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债券投资者权益保护教育专项活动材料之债券宣传案例

  发表时间:2017年12月08日  点击数:6598 次

  C公司付息违约和终止上市风险处置案例

  CGONGSIZHUYINGYEWUWEISHENGCHANHEXIAOSHOUDANJINGGUIHEDUOJINGGUITAIYANGNENGDIANCHIZUJIAN,ZHUCEDIWEISSHI,SHIJIKONGZHIRENWEIN。GONGSIYU2010NIAN11YUEXRIZAIJIAOYISUOSHANGSHI。2012NIAN3YUE,GONGSIFAXINGLE10YIYUANCUNXUQIWEI5NIAN、FUDI3NIANMOFAXINGRENSHANGDIAOPIAOMIANLILVXUANZEQUANJITOUZIZHEHUISHOUXUANZEQUANDEGONGSIZHAI(YIXIAJIANCHENG“11CZHAI”),FAXINGLILVWEI8.98%,MEINIANDE3YUEXRIWEIZHAIQUANFUXIRI。2014NIAN3YUEXRI,GONGSIFABUGONGGAO,WUFAANQIQUANEZHIFUDIERQIZHAIQUANLIXIYIGOUCHENGSHIZHIXINGWEIYUE,YINFAGUONEIWAISHICHANG、MEITIDEGAODUGUANZHU,DAPOLEGANGXINGDUIFUDEYUQI。

  一、风险事件成因

  1、全球光伏行业陷入低谷,国内光伏企业内忧外患

  2011NIANXIABANNIANZHI2013NIAN,QUANQIUGUANGFUXINGYEJUNBURUJISUXIAXINGDEZHUANGTAI,ZUOWEILIANGTOUZAIWAI(SHEBEI、YUANLIAOHESHICHANGZAIWAI)DEZHONGGUOGUANGFUQIYEGENGSHINEIYOUWAIHUAN,CONGCENGJINGDEHUIHUANGDIERUDIGU。CONGWAIYINLAIKAN,MEIGUOSHICHANGDE“SHUANGFAN”YIDUIZHONGGUOGUANGFUYEXINGCHENGJUDADECHONGJI,OUZHOUSHICHANGCIQIANDE“SHUANGFAN”DIAOCHAJIWEIMIJINGJIXIABORUODEXUQIUGENGSHIJIZHONGGUOGUANGFUYEZHIMINGYIJI。CONGNEIYINLAIKAN,GUONEIGUANGFUCHANYEMANGMUKUOZHANG、CHANNENGGUOSHENGYESHIYIGEZHONGYAOWENTI。SUIZHESAIWEILDK、SHANGDEDENGFENFENDAOTA,ZHONGGUOGUANGFUCHANYEFENGGUANGBUZAI。

  2、公司转型过于激进,未充分考虑流动性风险

  ZAIMIANLINZHECHANPINJIAGEBUDUANXIADIE、MAOLIBEIDAFUYASUODEXINGYEDABEIJING,ZAIJINGYINGYEJIDEYALIXIA,2011NIANXIABANNIAN,CGONGSIKAISHILVXIANCHANGSHIQUANMIANXIANGDIANZHANTOUZIJIANSHEZHUANXING:YIFANGMIANZISHENDALIANGJINXINGDIANZHANXIANGMUTOUZI,LINGYIFANGMIAN,ZUJIANXIAOSHOUYEQUANMIANZHIJIEMIANXIANGDIANZHANTOUZISHANG。GAIZHUANXINGSUIRANKENENGTIGAOGONGSIDEZUJIANHUOLISHUIPING,DANYEJIANGGONGSIDEZIJINZHOUZHUANFENGXIANTUIXIANGLEJIZHI。YIBANLAISHUO,DIANZHANXIANGMUTOUZIXUYAOZAIXIANGMUSHANGWANGXIEYIYUEDINGDESHIJIANNEIWANCHENGSHANGWANG,FANGNENGQUDEYUEDINGDEBUTIE,GUDIANZHANXIANGMUJIANSHEDESHIXIAOXINGFEICHANGQIANG。LINGWAI,JINGWAIGUANGFUDIANZHANTOUZICAIQUZIYOUZIJIN20%、YINXINGDAIKUAN80%DEFANGAN,GUZAIDIANZHANTOUZIJIANSHEGUOCHENGZHONG,YINXINGDEZIJINZHICHIFEICHANGZHONGYAO,RUGUOWEIJISHIHUODEYINXINGDAIKUAN,ZAIDIANZHANJIANSHEDESHIXIAOXINGYAOQIUXIA,GONGSIBIJIANGDALIANGTOURUZIYOUZIJIN,GONGSIZIJINZHOUZHUANJIANGBEITUIRUSHENYUAN。

