTXLG > Ϭ Ĩ> ; Ŭ ϭͿ 7KH HTXDWLRQV DUH WHUPHG WKH 6FKHLO HTXDWLRQ RU WKH QRQHTXLOLEULXP OHYHU UXOH $ SUDFWLFDO DSSOLFDWLRQ RI WKLV LV GLUHFWLRQDO VROLGLILFDWLRQ RI VLOLFRQ)RUHOHPHQWVZLWKDVPDOOGLVWULEXWLRQFRHIILFLHQWLWLVSRVVLEOHWR SXULI\ DQ LQJRW LQ D ZD\ ZKHUH WKH EXON SDUW RI WKH LPSXULW\ HOHPHQWV HQGVXSLQWKHODVWSDUWWRVROLGLI\ JLYHQWKDWWKHSODQDUIURQWGRHVQRW EHFRPH XQVWDEOH 7KLV LV D JRRG PHWKRG WR UHPRYH HJ LURQ DQG DOXPLQLXP EXW IRU HOHPHQWV VXFK DV 3 DQG % WKDW KDYH D VHJUHJDWLRQ FRHIILFLHQW FORVH WR XQLW\ VHH 7DEOH GLUHFWLRQDO VROLGLILFDWLRQ LV QRW DVHIILFLHQW . .
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ŬϬ ŬĞĨĨ sG ŬϬ ;ϭ ŬϬ ͿĞdžƉ; Ϳ > ZKHUH9LVWKHJURZWKUDWHRIWKHLQWHUIDFHɁWKLFNQHVVRIWKHERXQGDU\ OD\HU DQG '/ WKH GLIIXVLRQ FRHIILFLHQW RI WKH LPSXULW\ LQ WKH PHOW $W KLJKHUJURZWKUDWHVPRUHLPSXULWLHVZLOOEHLQFRUSRUDWHGLQWRWKHVLOLFRQ FU\VWDO . . .
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ŝ. s. '' V sƐ. ZKHUHƦ*LLVWKHIUHHHQHUJ\RIIRUPDWLRQRIRQHFOXVWHUZLWKLDWRPV9 LVWKHYROXPHRIWKHFOXVWHU9VLVWKHPRODUYROXPHƦ*WKHGULYLQJIRU VROLGLILFDWLRQ$WKHVXUIDFHDUHDDQGǔWKHVXUIDFHWHQVLRQEHWZHHQWKH OLTXLGDQGWKHVROLG)RUVPDOOSDUWLFOHVWKHVXUIDFHHQHUJ\WKHVHFRQG WHUPLQWKHHTXDWLRQSOD\VDODUJHUROHGHWHUPLQLQJWKHWRWDOIUHHHQHUJ\ RI WKH SDUWLFOHV 7KH EXON HQHUJ\ WKH ILUVW WHUP GRPLQDWHV DW D ODUJHU UDGLXV$FOXVWHUQHHGVWREHODUJHUWKDQDFULWLFDOUDGLXVLQRUGHUWREH VWDEOH DQG JURZ 7KLV FULWLFDO UDGLXV ZLOO GHFUHDVH ZLWK WKH GHJUHH RI XQGHUFRROLQJƦ7DVVHHQIURP(TXDWLRQEHORZ ϮV dDs^ ƌΎ ', 'd 7KHFULWLFDOIUHHHQHUJ\RIIRUPDWLRQIRUWKHFOXVWHULVJLYHQLQHTXDWLRQ .
(33) 1XFOHDWLRQDQGJURZWK ' 'ŝΎ. ϭϲ SV ϯdDϮsƐϮ ϯ ', Ϯ 'd Ϯ. 7KHQXFOHDWLRQUDWHFDQEHZULWWHQDV ''ŝΎ Ϳ Ŭd ZKHUH -R LV WKH GHQVLW\ RI DYDLODEOH QXFOHDWLRQ VLWHV DQG N LV %ROW]PDQQ·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Ϭ ĞdžƉ;. )LJXUH )RUPDWLRQRIDFOXVWHURQDVXEVWUDWH )OHPLQJV . . )RUFRPSOHWHZHWWLQJWKHZHWWLQJDQJOHljLV]HURZKLOHIRU]HURZHWWLQJ ljLV7KHEDUULHUWRQXFOHDWLRQFDQEHUHGXFHGE\WKHIXQFWLRQI lj VRZKHQljJRHVWR]HURWKHEDUULHUWRQXFOHDWLRQJRHVWRDPLQLPXPDV H[SUHVVHGLQ(TXDWLRQ ' ' ĐŝΎ ' ' ŝΎ Ĩ ;T Ϳ ,Q FRPPHUFLDO SUDFWLFH LQRFXODQWV JUDLQ UHILQHUV DUH DGGHG WR PDQ\ PROWHQDOOR\VWRIRUPILQHJUDLQHGPDWHULDOV7KHJUDLQUHILQHULQFUHDVHV. . .
