wen：hengdayanjiuyuan renzeping zhaishengjie matunan caozhinan huangsijia
1yue30ri，zhengjianhuifabu《kechuangbanshoucigongkaifaxinggupiaozhuceguanlibanfa（shixing）》zhengqiuyijiangao、《kechuangbanshangshigongsichixujiandubanfa（shixing）》zhengqiuyijiangao，shangjiaosuotongshifabu《shanghaizhengquanjiaoyisuokechuangbangupiaofaxingshangshishenheguize》dengliufenzhengqiuyijiangao，biaozhizheyizhucezhiweihexindekechuangbanluodi。kechuangbandesheliduiwoguozibenshichangjiangchanshengshenmeyingxiang？
shelikechuangbanbingshidianzhucezhi，jiangshiwoguoxingchengrongzigongnengwanbei、jichuzhiduzhashi、shichangjianguanyouxiao、touzizhehefaquanyidedaoyouxiaobaohudeduocengcizibenshichangtixidekaiduan，qizuizhongmudeshiyaotongchoutuijinzhubandefaxing、shangshi、xinxipilu、jiaoyi、tuishidengjichuzhidudegaige，chongfenfahuizibenshichangduitishengkejichuangxinnengliheshitijingjijingzhenglidezhichigongneng，genghaofuwugaozhiliangfazhan。zhucezhibushizhongdian，ershizibenshichanggaigedeqidian。
本次试点注册制，以市场化为导向，参与方各司其职：科创板公司由上交所负责科创板发行上市审核，证监会负责科创板股票的发行注册，发行人及其中介机构承担相应法律责任，touzizhezixingzhenbiexinxibingchengdantouzifengxian。
zhucezhichenggongxuzunxunsandayuanze：yishibianlizhijierongzi。ershiqianghuaxinxipilujianguan，zhucezhishiyixinxipiluweihexindegupiaofaxingshangshizhidu，suoyoucanyufangyingdanggesiqizhi、gejinqize，tigaoxinxipiluzhiliang，rangtouzizhezaixinxichongfendeqingkuangxiazuochutouzijuece。sanshijiaqiangfengxianfangkong。
shangjiaosuojiangshelichuangxinzixunweiyuanhui，weikechuangbandedingweiyijifaxingrenshifoujubeikejichuangxinshuxing、faxingrenyewuhejishuxiangguandewentidengtigongzixun；tongshishelikechuangbanshangshiweiyuanhui，fuzeduishenhebumenchujudeshenhebaogaotichushenyiyijian，biyaoshikeduishenqingfaxingshangshideqiyejinxingxunwen。lianggeweiyuanhuideshelishibencikechuangbandezhongyaozhidusheji，jiangcongqiyekejichuangxin、shangshiheguixingdengfangmiantigongzhuanyezixun，zhulikechuangbanpingwenyunxing。
构建注册制离不开五大资本市场配套制度。
一是构建科创板股票市场化发行承销机制，kechuangbanzhengquanfaxingchengxiaozhiduyi“shichangzhudao、qianghuayueshu”weiyuanze，zheliyouhuashichangjiagefaxiangongneng、cujinshichangzhutiguiweijinze、ziyuanyouxiaopeizhi。
二是以信息披露为核心的持续监管制度，kechuangbandechixujianguanshejigongsizhili、chixududao、xinxipilu、gufenjianchi、guquanjili、binggouzhongzuhezilvjianguandengduogefangmian。qijichushiwanshandexinxipilu。kechuangbanjianfuzenglianggaigeshiyantianshiming，xuyaozaijiejianxianxingzhiduguizedejichushang，goujiangengyouzhenduixinghebaorongxingdechixujianguanguizetixi，qihekejichuangxinqiyefazhanxuyao。
三是市场化的交易机制，kechuangbanzaijiaoyijizhishangzuochujiaodatupohechuangxin，yinrutouzizheshidangxingzhidu，shidangfangkuanzhangdiefuxianzhi、diaozhengdanbishenbaoshuliang、shangshishourikaifangrongzirongquanyewudengchayihuajizhianpai。zaibaozhangshichangliudongxingdetongshifangzhiguodutoujichaozuo，jifashichanghuoli。