  3、欧债危机使公司资金陷入全面困境

企鹅电竞   CGONGSIWEIYUCEDAOOUZHAIWEIJIYIJIOUZHOUJINGJISHUAITUIDAOZHIDANGDIYINXINGDUIDIANZHANJIANSHEDAIKUANSHOUJINYINGEN,DAIKUANBILISUOJIAN、FANGKUANSUDUTUOYAN。YUSHI,BENYINGTONGGUOYINXINGDAIKUANRONGZIZHIFUDEZUJIANKUANHEEPCSHANGFEIYONG(LIANGXIANGDAYUEGEZHANDIANZHANZONGTOUZIDE60%-70%)ZHINENGTONGGUOZIYOUZIJINJIEJUE,DAIDIANZHANJIANCHENGBINGWANGFADIANSANGEYUEHOUCAINENGGOUSHENQINGYINXINGDAIKUANRONGZI。2011NIANXIABANNIANKAISHI,YOUYUYIWANCHENGDAGUIMODEDIANZHANQIANQITOUZI,YINCICGONGSIZHINENGBUDUANDEXIANGSUOTOUZIDIANZHANXIAOSHOUZICHANZUJIAN,QIEDUANQINEIWUFASHOUHUIYINGSHOUKUAN。GUOYUMAOJINDETOUZICELVE,DAOZHICGONGSIZIJINJINZHANG。CGONGSIWAISHOUZUJIANDEKEHUJIBENJUNSUODINGWEIGUANGFUDIANZHANTOUZISHANG(XIANGDUILAISHUOMAOLIJIAOGAO)。ZHEIXIEKEHUTONGYANGXUYILAIYINXINGDAIKUANRONGZIYIZHIFUZUJIANKUAN,ZAIOUZHOUYINXINGBUDUANJINSUOYINGENDEQUSHIXIA,KEHUFUKUANZHOUQIYITUOZAITUO,JINYIBUJIAJULECGONGSIZIJINLIANDEJINZHANGQINGKUANG。

  4、国内银行抽贷导致资金链断裂

  GUANGFUXINGYEXIANRUKUNJINGHOU,GUONEIYINXINGJIANGGUANGFULIERUZHONGDIANGUANZHUXINGYE,JINSUOYINGEN,JIADADAIKUANCUISHOULIDU,GONGSIRONGZIQUDAOSHOUDAOLEJIDAXIANZHI。JIEZHI2012NIANSANJIDUMO,CGONGSIYIDAOQIWEICHENGGONGBANLIXUDAIDEYINXINGDAIKUANDAYUE5YIYUAN,DANQIYUDAOQIDEYINXINGDAIKUANRENGBANLILEXUDAI。DAOLE10YUEFEN,YINXINGDUICGONGSIDEXINDAIJINSUOJINYIBUJIAJU。11YUECHUKAISHI,CGONGSIDAOQIYINXINGDAIKUANZAICHANGHAIHOU,BANLIDAIKUANDEXIANGGUANFENXINGYISHENPIQUANSHOUGUIZONGXINGWEIYOU,JUJUEWEICGONGSIXUDAI,DANGYUEJINEDA3.8YIYUAN,CGONGSIZIJINLIANJIBENDUANLIE。