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
(35) 1XFOHDWLRQDQGJUR RZWK *HQHUDOO\ RQH FDQ ORR RN DW WKH PHOWLQJ HQWURS\ LQ RUGHU WR W SUHGLFW WKH PRUSKRORJ\ WKH FU\VWWDO ZLOO DGDSW :KHQ WKH GLPHQVLRQ QOHVV HQWURS\ Į Ʀ65 LV D QR RQIDFHWHG JURZWK PRUSKRORJ\ LV SUH HGLFWHG ZKLOH ZKHQ Į! D IDFHWHGJ JURZWK PRUSKRORJ\ LV SUHGLFWHGƦ6 LV L WKHHQWURS\ UHODWHG WR WKH SKDVH FKDQJH F DQG 5 LV WKH JDV FRQVWDQW %HDWW\ DQG -DFNVRQ GHVFULLEHVWKDWIDFHWVWKDWGHYHORSVLQVLOLFR RQDUHRQO\RI WKH ^`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ĚdƋ ! Ϭ ' Ěnj )RU DQ DOOR\ WKH VLWWXDWLRQ LV PRUH FRPSOH[ GXH WR YDULDWLRQV LQ FRPSRVLWLRQDORQJWKH HLQWHUIDFH:KHQDQDOOR\VROLGLILHVWWKHVROXWHZLOO HLWKHU EH UHMHFWHG DW WKH W VROLG OLTXLG LQWHUIDFH N RU DF FFXPXODWHG LQ WKHVROLGZKHQN!,Q QVLOLFRQPRVWVROXWHVZLOOEHUHMHFWHG GDWWKHVROLG OLTXLGLQWHUIDFHDQGWK KLVZLOOEHGHVFULEHGIXUWKHU0DVVFDQQHLWKHUEH FUHDWHGQRUGHVWUR\HGVRWKHDWRPVUHMHFWHGDWWKHLQWHUIDF FHZLOOSLOHXS. . .
(38) 7KHRUHWLFDO%DFNJURX XQG LQDERXQGDU\OD\HUDV VLOOXVWUDWHGLQ)LJXUH 6LPSOLILHG GWKHOHQJWKRI WKHERXQGDU\OD\HUFDQ QEHH[SUHVVHGDV Ϯ> GĐ s FNQHVV RI WKH ERXQGDU\ OD\HU '/ WKH GLIIXVLRQ ZKHUH ߜ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
(39) 0LFURVWUXFWXUH. . )LJXUH G LOOXVWUDWHWWKHFRQGLWLRQIRUFRQVWLWXWLRQDOXQGHUFRROLQJ JLQDOOR\VZKHUH 7DFWXDOLVOHVVWKDQ7OLTXLGXV )OHPLQJV ) . )RUDELQDU\DOOR\WKH IURQWZLOOEHVWDEOHDVORQJDVWKHFUULWHULRQEHORZ LVIXOILOOHG ŵ ;ϭ Ŭ Ϳ '> t > Ϭ s Ŭ>. ,I WKLV FULWHULD LV QRW IXOILOOHG I FHOOV ZLOO VWDUW WR GHYHORS DW WKH LQWHUIDFH 7KHFHOOVZLOOJURZSHUUSHQGLFXODUWRWKHVROLGOLTXLGLQWHUID DFHUHJDUGOHVV RI FU\VWDO RULHQWDWLRQ &U\VWDOORJUDSKLF IHDWXUHV ZLOO EH PR RUH LPSRUWDQW LIWKHJURZWKUDWHLVLQFUHDVHGDQGGHQGULWHVVWDUWWRGHYHOR RS .DWWDPLV HW DO GHVFULEHG WKH JUDLQ FRDUVH HQLQJ GXULQJ LVRWKHUPDO KROGLQJ ZKLFK Z LV VLPLODU WR FRDUVHQLQJ GXUULQJ GHQGULWLF VROLGLILFDWLRQ7KHVDP PHPRGHOVDUHDOVRH[SODLQHGE\)OHP PLQJV ZKHUH)LJXUHLVIUURP. . .
