{"id":3075,"date":"2019-04-06T23:28:41","date_gmt":"2019-04-06T15:28:41","guid":{"rendered":"http:\/\/wangjun.name\/?p=3075"},"modified":"2019-04-06T23:29:15","modified_gmt":"2019-04-06T15:29:15","slug":"abbb0e04ee","status":"publish","type":"post","link":"https:\/\/www.020cta.com\/?p=3075","title":{"rendered":"\u4ec0\u4e48\u662fVIE\uff1f"},"content":{"rendered":"<div class=\"bpp-post-content\">\n<p style=\"text-align: left; text-indent: 28px;\">VIE\u8fd9\u4e2a\u8bcd\uff0c\u5bf9\u4e8e\u4e92\u8054\u7f51\u4ece\u4e1a\u4eba\u5458\u548c\u6295\u8d44\u4eba\u6765\u8bf4\uff0c\u65e9\u5c31\u662f\u8033\u719f\u80fd\u8be6\u7684\u4e86\u3002\u4f46\u662fVIE\u5230\u5e95\u662f\u600e\u4e48\u56de\u4e8b\uff0c\u5b9e\u9645\u64cd\u4f5c\u4e2d\u9700\u8981\u8003\u8651\u54ea\u4e9b\u65b9\u9762\u7684\u5177\u4f53\u95ee\u9898\uff0c\u5012\u662f\u9c9c\u6709\u4eba\u80fd\u591f\u7cfb\u7edf\u7684\u8bb2\u6e05\u695a\u7684\u3002\u4e8b\u5b9e\u4e0a\uff0c\u5927\u90e8\u5206\u4eba\u5bf9\u4e8e\u8bb8\u591aVIE\u7684\u57fa\u672c\u95ee\u9898\u7684\u8ba4\u77e5\u90fd\u662f\u9519\u8bef\u7684\u3002\u8bb0\u5f97\u5341\u5e74\u591a\u524d\uff0c\u8fd8\u548c\u4e00\u4f4d\u5927\u724cTMT\u6295\u8d44\u4eba\u4e89\u8bba\u5229\u6da6\u5e94\u8be5\u7559\u5728VIE\u8fd8\u662fWFOE\u7684\u95ee\u9898\uff0c\u771f\u7684\u662f\u6709\u70b9\u54ed\u7b11\u4e0d\u5f97\u3002\u56e0\u4e3aVIE\u7684\u642d\u5efa\u3001\u4eba\u5458\u548c\u8d44\u4ea7\u5f52\u5c5e\u3001\u65e5\u5e38\u8fd0\u4f5c\u3001\u6cd5\u5f8b\u8ba4\u5b9a\u3001\u8d26\u52a1\u5904\u7406\u3001\u7a0e\u52a1\u5904\u7406\u3001\u62db\u80a1\u4e66\u63cf\u8ff0\u6d89\u53ca\u5230\u7684\u65b9\u65b9\u9762\u9762\u975e\u5e38\u591a\uff0c\u516c\u53f8\u5185\u90e8\u5c31\u6709\uff1a\u4e1a\u52a1\u3001\u4f1a\u8ba1\u3001\u8d44\u91d1\u3001\u7a0e\u52a1\u3001\u6cd5\u52a1\u3001\u4eba\u4e8b\u53c2\u4e0e\u5176\u4e2d\uff1b\u5916\u90e8\u5f8b\u5e08\uff1a\u4e2d\u56fd\u5f8b\u5e08\u3001\u5f00\u66fc\u5f8b\u5e08\u3001\u4e0a\u5e02\u5730\uff08\u7f8e\u56fd\u6216\u8005\u9999\u6e2f\uff09\u5f8b\u5e08\uff1b\u5916\u90e8\u5ba1\u8ba1\u5e08\uff1a\u4e2d\u56fd\u4f1a\u8ba1\u5e08\u3001\u4e0a\u5e02\u5730\uff08\u7f8e\u56fd\u6216\u8005\u9999\u6e2f\uff09\u4f1a\u8ba1\u5e08\u4ee5\u53ca\u5916\u90e8\u6295\u8d44\u4eba\u548c\u4fdd\u8350\u4eba\u3002\u597d\u6bd4\u778e\u5b50\u6478\u8c61\uff0c\u6bcf\u4e2a\u4eba\u53ea\u719f\u6089\u4e00\u5757\uff0c\u80fd\u7cfb\u7edf\u7684\u3001\u5b8c\u6574\u7684\u5b9e\u64cdVIE\u7684\u4eba\u662f\u975e\u5e38\u5c11\u7684\u3002\u4eca\u5929\uff0c\u6211\u4eec\u5c31\u7528\u6700\u901a\u4fd7\u7684\u8bed\u8a00\u666e\u53ca\u4e00\u4e0bVIE\u7684\u5165\u95e8\u7ea7\u7684\u77e5\u8bc6\u5427\u3002<\/p>\n<p