四是更加完善的投资者保护机制，woguozibenshichangzhongxiaotouzizhezhanbijiaoda，danchuyuxinxiruoshidiwei，kangfengxiannengliheziwobaohunenglijiaoruo。bencikechuangbanzhidusheji，jinyibuwanshanletouzizheshidangxingguanli、touzizhepeichangfangmiandeguiding，jiaqiangleduitouzizhedebaohu。
五是严格的退市制度。woguozhubanfaxingcaiquhezhunzhi，shangshigongsiweichishangshidiweidongjiqianglie，zishengcaiwuzaojia、qiaoziyuanchaozuodengwenti。eryouyutouzizhebaohujizhishangbujianquan，tuishizhidudezhixing“toushujiqi”。bencikechuangbanyangeletuishidezhidusheji，yubaorongxingdeshangshizhiduxingchenghuying，youzhuyuxingchengkechuangbanshangshiqiyedeliangxingxunhuan。
congguojibijiaolaikan，woguobencifabudezhucezhiduzaishangshi、tuishi、jiaoyihexinxipiludenghuanjiejibenyiyuoumeifadazibenshichangjiejin，yixiejutilianghuazhibiaogengjiafuhezhongguoguoqing。danrengxuyangezhixing,jiaqiangzhifa,shizhiduzhenzhengfahuizuoyong。suizhezhucezhideshidiantuixing，yijixiangyingshichangwentidebuduanxiuzheng，zhucezhijianghuigengjiawanshan。
fengxiantishi：zhengcetuidongbujiyuqi
1 科创板落地，注册制启航
1.1 shelikechuangbanbingshidianzhucezhishiwoguozibenshichanggaigedezhongdatupo，jiangweizhubangaigejileijingyan
1.2 shichanghuaweidaoxiang，shangjiaosuo、zhengjianhui、faxingrenhetouzizhegesiqizhi
1.3 bianlizhijierongzi、qianghuaxinxipiluhejiaqiangfengxianfangkongshizhucezhichenggongdesandayaosu
1.4 shelikejichuangxinweiheshangshiwei，zhulikechuangbanpingwenyunxing
2 五大配套制度为注册制保驾护航
2.1 faxingchengxiaozhidu：dingjiashichanghua、peishouqianghuayueshu
2.1.1 dingjia：youwangtupo23beishiyinglvshangxian
2.1.2 peishou：yinrugaoguan、quanshangzhanlvepeishou
2.2 chixujianguanzhidu：xinxipiluweihexin
2.2.1 xinxipiluweihexinzhidu
2.2.2 jianchizhiduyankuanyoudu
2.2.3 binggouzhongzuxiangzhucezhikanqi
2.2.4 guquanjilidafufangkuan
2.2.5 baojianjigouqianghuachixududaozeren
2.3 jiaoyijizhishifangshichanghuoli
2.3.1 shidangfangkuanzhangdiefuxianzhi
2.3.2 yinrupanhougudingjiagejiaoyi
2.3.3 youhuarongzirongquanjiaoyijizhi
2.3.4 fangsongjiaoyishenbaozhidu
2.4 touzizhebaohuzhiduchangshichuangxin
2.5 tuishizhiduquanmiancongyan
3 科创板制度的国际比较
3.1 shangshizhiducanzhaofadazibenshichangchengshujingyan
3.2 tuishizhiduyufadazibenshichangguidingxiangsi，danfahuizuoyongyixufalvcengmiangaigetuijin
3.3 jiaoyizhidutuchutouzizheshidangxingguanli
3.4 xinxipiluzhiduzhongzaizhixing
1.1 设立科创板并试点注册制是我国资本市场改革的重大突破，将为主板改革积累经验
1yue30ri，zhengjianhuifabu《kechuangbanshoucigongkaifaxinggupiaozhuceguanlibanfa（shixing）》zhengqiuyijiangao、《kechuangbanshangshigongsichixujiandubanfa（shixing）》zhengqiuyijiangao，shangjiaosuotongshifabuxiangyingde《shanghaizhengquanjiaoyisuokechuangbangupiaofaxingshangshishenheguize》《gupiaofaxingyuchengxiaoshishibanfa》《gupiaojiaoyitebieguiding》《gupiaoshangshiguize》《gupiaoshangshiweiyuanhuiguanlibanfa》《kejichuangxinzixunweiyuanhuigongzuoguize》dengliufenzhengqiuyijiangao，biaozhizheyizhucezhiweihexindekechuangbanluodi。