  二、风险事件应对及处置

  1、流动性风险化解方案执行情况不佳

  WEILEYINGDUILIUDONGXINGFENGXIAN,CGONGSIZHIDINGLEHUAJIELIUDONGXINGFENGXIANDEFANGAN,BAOKUOJIASUYINGSHOUZHANGKUANDECUISHOUGONGZUO、CHURANGYIJUBEIBIANXIANTIAOJIANDEHAIWAIDIANZHAN、JINKUAICHUZHIJINGNEIFEIHEXINZICHAN、ZIZHUSHENGCHANHEDAIGONGMOSHIXIANGJIEHEDENGCUOSHI。YOUYUXINGYESHANGWEIBAITUODIGUQI,JIAZHICGONGSINEIBUYUNZUOWENLUAN,LIUDONGXINGFENGXIANHUAJIEFANGANWEINENGDEDAOYOUXIAOZHIXING,CGONGSIWEINENGBAITUOLIUDONGXINGWEIJI、ZIJINGAODUJINZHANG。JINGGEFANGTONGLIXIEDIAOXIA,“11CZHAI”DIYIQILIXIZAI2013NIAN3YUEXRIRUQIZHIFU。

  2、公司债第二期利息未能如期足额偿付,公司债终止上市

企鹅电竞   “11CZHAI”DIYIQILIXIRUQIZHIFU,DANCGONGSI2011NIANHE2012NIANLIANXULIANGNIANKUISUN,“11CZHAI” YEYINCIYU2013NIAN7YUEXRIQIZANTINGSHANGSHI。JINGUANCAIQUDUOZHONGCUOSHI,GONGSIDEJINGYINGQINGKUANGBINGWEIHAOZHUAN,CHANGZHAINENGLICHIXURUOHUA,WEIYUEFENGXIANBINGWEIHUAJIE。2014NIAN3YUE,“11CZHAI”DIERQI8980WANLIXIJINANQIZHIFU400WANYUAN,GOUCHENGSHIZHIXINGWEIYUE。2014NIAN5YUEXRI,YINGONGSILIANXUSANNIANKUISUN,“11CZHAI”ZHONGZHISHANGSHI。

  3、破产重整化解风险

  2014NIAN4YUEXRI,ZHAIQUANRENYICGONGSIBUNENGQINGCHANGDAOQIZHAIWU,BINGQIEZICHANBUZUYIQINGCHANGQUANBUZHAIWU、MINGXIANQUEFAQINGCHANGNENGLIWEIYOU,XIANGSSHIDIYIZHONGJIRENMINFAYUANTICHUGUANYUDUICGONGSIJINXINGPOCHANZHONGZHENGDESHENQING。2014NIAN6YUEXRI,FAYUANSHOULIZHAIQUANRENDUICGONGSIDEZHONGZHENGSHENQING,BINGZHIDINGZHUANYEJIGOUDANRENCGONGSIDEGUANLIREN,GUANLIRENSHULIGONGSIZHAIQUANZHAIWU、ZHAOBIAOZHONGZUFANG、CHOUBEIZHAIQUANRENHUIYI。2014NIAN10YUEXRI,CGONGSIPILULEZHONGZHENGJIHUA,BINGKAISHIZHIXINGBAOHANQINGCHANG“11CZHAI”ZHAIWUDEZHONGZHENGJIHUA。2014NIAN12YUEXRI,GONGSIPILU《GUANYUZHONGZHENGJIHUAZHIXINGJINZHANDEGONGGAO》,“11CZHAI”DEBENJIN、LIXI、FULI、FAXIDENGJUNYIDUIFUWANBI。ZHICI,“11CZHAI”BENXICHANGFUWANCHENG,WEIYUEFENGXIANHUAJIE。