style=\"text-align: left; text-indent: 28px;\">\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u80cc\u666f\u7531\u6765\uff1a<\/strong><\/p>\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: left; text-indent: 28px;\">VIE\u7684\u5168\u79f0\u662fVariable Interest Entities(<span style=\"font-family: \u7b49\u7ebf; color: windowtext;\">\u53ef\u53d8\u5229\u76ca\u5b9e\u4f53<\/span>)\uff0c\u629b\u5f00\u4f1a\u8ba1\u4e66\u91cc\u62d7\u53e3\u7684\u4e13\u4e1a\u89e3\u91ca\uff0c\u7528\u4e00\u53e5\u6700\u901a\u4fd7\u7684\u8bdd\u6765\u89e3\u91ca\uff1aVIE\u5c31\u662f\u624b\u811a\uff0c\u800c\u4e0e\u4e4b\u76f8\u5bf9\u7684WFOE(\u5916\u5546\u72ec\u8d44\u4f01\u4e1a)\u5c31\u662f\u5934\u8111\uff0c\u624b\u811a\u4f9d\u7167\u5934\u8111\u7684\u6307\u4ee4\u53bb\u6267\u884c\u4e1a\u52a1\uff0c\u5e76\u628a\u4e1a\u52a1\u53d6\u5f97\u7684\u6536\u76ca\u8d21\u732e\u7ed9\u5934\u8111\u3002\u4e0b\u56fe\u53ef\u4ee5\u6e05\u695a\u7684\u770b\u5230\u4e00\u4e2a\u6807\u51c6\u7684VIE\u7684\u67b6\u6784\u4e0b\u5883\u5185\u5883\u5916\u7684\u516c\u53f8\u67b6\u6784\u56fe\uff1a<\/p>\n<p style=\"text-align: left; text-indent: 28px;\">\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"rich_pages aligncenter\" title=\"\u51af\u4f1a\u8ba1\u4fd7\u8bdd\u8bf4VIE\" src=\"http:\/\/wangjun.name\/wp-content\/uploads\/2019\/04\/8-1554564527.jpg\" alt=\"\u51af\u4f1a\u8ba1\u4fd7\u8bdd\u8bf4VIE\" \/><\/p>\n<p style=\"text-align: left; text-indent: 28px;\">\n<p style=\"text-align: left; text-indent: 28px;\">\u90a3\u4e3a\u4ec0\u4e48\u9700\u8981\u642d\u5efa\u8fd9\u6837\u4e00\u4e2aVIE\u67b6\u6784\u5462\uff1f\u4e3b\u8981\u662f\u5de5\u4fe1\u90e8\u548c\u65b0\u95fb\u51fa\u7248\u603b\u7f72\u5bf9\u4e8e\u63d0\u4f9b\u201c\u4e92\u8054\u7f51\u589e\u503c\u670d\u52a1\u201d\u7684\u4f01\u4e1a\u7684\u5916\u8d44\u9650\u5236\uff0c\u724c\u7167\u53ea\u80fd\u7531\u5185\u8d44\u516c\u53f8\u6301\u6709\uff0c\u6240\u4ee5\u6700\u65e9\u7684VIE\u67b6\u6784\u51fa\u73b0\u5728\u65b0\u6d6