kechuangbanshelihezhucezhideshidian，zhizaijinyibuluoshichuangxinqudongfazhanzhanlve，tishengzibenshichangduiwoguohexinjishuchuangxinnenglidefuwushuiping，cujingaoxinjishuchanyehezhanlvexingxinxingchanyefazhan，zhichishanghaiguojijinrongzhongxinjianshe，wanshanzibenshichangjichuzhidu，tuidongwoguojingjigaozhiliangfazhan。kechuangbandeshelihezhucezhidetuixing，jiangshiwoguoxingchengrongzigongnengwanbei、jichuzhiduzhashi、shichangjianguanyouxiao、touzizhehefaquanyidedaoyouxiaobaohudeduocengcizibenshichangtixidekaiduan，congkechuangbanrushou，wenbushidianzhucezhi，zuizhongmudeshiyaotongchoutuijinzhubanfaxing、shangshi、xinxipilu、jiaoyi、tuishidengjichuzhidudegaige，chongfenfahuizibenshichangduitishengkejichuangxinnengliheshitijingjijingzhenglidezhichigongneng，genghaofuwugaozhiliangfazhan。
1.2 市场化为导向，上交所、证监会、发行人和投资者各司其职
bencishidianzhucezhi，yishichanghuaweidaoxiang，canyufanggesiqizhi：kechuangbangongsiyoushangjiaosuofuzekechuangbanfaxingshangshishenhe，zhengjianhuifuzekechuangbangupiaodefaxingzhuce，faxingrenjiqizhongjiejigouchengdanxiangyingfalvzeren，touzizhezixingzhenbiexinxibingchengdantouzifengxian。
diyi，shangjiaosuoshouliqiyegongkaifaxinggupiaobingshangshideshenqing，shenhebingpanduanqiyeshifoufuhefaxingtiaojian、shangshitiaojianhexinxipiluyaoqiu。shenhegongzuozhuyaotongguotichuwenti、huidawentifangshizhankai，ducufaxingrenwanshanxinxipiluneirong。shangjiaosuozhidingshenhebiaozhun、shenhechengxudengguize，baozhengjianhuipizhun。
dier，shangjiaosuoshenhetongguohou，jiangshenheyijianjifaxingrenzhuceshenqingwenjianbaosongzhengjianhuilvxingzhucechengxu。zhucegongzuobushiyongxianxingdefaxingshenheweiyuanhuishenhechengxu，yizhaozhengjianhuizhidingdedulichengxujinxing，yizhaoguidingdefaxingtiaojianhexinxipiluyaoqiu，zai20gegongzuorineizuochushifoutongyizhucedejueding。erkechuangbanshangshigongsifeigongkaifaxingxingutongyangshixingzhucezhi，jutichengxuyugongkaifaxingxiangtong。zhengjianhuihaifuzewanshanzairongzizhidu，tigaokechuangbanzairongzibianlixing。
disan，jiaqiangfazhijianshe，bazerenluoshidaogeren，shizhucezhijiankangyunxingdejishi。zizhuceshenqingwenjianshoulizhiriqi，faxingrenjiqikonggugudong、shijikongzhiren、dongshi、jianshi、gaojiguanlirenyuan，yijiyubencigupiaogongkaifaxingbingshangshixiangguandebaojianren、zhengquanfuwujigoujixiangguanzerenrenyuan，jichengdanxiangyingfalvzeren。
disi，tongyifaxingrenshoucigongkaifaxinggupiaozhuce，bubiaomingzhongguozhengjianhuihejiaoyisuoduigaigupiaodetouzijiazhihuozhetouzizhedeshouyizuochushizhixingpanduanhuozhebaozheng，yebubiaomingzhongguozhengjianhuihejiaoyisuoduizhuceshenqingwenjiandezhenshixing、zhunquexing、wanzhengxingzuochubaozheng。gupiaoyifafaxinghou，yinfaxingrenjingyingyushouyidebianhuayinzhidetouzifengxian，youtouzizhezixingfuze。