  三、案例启示

  YISHICGONGSIWEIJIDEBAOFALIBUKAIXINGYEDEJULIEXIAHUA,RUOTOUZIZHEZAIXIANGMUTOUZIGUOCHENGZHONGNENGDUIXINGYEDEFAZHANQUSHIJINXINGZHUNQUEDEYUPAN,YUXIANCAIQUXINGDONGGUIBIFENGXIAN,CONGERJIANSHAOSUNSHI。ERSHIDADUOSHUGERENTOUZIZHERENGOUGONGSIZHAISHIBINGWEIDUIGONGSIZHAIDEFENGXIANYOUCHONGFENDEPANDUAN,RENWEIGONGSIZHAIZUOWEIZHAIQUANLEICHANPINDENGJIAYUYINXINGCUNKUANBAOBENBAOXI,CONGERZAIZHAIQUANCUNZAICHANGFUFENGXIANSHICHUXIANLEBUFENGUOJIDEJUDONG,“11CZHAI”WEIYUESHIJIANDAPOLEGANGXINGDUIFUDEYUQI,JIESHILEZHAIQUANTOUZITIANRANXINYONGFENGXIANDESHUXING。

  (GONGGAODANWEI:ZHONGGUOZHENGJIANHUITOUZIZHEBAOHUJU、ZHONGGUOZHENGJIANHUIGONGSIZHAIQUANJIANGUANBU)

  D公司债券回售风险及处置案例

  DGONGSI(YIXIAJIANCHENG“FAXINGREN”)2016NIANMIANXIANGHEGETOUZIZHEGONGKAIFAXINGGONGSIZHAIQUAN(YIXIAJIANCHENG“16DZHAI”)YU2016NIAN1YUEWANCHENGFAXING,FAXINGGUIMO10YIYUAN。YINFAXINGREN2015NIANKUISUN4.77YIYUAN,DAOZHI“16DZHAI”FAXINGWANCHENGHOUBUFUHESHANGSHITIAOJIAN,BINGCHUFALETOUZIZHEHUISHOUTIAOKUAN。JINGDUOFANGNULIXIEZUO,FAXINGRENYU2016NIAN6YUEWANCHENG“16DZHAI”BENJIN10YIYUANHEQIJIANLIXIDEQUANEHUISHOU,YOUXIAOBAOHULETOUZIZHEDEHEFAQUANYI。

  一、案例概述

  1、“16D债”发行阶段情况

  FAXINGRENKONGGUGUDONGWEIZGONGSI,SHIJIKONGZHIRENWEIGSHENGGUOZIWEI,ZHUYAOCONGSHIGSHENGSHENGNEIZHONGDIANDIANLIXIANGMUTOUZIHEDIANLISHENGCHAN。JINGZHONGGUOZHENGJIANHUIHEZHUN,BENQIZHAIQUANYU2016NIAN1YUEWANCHENGFAXING,FAXINGGUIMO10 YIYUAN,7NIANQI,PIAOMIANLILV3.5%。BENQIZHAIQUANYOUZGONGSITIGONGQUANEWUTIAOJIANBUKECHEXIAOLIANDAIZERENBAOZHENGDANBAO。ZHUTIXINYONGDENGJIWEIAA+,ZHAIXIANGXINYONGDENGJIWEIAAA。ZHUCHENGXIAOSHANGHESHOUTUOGUANLIRENWEICZHENGQUANGUFENYOUXIANGONGSI。ZHAIQUANCHIYOURENWEI10JIAJIGOUTOUZIZHE,BUSHEJIGERENTOUZIZHE。

  “16DZHAI”FAXINGJIEDUANDEBAOGAOQIJIANWEI2012NIAN-2015NIAN6YUE,2012NIAN-2014NIANFAXINGRENGUISHUYUMUGONGSISUOYOUZHEJINGLIRUN(YIXIAJIANCHENG“JINGLIRUN”)FENBIEWEI14,143.85WANYUAN、12,822.54WANYUANHE6,271.51WANYUAN,PINGJUNKEFENPEILIRUNWEI11,079.30WANYUAN,BUSHAOYU“16DZHAI”YINIANDELIXI,MANZUFAXINGTIAOJIAN。