a\u3001\u767e\u5ea6\u7b49\u4e92\u8054\u7f51\u4f01\u4e1a\u3002\u4e00\u65b9\u9762\u8981\u89e3\u51b3\u4e1a\u52a1\u5408\u6cd5\u6027\u7684\u95ee\u9898\uff08\u5883\u5185\uff09\uff0c\u53e6\u4e00\u65b9\u9762\u8981\u89e3\u51b3\u4e0a\u5e02\u516c\u53f8\u7684\u7ecf\u6d4e\u5229\u76ca\u662f\u5426\u80fd\u6700\u7ec8\u6d41\u5411\u4e0a\u5e02\u516c\u53f8\u80a1\u4e1c\u7684\u95ee\u9898\uff08\u5883\u5916\uff09\uff0c\u5c31\u597d\u6bd4\u4f38\u51fa\u53bb\u6293\u94b1\u7684\u624b\u5fc5\u987b\u662f\u5e72\u51c0\u7684\uff0c\u800c\u6293\u56de\u6765\u7684\u94b1\u53c8\u80fd\u5408\u6cd5\u7684\u88c5\u8fdb\u53e3\u888b\u91cc\u3002VIE\u67b6\u6784\u5f88\u597d\u7684\u89e3\u51b3\u4e86\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<p style=\"text-align: left; text-indent: 28px;\">\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u534f\u8bae\u63a7\u5236\uff1a<\/strong><\/p>\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: left; text-indent: 28px;\">VIE\u67b6\u6784\u91cd\u4e2d\u4e4b\u91cd\u7684\u6838\u5fc3\u95ee\u9898\u5c31\u662f\u534f\u8bae\u63a7\u5236\uff0c\u56e0\u4e3aWFOE\u548cVIE\u4e4b\u95f4\u5e76\u6ca1\u6709\u80a1\u6743\u5173\u7cfb\uff0c\u53ea\u6709\u5b9e\u65bd\u4e86\u6709\u6548\u7684\u534f\u8bae\u63a7\u5236\uff0c\u4f1a\u8ba1\u4e0a\u624d\u53ef\u4ee5\u8ba4\u5b9a\u5c06VIE\u4ee5\u53caVIE\u4e4b\u4e0b\u7684\u6240\u6709\u516c\u53f8\u7eb3\u5165\u5408\u5e76\u8303\u56f4\u3002\u4e00\u5957\u6807\u51c6\u7684\u63a7\u5236\u534f\u8bae\u4e3b\u8981\u5305\u62ec\uff1aWFOE\u548cVIE\u4e4b\u95f4\u7684\u72ec\u5bb6\u54a8\u8be2\u548c\u670d\u52a1\u534f\u8bae\u3001\u4e1a\u52a1\u7ecf\u8425\u534f\u8bae\u3001\u7f51\u7edc\u6e38\u620f\u8f6f\u4ef6\u5206\u6388\u6743\u534f\u8bae\uff08\u6e38\u620f\u4e1a\uff09\/\u5e73\u53f0\u8f6f\u4ef6\u5206\u6388\u6743\u534f\u8bae\uff08\u5e73\u53f0\u578b\u4e92\u8054\u7f51\u516c\u53f8\uff09\uff1bWFOE\u548cVIE\u540d\u4e49\u80a1\u4e1c(Nominal Shareholders)\u4e4b\u95f4\u7684\u80a1\u6743\u8d28\u62bc\u534f\u8bae\u3001\u80a1\u6743\u4ee3\u6301\u534f\u8bae\u548c\u80a1\u6743\u5904\u7f6e\u534f\u8bae\u3002\u4ee5\u4e0a\u534f\u8bae\uff0c\u4e00\u822c\u90fd\u4f1a\u7531\u5883\u5185\u5f8b\u5e08\u8fdb\u884c\u8d77\u8349\uff0c\u8fd9\u4e2a\u96be\u5ea6\u4e0d\u5927\uff0c\u4e0d\u6d89\u53ca\u590d\u6742\u7684\u4f1a\u8ba1\u8ba1\u7b97\uff0c\u6240\u4ee5\u4e0d\u9700