1.3 便利直接融资、强化信息披露和加强风险防控是注册制成功的三大要素
zhucezhidechenggonglibukaiyixiasangeyuanze：
yishibianlizhijierongzi。jingjianyouhuaxianyoufaxingtiaojian，zhubujiangxianxingfaxingtiaojianzhongkeyiyoutouzizhepanduandeshixiangzhuanhuaweigengjiayange、gengjiaquanmianshenrujingzhundexinxipiluyaoqiu，zengjiazibenshichangbaorongxing，kuodazibenshichangfugaimian；anzhaoshichanghua、fazhihuayuanze，chuangjiangongkai、touming、gaoxiao、bianjiedegupiaofaxingzhucejizhi，jianquanshichanghuaxunjiadingjiajizhi，tishengzhijierongzixiaolv，fuwushitijingjifazhan。
bencikechuangbandewudashangshibiaozhunbiantixianlebianlizhijierongzidetedian，weiraogongsidezhengchangjingying，zaiduofangmianjikejiqiyeshangshidakailedamen。jutibaokuo：（yi）yujishizhibudiyurenminbi10yiyuan，zuijinliangnianjinglirunjunweizhengqieleijijinglirunbudiyurenminbi5000wanyuan，huozheyujishizhibudiyurenminbi10yiyuan，zuijinyinianjinglirunweizhengqieyingyeshourubudiyurenminbi1yiyuan；（er）yujishizhibudiyurenminbi15yiyuan，zuijinyinianyingyeshourubudiyurenminbi2yiyuan，qiezuijinsannianyanfatouruhejizhanzuijinsannianyingyeshourudebilibudiyu15%；（san）yujishizhibudiyurenminbi20yiyuan，zuijinyinianyingyeshourubudiyurenminbi3yiyuan，qiezuijinsannianjingyinghuodongchanshengdexianjinliuliangjingeleijibudiyurenminbi1yiyuan；（si）yujishizhibudiyurenminbi30yiyuan，qiezuijinyinianyingyeshourubudiyurenminbi3yiyuan；（wu）yujishizhibudiyurenminbi40yiyuan，zhuyaoyewuhuochanpinxujingguojiayouguanbumenpizhun，shichangkongjianda，muqianyiqudejieduanxingchengguo，binghuodezhimingtouzijigouyidingjinedetouzi。yiyaoxingyeqiyexuqudezhishaoyixiangyileixinyaoerqilinchuangshiyanpijian，qitafuhekechuangbandingweideqiyexujubeimingxiandejishuyoushibingmanzuxiangyingtiaojian。
ershiqianghuaxinxipilujianguan。zhucezhishiyixinxipiluweizhongxindegupiaofaxingshangshizhidu，suoyoucanyufangyingdanggesiqizhi、gejinqize，tigaoxinxipiluzhiliang，rangtouzizhezaixinxichongfendeqingkuangxiazuochutouzijuece。faxingrenshixinxipiludiyizerenren，yingdangbaozhengxinxipiludezhenshi、zhunque、wanzheng；zhongjiejigouchengdan“kanmenren”zhize，duifaxingrendexinxipilujinxingbaguan；jiaoyisuotongguoshenhefaxingshangshishenqingwenjian，ducufaxingrenjiqibaojianren、zhengquanfuwujigouzhenshi、zhunque、wanzhengdipiluxinxi。jiaoyisuocongchongfenxing、yizhixinghekelijiexingdejiaodu，duixinxipilujinxingshenhe，tongguoyilunhuozheduolundeshenhewenxun，rangfaxingrenhezhongjiejigou“shuoqingchu，jiangmingbai”，nulirang“wentigongsi”huozhegongsizhongdawentiwusuodunxing，fangfanhezhensheqizhafaxing。chongfenxing、yizhixinghekelijiexingyuzhenshixing、zhunquexing、wanzhengxing，bushiduilide，erzheshifangshihemude、shouduanhejieguodeguanxi。