  2、发行后不符合上市条件

企鹅电竞   2016NIAN5YUE,SHOUTUOGUANLIRENXIANGJIAOYISUOTIJIAO“16DZHAI”DESHANGSHISHENQING,GENGXINBAOGAOQIJIANWEI2013NIAN-2015NIAN,2013NIAN-2015NIANFAXINGRENJINGLIRUNFENBIEWEI12,822.54 WANYUAN、7,476.08 WANYUAN(2015NIANSHENJISHIDUI2014NIANJINGLIRUNJINXINGZHUISUDIAOZHENGDAOZHIYUFAXINGJIEDUANBUFU)HE-47,664.08 WANYUAN,PINGJUNKEFENPEILIRUNWEI-9,121.82 WANYUAN。

  YOUYUSHOUJINGJIDAHUANJINGYINGXIANG,FAXINGRENHUODIANXIANGMUXIANDIANYANZHONG,KAIGONGLVBUZU,YIJISHOUFAXINGREN2015NIANTOUZISHOUYIDAFUJIANSHAODEYINGXIANG,2015NIANFAXINGRENJINGLIRUNWEIKUISUN-47,664.08 WANYUAN。

  GENJU《ZHENGQUANFA》DIWUSHIQITIAOGUIDING,SHENQINGGONGSIZHAIQUANSHANGSHIJIAOYITIAOJIANZHIYIWEI“GONGSISHENQINGZHAIQUANSHANGSHISHIRENGFUHEFADINGDEGONGSIZHAIQUANFAXINGTIAOJIAN”;《ZHENGQUANFA》DISHILIUTIAOGUIDING,GONGKAIFAXINGGONGSIZHAIQUANTIAOJIANZHIYIWEI“ZUIJINSANNIANPINGJUNKEFENPEILIRUNZUYIZHIFUGONGSIZHAIQUANYINIANDELIXI”。YOUYUFAXINGRENZUIJINSANNIANPINGJUNKEFENPEILIRUNWEI-9,121.82 WANYUAN,WUFAFUGAIBENQIZHAIQUANYINIANDELIXI,“16D”YIBUFUHE《ZHENGQUANFA》GUIDINGDESHANGSHITIAOJIAN。

  3、“16D债”回售情况

  YIN“16DZHAI”BUFUHE《ZHENGQUANFA》GUIDINGDESHANGSHITIAOJIAN,CHUFAMUJISHUOMINGSHUYUEDINGDEHUISHOUXUANZEQUAN。2016NIAN6YUE,FAXINGRENPILULE《DGONGSIGUANYU“16DZHAI”TOUZIZHEHUISHOUSHISHIBANFADEGONGGAO》,BENQIZHAIQUANCAIQUCHANGWAIHUISHOUDEFANGSHI。TOUZIZHEYU6YUEXRI、6YUEXRIJINXINGHUISHOUXUANZESHENBAO,6YUEXRI,FAXINGRENTONGGUOQIMUJIZIJINZHANGHU,YUANLUTUIHUIQUANBU10JIATOUZIZHEGONGJI25BIHUISHOUZIJIN,BENXIHEJI1,013,005,464.45YUAN,BINGYU6YUEXRIWANPILU《DGONGSIGUANYU“16DZHAI”TOUZIZHEHUISHOUJIEGUODEGONGGAO》。ZHICI,HUISHOUGONGZUOSHUNLIWANCHENG,“16DZHAI”FENGXIANDEDAOYOUXIAOHUAJIE。

  二、案例风险启示

  ZAIJINGJIXINCHANGTAIXIA,GONGSIJINGYINGMIANLINDEBUQUEDINGXINGYINSUZENGDUO,JINGYINGYEJISHOUSHICHANGHUANJINGYINGXIANGJIAODA,RONGYICHUXIANDAFUBODONG,“16DZHAI”ANLIJUYOUYIDINGDEDAIBIAOXING。