\u8981\u4f01\u4e1a\u8d22\u52a1\u4eba\u5458\u53c2\u4e0e\u3002\u9700\u8981\u7279\u522b\u8bf4\u660e\u7684\u4e00\u70b9\u5c31\u662f\uff0c\u8fd9\u4e2a\u80a1\u6743\u8d28\u62bc\u534f\u8bae\u9001\u53bb\u5de5\u5546\u5c40\u5907\u6848\uff0c\u5bf9\u65b9\u57fa\u672c\u4e0d\u4f1a\u53d7\u7406\uff0c\u4e0a\u5e02\u65f6\u9700\u8981\u4e2d\u56fd\u5f8b\u5e08\u53d1\u8868\u610f\u89c1\u7684\u3002\u8fd9\u4e00\u7cfb\u5217\u534f\u8bae\u7684\u4f5c\u7528\uff1a\u7b2c\u4e00\u4e2a\u8003\u91cf\u662f\u4ece\u80a1\u6743\u4e0a\u5c3d\u53ef\u80fd\u5c06VIE\u548cWFOE\u626f\u4e0a\u5173\u7cfb\uff0c\u7b2c\u4e8c\u4e2a\u8003\u91cf\u662f\u5c3d\u53ef\u80fd\u591a\u7684\u5b9a\u4e49\u5934\u8111\u548c\u624b\u811a\u7684\u4e0d\u540c\u5730\u4f4d\u3001\u89d2\u8272\u548c\u804c\u80fd\uff0c\u540c\u65f6\u4e3a\u8fdb\u4e00\u6b65\u8bbe\u8ba1\u8f6c\u79fb\u5b9a\u4ef7\uff08TP\uff09\u7684\u5b9e\u64cd\u5408\u540c\u505a\u57fa\u7840\u3002<\/p>\n<p style=\"text-align: left; text-indent: 28px;\">\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u4eba\u5458\u548c\u8d44\u4ea7\u62c6\u5206\uff1a<\/strong><\/p>\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: left; text-indent: 28px;\">\u5927\u90e8\u5206\u4e92\u8054\u7f51\u4f01\u4e1a\u8bde\u751f\u4e4b\u521d\u5e76\u975e\u662fVIE\u67b6\u6784\uff0c\u90fd\u662f\u4e1a\u52a1\u53d1\u5c55\u5230\u4e00\u5b9a\u9636\u6bb5\uff0c\u9700\u8981\u5f15\u5165\u5927\u724c\u7f8e\u5143\u57fa\u91d1\u7684\u65f6\u5019\uff0c\u624d\u5206\u62c6\u51fa\u6765\u7684VIE\u67b6\u6784\uff0c\u5176\u4e2d\u6700\u91cd\u8981\u7684\u62c6\u5206\u5c31\u662f\u4eba\u5458\u548c\u8d44\u4ea7\u7684\u62c6\u5206\u3002\u4eba\u5458\u62c6\u5206\uff1a\u539f\u5219\u4e0a\u5c31\u662f\u5c06\u7075\u9b42\u4eba\u7269\uff0c\u4e5f\u5c31\u662f\u6838\u5fc3\u9ad8\u7ba1\u62c6\u5165WFOE(\u8bb0\u5f97\u5934\u8111\u4e24\u4e2a\u5b57\u5c31\u80fd\u878d\u4f1a\u8d2f\u901a)\u3002\u5b9e\u64cd\u4e2d\u4f1a\u9047\u5230\u5f88\u591a\u8003\u91cf\uff1a\u4e3a\u4e86\u6301\u6709\u4e92\u8054\u7f51\u76f8\u5173\u8bc1\u7167\uff0c\u6839\u636e\u76f8\u5173\u90e8\u59d4\u89c4\u5b9a\uff0cVIE\u516c\u53f8\u5fc5\u987b\u62e5\u6709\u7684\u6280\u672f\u548c\u652f\u6301\u4eba\u5458\uff1b\u65e9\u671f\u516c\u53f8\u4e3a\u4e86\u5c11\u4ea4\u4e94\u9669\u4e00\u91d1\uff0c\u60f3\u5c06\u5c3d\u53ef\u80fd\u591a\u7684\u5458\u5de5\u7559\u5728VIE(VIE