sanshijiaqiangfengxianfangkong。zhucezhiyinglizuwoguozibenshichangdeshijiqingkuang，xiangyingchuangjianhelidegupiaofaxingzhucejizhi，qianghuashiqianshizhongshihouquanguochengjianguan，qiangdiaoshichangzhutiguiweijinze，xianzhutishengweifaweiguichengben，youxiaofangkonggezhongfengxian，tishengshangshigongsizhiliang。biru《guanlibanfa》zhongqiangdiao：zizhuceshenqingwenjianshoulizhiriqi，faxingrenjiqikonggugudong、shijikongzhiren、dongshi、jianshi、gaojiguanlirenyuan，yijiyubencigupiaogongkaifaxingbingshangshixiangguandebaojianren、zhengquanfuwujigoujixiangguanzerenrenyuan，jichengdanxiangyingfalvzeren。
1.4 设立科技创新委和上市委，助力科创板平稳运行
kechuangbandingweiyumianxiangshijiekejiqianyan、mianxiangjingjizhuzhanchang、mianxiangguojiazhongdaxuqiu，fuheguojiazhanlve，yongyouguanjianhexinjishu，kejichuangxinnenglituchu，zhuyaoyikaohexinjishukaizhanshengchanjingying，juyouwendingdeshangyemoshi，shichangrenkedugao，shehuixingxianglianghao，juyoujiaoqiangchengzhangxingdekejichuangxinqiye。zhongdianzhichixinyidaixinxijishu、gaoduanzhuangbei、xincailiao、xinnengyuan、jienenghuanbaoyijishengwuyiyaodenggaoxinjishuchanyehezhanlvexingxinxingchanye，tuidonghulianwang、dashuju、yunjisuan、rengongzhinenghezhizaoyeshenduronghe，yinlingzhonggaoduanxiaofei，tuidongzhiliangbiange、xiaolvbiange、donglibiange。shangjiaosuojiangchengliyouxiangguanlingyukejizhuanjia、zhimingqiyejia、zishentouzizhuanjiazuchengdekejichuangxinzixunweiyuanhui，weikechuangbandedingweiyijifaxingrenshifoujubeikejichuangxinshuxing、faxingrenyewuhejishuxiangguandewentidengtigongzixun；tongshishelikechuangbanshangshiweiyuanhui，fuzeduishenhebumenchujudeshenhebaogaotichushenyiyijian，biyaoshikeduishenqingfaxingshangshideqiyejinxingxunwen。lianggeweiyuanhuideshelishibencikechuangbandezhongyaozhidusheji，jiangcongqiyekejichuangxin、shangshiheguixingdengfangmiantigongzhuanyezixun，zhulikechuangbanpingwenyunxing。
goujianzhucezhilibukaiwudazibenshichangpeitaozhidu，yishigoujiankechuangbangupiaoshichanghuafaxingchengxiaojizhi，ershiyixinxipiluweihexindechixujianguanzhidu，sanshishichanghuadejiaoyijizhi，sishiwanshantouzizhebaohujizhi，wushiyangedetuishizhidu。
2.1 发行承销制度：定价市场化、配售强化约束
kechuangbanzhengquanfaxingchengxiaozhiduyi“shichangzhudao、qianghuayueshu”weiyuanze，zaiwangxiaxunjiacanyuzhetiaojianhebaojiayaoqiu、wangxiachushipeishoubili、wangxiawangshanghuibojizhi、zhanlvepeishou、chaoepeishouxuanzequandengshixiangdechayihuaanpai，zheliyouhuashichangjiagefaxiangongneng、cujinshichangzhutiguiweijinze、ziyuanyouxiaopeizhi。
2.1.1 定价：有望突破23倍市盈率上限
beijing：woguoxianxingxingudingjiazhuyaobaokuoshichangxunjiahexiaopanguzhijiedingjialiangzhongfangshi，dandoushoufaxingjiagebuchaoguo23beishiyinglvdexianzhi，shichanghuajiagefaxianzhongzuoyongyouxian，bingbanshengxinguchaozuowenti。ciwai，xunjiaguochengquefajili，jigougaobaobumaihedibaogaomaiyingxiangxunjiashishixiaoguo。