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
(41) +HDWWUDQVSRUWGXULQJVROLGLILFDWLRQ )RUZDOG LOOXVWUDWHG KRZ WKH PRUSKRORJLFDO VSDFLQJ LQ VRPH VLOLFRQULFKDOOR\VLVDIIHFWHGE\WKHFRROLQJUDWH9DOXHVIRU7YHLW DQG6YHUGOLQ DUHDOVRLOOXVWUDWHG LQ)LJXUH'HFUHDVLQJWKH FRROLQJUDWHLQFUHDVHVWKHPRUSKRORJLFDOVSDFLQJLQDJUHHPHQWZLWKWKH PRGHOE\.DWWDPLVHWDO . . +HDWWUDQVSRUWGXULQJVROLGLILFDWLRQ. 6ROLGLILFDWLRQRIDPDWHULDOLQYROYHVWKHH[WUDFWLRQRIKHDWIURPWKHPHOW WRDPELHQWWHPSHUDWXUH$VWKHKHDWLVH[WUDFWHGWKHUHZLOOEHDFKDQJH LQWKHHQWKDOS\RIWKHPDWHULDOGXHWRFRROLQJ Ʀ+ FSG7DQGGXHWRWKH WUDQVLWLRQ IURP OLTXLG WR VROLG ƦI+ ZKLFK LV WKH ODWHQW KHDW RI WKH PDWHULDO,Q)LJXUHƦ+LVUHSUHVHQWHGDVDIXQFWLRQRIWHPSHUDWXUH IRUVHYHUDOIHUURVLOLFRQDOOR\VZLWKLQFUHDVLQJVLOLFRQFRQWHQW,WLVVHHQ WKDWWKHODWHQWKHDWZKLFKLQWKHILJXUHLVUHSUHVHQWHGDVDMXPSLQƦ+ DW WKH PHOWLQJ WHPSHUDWXUH LQFUHDVHV ZLWK LQFUHDVLQJ VLOLFRQ FRQWHQW 7KH ODWHQW KHDW LV D PDWHULDO SURSHUW\ DQG IRU VLOLFRQ WKH ODWHQW KHDW LV DERXWWLPHVODUJHUWKDQIRUPRVWPHWDOVƦ+ILVN-PROIRUVLOLFRQ ZKLOH LW LV RQO\ N- PRO DQG N-PRO IRU LURQ DQG DOXPLQLXP UHVSHFWLYHO\ $\OZDUGDQG)LQGOD\ . '+. '+. ³ FG7 '+. ³ FG7. I. . )LJXUH (QWKDOS\LQ)H6LDOOR\VLQWKHUDQJHRI& 7YHLW DGDSWHG E\.OHYDQ . . .
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Ěd Ƌ Ŭ Ědž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Ƌ Ś;dƐ df Ϳ . LQ :P ZKHUH K LV WKH FRQYHFWLYH KHDW WUDQVIHU FRHIILFLHQW DQG 7V DQG 7 WKH VXUIDFH DQG IOXLG WHPSHUDWXUH UHVSHFWLYHO\ 7KH FRQGXFWLYH .
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ď V d Ɛϰ JLYHQLQ :P 7VLVWKHDEVROXWHWHPSHUDWXUHDWWKHVXUIDFHDQGǔLV WKH6WHIDQ%ROW]PDQQFRQVWDQW 7KHHPLVVLYLW\džRIDSHUIHFWEODFNERG\HTXDOV)RUDERG\WKDWLVQRW DEODFNERG\dž 7KHHPLVVLYHSRZHUFDQWKHQEHZULWWHQDV VH dƐϰ 7KHVXUIDFHZLOODOVRDEVRUEVRPHUDGLDWLRQIURPWKHVXUURXQGLQJVDQG WKLVFDQEHGHVFULEHGDV ϰ ' ĂďƐ D ' D V dƐƵƌ ĮLVWKHDEVRUSWLYL\DQGKDVDYDOXHEHWZHHQDQG$VVXPLQJWKDWĮ DQG dž DUH HTXDO WKH QHW KHDW WUDQVIHU GXH WR UDGLDWLRQ FDQ WKHQ EH ZULWWHQDVWKHFRPELQDWLRQRI(TXDWLRQVDQG <. Ƌ VH ;dƐϰ dƐƵƌϰ Ϳ 7KHUDGLDWLYHDQGWKHFRQYHFWLYHKHDWWUDQVIHUFDQEHFRPELQHGLQWRRQH HTXDWLRQGHVFULELQJWKHKHDWWUDQVIHUIURPDVXUIDFH <. Ƌ Ś;dƐ df Ϳ VH ;dƐϰ dƐƵƌϰ Ϳ . . .
(44) 7KHRUHWLFDO%DFNJURXQG $WWHPSHUDWXUHVZKHUH7V!!!7VXUWKHUDGLDWLYHWHUPZLOOGRPLQDWHZKLOH DWORZHUWHPSHUDWXUHVWKHFRQYHFWLYHWHUPZLOOGRPLQDWH. 6ROLGLILFDWLRQLQDQLQGXVWULDOVL]HGPRXOG ,QWKHIROORZLQJVHFWLRQVROLGLILFDWLRQLQDPRXOGFRYHUHGLQILQHVZLOOEH XVHG DV DQ H[DPSOH RI KHDW WUDQVIHU GXULQJ VROLGLILFDWLRQ 7KH HQHUJ\ WKDW QHHGV WR EH WUDQVSRUWHG LQ RUGHU IRU WKH PHOW WR FRRO WR DPELHQW WHPSHUDWXUH LV WKH HQHUJ\ UHODWHG WR WKH UHGXFWLRQ LQ HQWKDOS\ GXULQJ FRROLQJ Ʀ+ &SG7 DQG WKH HQHUJ\ UHODWHG WR WKH SKDVH WUDQVIHU IURP OLTXLGWRVROLGƦ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
RELATERTE DOKUMENTER