\u4e94\u9669\u4e00\u91d1\u6267\u884c\u529b\u5ea6\u6ca1\u6709WFOE\u4e25\u683c)\uff1b\u5de8\u4e8f\u516c\u53f8\u60f3\u6700\u5927\u9650\u5ea6\u7684\u7ed3\u6c47\uff0c\u6240\u4ee5\u5c06\u5c3d\u53ef\u80fd\u591a\u7684\u5458\u5de5\u62c6\u53bbWFOE\u3002\u5176\u4e2d\u5f88\u591a\u8003\u91cf\u662f\u5bf9\u7acb\u7684\uff0c\u6bd4\u5982\u6700\u540e\u4e24\u4e2a\u8003\u91cf\uff0c\u9700\u8981\u7ed3\u5408\u6210\u672c\u3001\u73b0\u91d1\u6d41\u4ee5\u53ca\u5408\u89c4\u7efc\u5408\u6765\u5e73\u8861\uff0c\u4f46\u662f\u6838\u5fc3\u9ad8\u7ba1\u4ee5\u53ca\u6838\u5fc3\u6280\u672f\u56e2\u961f\uff08\u7b49\u4e0b\u5728\u7248\u6743\u90e8\u5206\u4f1a\u5c55\u5f00\uff09\u4e0d\u62c6\u5165WFOE\u662f\u4e0d\u884c\u7684\u3002<\/p>\n<p 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left;\">\u8d44\u4ea7\u62c6\u5206\uff1a\u5927\u90e8\u5206\u4e92\u8054\u7f51\u4f01\u4e1a\u4e0d\u662f\u91cd\u8d44\u4ea7\u7684\u516c\u53f8\uff0c\u529e\u516c\u7528\u54c1\u548c\u623f\u5c4b\u79df\u91d1\u6309\u7167\u4eba\u5458\u6bd4\u4f8b\u7edf\u4e00\u62c6\u5206\u5c31\u884c\uff0c\u4e3b\u8981\u662f\u670d\u52a1\u5668\u3001\u4ea4\u6362\u673a\u7b49IT\u6838\u5fc3\u8bbe\u5907\u3002\u8fd9\u91cc\u6709\u4e00\u7ec4\u6838\u5fc3\u77db\u76fe\uff0cVIE\u4e3a\u4e86\u6301\u6709ICP\u8bc1\u4e66\u7b49\u76f8\u5173\u8bc1\u7167\uff0c\u5fc5\u987b\u62e5\u6709\u670d\u52a1\u5668\uff08\u79df\u6765\u7684\u7b97\u4e0d\u7b97\u6ca1\u6709\u660e\u5199\uff09\uff1b\u800c\u670d\u52a1\u5668\u4f5c\u4e3a\u4e92\u8054\u7f51\u516c\u53f8\u7684\u6838\u5fc3\u8d44\u4ea7\uff0c\u5982\u679c\u653e\u5728VIE\uff0c\u90a3WFOE\u4f5c\u4e3a\u5934\u8111\u5c31\u663e\u5f97\u6709\u70b9\u7275\u5f3a\u3002\u6211\u66fe\u7ecf\u5bf9\u6e38\u620f\u516c\u53f8\u505a\u8fc7\u8c03\u7814\uff0c\u4e00\u534a\u4ee5\u4e0a\u653e\u5728WFOE\uff0c\u7136\u540e\u79df\u7ed9VIE\u516c\u53f8\uff0c\u53e6\u5916\u4e00\u5c0f\u534a\u516c\u53f8\uff0c\u4e24\u8fb9\u90fd\u6709\uff0cVIE\u7684\u670d\u52a1\u5668\u591a\u4e00\u4e9b\uff0c\u6211\u731c\u60f3VIE\u516c\u53f8\u4e3b\u8981\u653e\u6e38\u620f\u8fd0\u8425\u7684\u670d\u52a1\u5668\uff0c\u800cWFOE\u516c\u53f8\u4e3b\u8981\u653e\u6e38\u620f\u7814\u53d1\u7684\u670d\u52a1\u5668\u5427\u3002\u8f6f\u4ef6\u8457\u4f5c\u6743\u5c31\u66f4\u52a0\u5934\u75bc\u4e86\uff0c\u8fd9\u4e2a\u76f8\u8f83\u4e8e\u670d\u52a1\u5668\uff0c\u5c31\u66f4\u52a0\u662