neirong：kechuangbangupiaojuncaiyongxunjiafangshi，zhijiemianxiangquanshang、gongmujijin、xintuo、caiwugongsi、baoxian、qdiihesimujijin7leishichangjigoujinxingxunjia，yiwangxiaziyouxunjialaiquedingzuizhongfaxingjiage，bingpilufaxingbaojiapingjunshuipingxinxi。
yingxiang：yishixingudingjia23beishiyinglvyouwangfangkai，fahuishichangzhudaozuoyong，tigaojiagefaxianxiaolv；ershidapo“xinguzhangting”shenhua，kenengchuxianzhongzhifaxing、pofadengqingxing。cankaoganggujingyan，2018niangongyou204jiaqiyezaigangjiaosuochenggongguapai，xingushangshishouriyou66jiapofa，zhanbi32.3%，qizhongxinxijishujidianxinxingyeqiyepofalvgaoda50%，yiliaobaojianxingyeqiyepofalv37%。
2.1.2 配售：引入高管、券商战略配售
beijing：woguoxianxingxingupeishoujizhizhuyaoweiwangxiapeishou、wangshangshengou。guojizibenshichangtongxingdezhanlvepeishouhelvxiejizhizaiwoguobingbuchangjian。yifangmian，《zhengquanfaxingchengxiaoyuguanlibanfa》（2015nianxiuding）yunxuipochaoguo4yigudefaxingrenxiangzhanlvetouzizhepeishougupiao，dan2015nianyilaijinyoufushikangyijiahuozhun。jiuqiyuanyin，agudaxinyijinggongbuyingqiu，ruguojiangdalianggufenjinxingzhanlvepeishou，rongyiyinqishichangzhiyi。lingyifangmian，aguxinguyijiagao，pofafengxianxiao，lvxiejizhishangweifahuizuoyong。2001nianzhengjianhuifabu《chaoepeishouxuanzequanshidianyijian》，danzhiyougongshangyinxing、nongyeyinxing、guangdayinxing3jiashangshigongsicaiyong。
neirong：1）jiangdizhanlvepeishoumenjian。yinrumenjiancong4yigudiaozhengwei1yigu，ruguo1yiguyixiadepeishougupiaoshuliangzhanbibuchaoguo20%”，suodingqi12geyue。2）tigaowangxiapeishoubili，wangxiachushifaxingbilidiaogao10%，huibohouwangxiapeishouzhanbizai60%-80%，qianghuawangxiajigoutouzizhebaojiayueshu。3）kuodapeishoufanwei，yunxugentou。yunxufaxingrengaoguan、yuangong、baojianjigoujizigongsicanyuzhanlvepeishou，qizhonggaoguanheyuangonghuopeishuliangbudechaoguoshoucigongkaifaxinggupiaoshuliangde10%。4）yinrulvxiejizhi。chaoepeishouxuanzequan，youchenglvxiejizhi，chengxiaoshangshixianchaoefashoubuchaoguo15%degupiao，ruguoxingushijiagaoyufaxingjia，zechengxiaoshangxingquan，congfaxingrengoudechaoegupiao；ruguoxingushijiadiyufaxingjia，chengxiaoshangbuxingquan，zeanbugaoyufaxingjiadejiagecongerjishichangmairu，zaifenpeijirengouzhe。
yingxiang：yishiliyuxingudechenggongfaxing，fangzhirengoubuzufaxingshibai，weiwenerjishichang。ershiyinruzhangqizijin，yindaojiazhihuigui。sanshiqianghuabaojianjigouzeren，yunxugupiaopeishoujibaojianjigou，jiangqiliyi、fengxiantongfaxingjiagezhijieguagou，yindaobaojianjigouguanzhuqiyedeshangshihoubiaoxianyuzhangqifazhan。sishixingchengduofanggongying，xingshichaoepeishouquan，shangshigongsikeyiduorongruzijin，chengxiaoshangkeduohuodechengxiaofei，zaiyidingchengdushangyebaohuletouzizheliyi。
2.2 持续监管制度：信息披露为核心