  “16DZHAI”FAXINGHOUBUMANZUSHANGSHITIAOJIAN,JIUQIYUANYIN,SHIFAXINGRENSUOCHUDEHUOLIFADIANXINGYESHOUHONGGUANJINGJIHEZHENGCEYINGXIANGJIAODA,JIAZHIFAXINGRENSUOZAIDIQUSHANGWANGDIANJIAJIAODI,YONGDIANXUQIUYOUXIAN,DAOZHI 2015NIANJINGYINGYEJICHUXIANLEJUEKUISUN。YINCI,TOUZIZHEYINGTIGAOSHIBIEXINGYEFENGXIANDENENGLI,TOUZIDUISHOUHONGGUANJINGJIYINGXIANGJIAODADEZHOUQIXINGXINGYEDEXIANGMUYINGYOUCHONGFENDEYANPAN,CONGERJINKENENGDEJIANGDITOUZISHOUSUNDEFENGXIAN。

  (GONGGAODANWEI:ZHONGGUOZHENGJIANHUITOUZIZHEBAOHUJU、ZHONGGUOZHENGJIANHUIGONGSIZHAIQUANJIANGUANBU)

  E公司公募债券违约及处置案例

企鹅电竞   EGONGSI2012NIAN4YUEFAXINGLE4.8YIYUANDEGONGSIZHAI(YIXIAJIANCHENG“12EZHAI”),CUNXUQIWEI5NIAN、FUDI3NIANMOTOUZIZHEHUISHOUXUANZEQUAN,FAXINGLILVWEI6.78%,MEINIANDE4YUEXRIWEIZHAIQUANFUXIRI。2015NIAN4YUE,YINGONGSIWUFAANSHI、ZUECHOUJIZIJINYONGYUCHANGFU“12EZHAI”BENQIZHAIQUANYINGFULIXIJIHUISHOUKUANXIANG,GOUCHENGDUIBENQIZHAIQUANDESHIZHIWEIYUE。

  一、发行人及债券基本情况

企鹅电竞   EGONGSIYU2009NIAN11YUEZAIJIAOYISUOSHANGSHI,SHIJIKONGZHIRENWEIM。GONGSIYUANZHUYINGYEWUWEIGAODANGCANYINYE,SHIGUONEIDIYIJIAZAIAGUSHANGSHIDEMINYINGCANYINQIYE,HOUJINGDUOCIZHUANXING,ZHUYINGYEWUSHEJICANYINFUWUYUGUANLI、HUANBAOKEJI、WANGLUOXINMEITIJIDASHUJUCHULI。

企鹅电竞   2012NIAN4YUE,GONGSIFAXINGLE4.8YIYUANCUNXUQIWEI5NIAN、FUDI3NIAN(2015NIAN4YUE)MOFAXINGRENSHANGDIAOPIAOMIANLILVXUANZEQUANJITOUZIZHEHUISHOUXUANZEQUANDEGONGSIZHAI,FAXINGLILVWEI6.78%,MEINIANDE4YUEXRIWEIZHAIQUANFUXIRI。

  二、风险暴露过程

企鹅电竞   GONGSI2013NIANQUANNIANKUISUN5.64YIYUAN,2014NIANSHANGBANNIANKUISUN659WANYUAN,JINGYINGFENGXIANZENGDA,YEWUZHUANXINGKUNNAN,BINGCUNZAIYEJIZHENSHIXINGDENGZHIYI。

  2014NIAN10YUE,PZIXINGONGSIPILUDUI“12EZHAI”DEBUDINGQIGENZONGPINGJIBAOGAO,JIANGQIZHUTIJIZHAIXIANGPINGJIJUNYOUAXIADIAOZHIBBB,CHUFAJIAOYISUOFENGXIANJINGSHITIAOJIAN。JIAOYISUOYU10YUEXRIDUIZHAIQUANJINXINGTINGPAICHULI,BINGYUFUPAIHOUSHIXINGFENGXIANJINGSHICHULI,ZHAIQUANGENGMINGWEI“STEZHAI”。

  2015NIAN4YUE,YINGONGSIWUFAANSHI、ZUECHOUJIZIJINYONGYUCHANGFU“12EZHAI”BENQIZHAIQUANYINGFULIXIJIHUISHOUKUANXIANG,GOUCHENGDUIBENQIZHAIQUANDESHIZHIWEIYUE。