f\u4e92\u8054\u7f51\u516c\u53f8\u7684\u6838\u5fc3\u8d44\u4ea7\u4e86\uff0c\u7406\u5e94\u653e\u5728WFOE\uff0c\u4f46\u662fVIE\u516c\u53f8\u5982\u679c\u6ca1\u6709\u8f6f\u4ef6\u8457\u4f5c\u6743\uff0c\u62ff\u4ec0\u4e48\u53bb\u7533\u8bf7ICP\u8bc1\u5462\uff1f\u901a\u5e38\u7684\u505a\u6cd5\u5c31\u662f\u628a\u6700\u6838\u5fc3\u7684\u8f6f\u4ef6\uff0c\u6bd4\u5982\u6e38\u620f\u516c\u53f8\u7684\u6e38\u620f\u8f6f\u4ef6\u8457\u4f5c\u6743\uff0c\u7535\u5546\u5e73\u53f0\u7684\u5e73\u53f0\u8f6f\u4ef6\u8457\u4f5c\u6743\uff0c\u653e\u5728WFOE\uff0c\u7136\u540e\u6388\u6743\u7ed9VIE\u516c\u53f8\u8fd0\u8425\uff0c\u62ff\u4e00\u4e9b\u975e\u6838\u5fc3\u7684\u8f6f\u4ef6\u8457\u4f5c\u6743\u653e\u5728VIE\u516c\u53f8\u53bb\u7533\u8bf7ICP\u8bc1\u4e66\u3002\u76f8\u5e94\u7684\uff0c\u6838\u5fc3\u7684\u6280\u672f\u7814\u53d1\u56e2\u961f\uff0c\u7406\u6240\u5e94\u5f53\u7684\u653e\u5728WFOE\u4e86\u3002\u53e6\u5916\uff0c\u5546\u6807\u4e5f\u662f\u8981\u653e\u5728WFOE\u7684\u3002<\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left; text-indent: 28px;\"><strong>\u8f6c\u79fb\u5b9a\u4ef7\uff08<\/strong><strong>TP<\/strong><strong>\uff09\uff1a<\/strong><\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 VIE\u7684\u8981\u65e8\u5c31\u662f\u4e0d\u80fd\u7559\u5229\u6da6\uff0c\u4e3b\u8981\u7684\u7ecf\u6d4e\u5229\u76ca(Economic benefit)\u8981\u8f6c\u79fb\u5230WFOE\uff0c\u4ece\u800c\u53ef\u4ee5\u4e00\u8def\u4e0a\u53bb\uff0c\u5206\u914d\u7ed9\u4e0a\u5e02\u516c\u53f8\u80a1\u4e1c\u3002\u8fd9\u5c31\u9700\u8981\u4e00\u7cfb\u5217\u7684\u8f6c\u79fb\u5b9a\u4ef7\u7684\u534f\u8bae\uff0c\u628aVIE\u516c\u53f8\u4ea7\u751f\u7684\u5229\u6da6\u8f6c\u79fb\u53bbWFOE\u3002\u6211\u4eec\u5728\u534f\u8bae\u63a7\u5236\u7684\u65f6\u5019\u63d0\u5230\u4e86WFOE\u548cVIE\u4e4b\u95f4\u7b7e\u7f72\u7684\u4e1a\u52a1\u7ecf\u8425\u534f\u8bae\u3001\u7f51\u7edc\u6e38\u620f\u8f6f\u4ef6\u5206\u6388\u6743\u534f\u8bae\uff08\u6e38\u620f\u4e1a\uff09\/\u5e73\u53f0\u8f6f\u4ef6\u5206\u6388\u6743\u534f\u8bae\uff08\u5e73\u53f0\u578b\u4e92\u8054\u7f51\u516c\u53f8\uff09\uff0c\u8fd9\u4e9b\u90fd\u662f\u6846\u67b6\u6027\u534f\u8bae\uff0c\u4e0d\u5199\u6570\u5b57\u7684\uff0c\u53ea\u662f\u4e3a\u4e86\u8bc1\u660e\u63a7\u5236\u5173\u7cfb\u3002\u5728\u8fd9\u4e9b\u534f\u8bae\u7684\u57fa\u7840\u4e4b\u4e0a\uff0c\u