shangshihoudechixujianguanshejishangshigongsifangfangmianmian，baokuodanbuxianyugongsizhili、chixududao、xinxipilu、gufenjianchi、guquanjili、binggouzhongzuhezilvjianguandengneirong，shizibenshichangjichuxingzhidu。kechuangbanjifuwuyufuheguojiazhanlvexuyao，youjianfuzenglianggaigeshiyantianshiming，xuyaojiejianxianxingzhiduguizedejichushang，goujiangengyouzhenduixinghebaorongxingdechixujianguanguizetixi，qihekejichuangxinqiyefazhanxuyao。
2.2.1 信息披露为核心制度
xinxipiluzhidushizhucezhihexin。kechuangbanzongtiyanyonglexianxingxinxipiludejibenguifan，tongshizhenduikechuangqiyetedianzuolechayihuahegengjudanxingdeguiding。
yishicong“laosanxing”zhujianguodudao“xinsanxing”。“laosanxing”zhizhenshixing、zhunquexinghewanzhengxing，shibaojianren、zhengquanfuwujigouchengdandixianzeren；“xinsanxing”zhichongfenxing、yizhixinghekelijiexing，shijiaoyisuozhanzaitouzizhelichangshang，kaizhanxinxipilushenhewenxundezhuashou。
ershicongyanpilubaokuo：1）qianghuaxingyexinxipilu。kechuangqiyesuoshuxingyegengdiekuai、zhuanyexingqiang，xuyaoduixingyefazhanzhuangkuangjijishuqushi、gongsijingyingmoshijihexinjingzhengli、yanfatuanduiheyanfatourudengzhongyaoxinxijinxingshishigenzong，tuchujingyingfengxianpilu。2）zhongdianguanzhushangweiyinglixinxipilu。chongfenpilushangweiyinglideyuanyin，yijiduigongsixianjinliu、yewutuozhan、rencaixiyin、tuanduiwendingxing、yanfatouru、zhanlvexingtouru、shengchanjingyingkechixuxingdengfangmiandeyingxiang。3）qianghuaguquanzhiya、guanlianjiaoyidengpiluyaoqiu。
sanshihuomianpilubaokuo：1）zanhuanhuomianpilushangyeminganxinxi，2）zhenduikechuangbangongsishangshishikenengshangweiyinglideqingkuang，huomianshiyonglirunleizhibiao。
2.2.2 减持制度严宽有度
yishiyangekongzhitedinggudongjianchixingwei。yaoqiukonggugudong、shijikongzhiren、dongjiangao、hexinrenyuansuodingqi36geyue，qiezaishangweishixianyingliqianbudejianchi，bingyaoqiujiangshoufaqiangufenjizhongtuoguanyubaojianjigouchu。ershipinghenghaodagudongjianchiquanliyuxiaogudongliyi。yunxutedinggudongmeirenmeinianzaierjishichangjianchi1%yineishoufaqiangufen，zaicijichushang，niyindaoqitongguofeigongkaizhuanrangfangshixiangjigoutouzizhejinxingjianchi，buzaixianzhibilihejiezou。sanshipe、vcshiyonggenglinghuodejianchifangshi。chuangtoujijinsuodingqi12geyue，qimanhouchuanzhaoxianxingjianchiguidingshishijianchiwai，haikeyicaiqufeigongkaizhuanrangfangshishishijianchi，yibianlichuangtouzijintuichu，cujinchuangxinzibenxingcheng。yingxiang：tigaoshichanghuoli，cujinchuangxinzibendexingcheng。
2.2.3 并购重组向注册制看齐
yishishejifaxinggufendeshishizhucezhi。kechuangbangongsifaxinggufengoumaizichan、hebing、fenli，youshangjiaosuoshenhe，zhongguozhengjianhuizhuce，shishigengweibianli。ershiyangexianzhi“chaoqiao”xingwei。zhongdazichanzhongzushejigoumaizichande，yingdangyushangshigongsizhuyingyewujuyouxietongxiaoying，youliyucujinzhuyingyewujichengshengji。sanshiguifan“shangyu”huijichuli。kechuangbangongsishishizhongdazichanzhongzude，yingdanganzhao《qiyehuijizhunze》deyouguanguidingquerenshangyu，zuejitijianzhisunshi。