  YINGONGSI2013NIAN、2014NIANJINGLIRUNFENBIEWEI-5.6YIYUAN、-6.8YIYUAN,LIANXULIANGNIANKUISUN,“STEZHAI”YU2015NIAN6YUEZANTINGSHANGSHI。

  三、违约风险事件处置情况

  “12EZHAI”WEIYUECHUZHINANDUDA。CONGJINGYINGJIAODUKAN,YISHICHUANTONGCANYINYEWUYEJIJIXUKUISUN,QIEGONGSIZHUANXINGDEXINYEWUFAZHANTINGZHI;ERSHIGONGSIQIANQIXINGCHENGDEDAEYINGSHOUJIYUFUKUANXIANGYUE1.5YIYUANWUFASHOUHUI;SANSHIYINSHEJIFANGWUHETONGJIUFENDENGQINGKUANG,GONGSI7GEYINXINGZHANGHAOBEIDONGJIE,RICHANGJINGYINGWUFAZHENGCHANGJINXING。CONGZHONGZUJIAODUKAN,YISHIGONGSISHIZHIYUEWEI60YIYUAN,GUZHIJIAOGAO,ZENGJIALEJIEQIAOZHONGZUDENANDU;ERSHIGONGSIBEIZHENGJIANHUILIANDIAOCHAWEIYOUMINGQUEJIELUN,ZHONGZUCUNZAIZHANGAI;SANSHISHIJIKONGZHIREN2014NIANGUOQINGQIJIANCHUGUOHOUQIJINWEIGUI,GENGWEIZHONGZUZENGTIANNANDU。

  JIANYUSHANGSHUYUANYIN,GONGSIYU2015NIAN6YUEQIDONGZHAIWUZHONGZUYOUGUANSHIXIANG。YINSHEJIXIANGGUANLIYIFANGJIAODUO,SHEJIXIANGGUANFALVFAGUIFUZA,GONGSIXUTONGXIANGGUANGEFANGDUOCIGOUTONGXIEDIAO。TONGGUO2015NIANXIABANNIANGONGSIZHONGDAZICHANCHUSHOUHEZHAIWUZHONGZU,GONGSIWANCHENG“12EZHAI”ZHAIQUANDUIFUZIJINDECHOUJIGONGZUO,2016NIAN3YUEXRI,CHANGZHAIZIJINHUARUJIESUANGONGSIFENGONGSIDEZHIDINGYINXINGZHANGHU,JIESUANGONGSIYIYU2016NIAN3YUEXRIWANCHENGPAIFAGONGZUO。QIZHONG,BENJINWEI2.92YIYUAN,LIXIWEI353WANYUAN,WEIYUEJINWEI1,722.95WANYUAN,HEJI3.13YIYUAN。ZHICI,“12EZHAI”WEIYUESHIJIANCHUZHIWANBI。

  四、案例启示

企鹅电竞   YISHI“12EZHAI”DEWEIYUEFENGXIANBAOFALIBUKAISHANGSHIGONGSIZHUYINGYEWUJINGYINGHUANJINGDEJUDABIANHUAYIJIZHUANXINGXINYEWUDEBUSHUNLI,RUOTOUZIZHEZAIXIANGMUTOUZIGUOCHENGZHONGNENGDUIXINGYEDEFAZHANQUSHIJINXINGZHUNQUEDEYUPAN,YUXIANCAIQUXINGDONGGUIBIFENGXIAN,CONGERJIANSHAOSUNSHI。ERSHI“12EZHAI”WEIYUESHIJIANWEIWOGUOZIBENSHICHANGSHOULIGONGMUZHAIQUANBENJINWEIYUEANLI,SHI“11CZHAI”WEIYUESHIJIANHOUDEYOUYIANLI,ZAICIDAPOLEGANGXINGDUIFUDEYUQI,JIESHILEZHAIQUANTOUZITIANRANXINYONGFENGXIANDESHUXING。

  (GONGGAODANWEI:ZHONGGUOZHENGJIANHUITOUZIZHEBAOHUJU、ZHONGGUOZHENGJIANHUIGONGSIZHAIQUANJIANGUANBU)

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