8fd8\u9700\u8981\u8d77\u8349\u4e00\u7cfb\u5217\u7684\u8f6f\u4ef6\u8457\u4f5c\u6743\u8bb8\u53ef\u534f\u8bae\u3001\u8f6f\u4ef6\u59d4\u6258\u5f00\u53d1\u534f\u8bae\u3001\u6280\u672f\u7ef4\u62a4\u65e5\u5e38\u5347\u7ea7\u534f\u8bae\u3001\u5546\u6807\u8bb8\u53ef\u534f\u8bae\u3001\u59d4\u6258\u7ba1\u7406\u534f\u8bae\u3001\u59d4\u6258\u5e02\u573a\u63a8\u5e7f\u534f\u8bae\u7b49\u7b49\u3002\u8fd9\u91cc\u7684\u8f6c\u79fb\u5b9a\u4ef7\u7684\u8ba1\u4ef7\u65b9\u6cd5\uff0c\u6709\u7684\u662f\u56fa\u5b9a\u7684\u7edd\u5bf9\u6570\u3001\u6709\u7684\u662f\u6210\u672c\u6309\u6bd4\u4f8b\u52a0\u6210\u3001\u6709\u7684\u662f\u6309\u7167\u5de5\u65f6\u7684\u8ba1\u8d39\uff0c\u56e0\u4e3a\u5982\u679c\u7528\u5355\u4e00\u7684\u8ba1\u4ef7\u65b9\u6cd5\u662f\u6ca1\u6709\u529e\u6cd5\u628aVIE\u7684\u5229\u6da6\u8c03\u8282\u5230breakeven\u6216\u8005\u7565\u5fae\u76c8\u5229\u7684\u6c34\u5e73\u7684\u3002\u8fd9\u4e9b\u5408\u540c\u53ef\u4ee5\u7531\u4f01\u4e1a\u6cd5\u52a1\u6216\u8005\u5883\u5185\u5f8b\u5e08\u8d77\u8349\uff0c\u4f46\u662f\u5177\u4f53\u7684\u5b9a\u4ef7\u65b9\u6cd5\u548c\u8ba1\u7b97\u5c31\u5fc5\u987b\u7531\u4f01\u4e1a\u7684\u8d22\u52a1\u4eba\u5458\u6765\u6267\u884c\u4e86\u3002\u8fd9\u5bf9\u4f01\u4e1a\u8d22\u52a1\u4eba\u5458\u5bf9\u4e1a\u52a1\u7684\u719f\u6089\u7a0b\u5ea6\u3001\u5bf9\u9884\u7b97\u7684\u628a\u63a7\u4ee5\u53ca\u5bf9\u6570\u5b57\u7684\u654f\u611f\u6027\u8981\u6c42\u5f88\u9ad8\uff0c\u770b\u4f3c\u4e0d\u662f\u5f88\u96be\uff0c\u5f88\u591a\u4eba\u505a\u7684\u9519\u7684\u4e00\u584c\u7cca\u6d82\u3002<\/p>\n<p style=\"text-align: left;\">\n<p style=\"text-align: left;\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u73b0\u91d1\u6d41\u89c4\u5212<\/strong><\/p>\n<p style=\"text-align: left;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: left;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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style=\"text-align: left;\">\n<p style=\"text-align: left;\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><strong>\u5bf9\u5916\u8d44\u53d7\u9650\u884c\u4e1a\u6295\u8d44<\/strong><\/p>\n<p style=\"text-align: left;\"><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: left;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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