2.2.4 股权激励大幅放宽
yishikuozhanleguquanjilidebilishangxianyuduixiangfanwei。jiangshangshigongsiquanbuzaiyouxiaoqineideguquanjilijihuasuoshejidegupiaozongshuxianeyou10%tishengzhi20%。yunxudanduhuohejichiyoushangshigongsi5%yishanggufendegudong、shijikongzhirenjiqipeiou、fumu、zinv，chengweiguquanjiliduixiang。ershiquxiaojiagexianzhi。quxiaoxianzhixinggupiaodeshouyujiagexianzhi。sanshiquxiaoshijianxianzhi。yunxumanzujilitiaojianhou，shangshigongsizaixingjiangxianzhixinggupiaodengjizhijiliduixiangmingxia，shijishouyudequanyijinxingdengjihou，kebuzaishezhixianshouqi，bianlileshishicaozuo。jidatigaoguquanjilidelinghuoxinghebianlixing。fuherencaimijixingqiyejiliyuangongjijixingdexuyao。
2.2.5 保荐机构强化持续督导责任
yishiyanzhangchixududaoqi。shoufashangshidechixududaoqi，weishangshidangnianshengyushijianheqihou3gewanzhenghuijiniandu。shangshigongsitongguofaxinggufenshishizairongzihuozhongdazichanzhongzude，tigongfuwudebaojianjigouhuocaiwuguwenyingdanglvxingshengyuqixiandechixududaozhize。ershixihuaduiyushangshigongsizhongdayichangqingkuangdedudaohexinxipiluzeren。yaoqiubaojianjigouguanzhushangshigongsirichangjingyinghegupiaojiaoyiqingkuang，ducugongsipiluzhongdafengxian，jiugongsizhongdafengxianfabiaodudaoyijianbingjinxingbiyaodexianchanghecha。sanshidingqichujutouziyanjiubaogao。yaoqiubaojianjigoudingqijiushangshigongsijibenmianqingkuang、xingyeqingkuang、gongsiqingkuang、caiwuzhuangkuangdengfangmiankaizhantouziyanjiu，dingqixingchengbingpiluzhengshidetouziyanjiubaogao，weitouzizhejuecetigongcankao。
2.3 交易机制释放市场活力
kechuangbanzaijiaoyijizhishangzuochujiaodatupohechuangxin，yinrutouzizheshidangxingzhidu，shidangfangkuanzhangdiefuxianzhi、diaozhengdanbishenbaoshuliang、shangshishourikaifangrongzirongquanyewudengchayihuajizhianpai。zaibaozhangshichangliudongxingdetongshifangzhiguodutoujichaozuo，jifashichanghuoli。
2.3.1 适当放宽涨跌幅限制
beijing：yangedezhangdiefuxianzhizaijiangdishichangbodong、yizhitouzizheguodufanyingdengfangmianqidaozhongyaozuoyong，dancunzaiyixiabiduan：yishidaozhijiageyanchifaxian，diejia“t+1”zhidu，shijianyingxiangwangwanghuibeidiyandaozhihoudejiaoyirishifang，gujiawufajishifanyingxinxi；ershiganraozhengchangjiaoyi，zhangdietingzhidubenshenhuiyingxiangjiagedelianxuxing，shishichangliudongxingzaoshousunhai；sanshifangdajiagebodong，zaisanhuzhudao，meitiguodubaodaodeqingkuangxia，zhangdiefuxianzhiwangwanghuilazhangxinxiwanquanshifangdeshijian，zengjiashijianfajiaodefengxian，jinerfangdashichangdebodong。
neirong：yishixingushangshiqian5riquanbufangkai，youzhuyujinkuaixingchenghelidejiage；ershifangkuanrichangjiaoyizhangdiefuzhi20%，fuhekechuangqiyejingyingbuquedingxingjiaoda，chuangxinzhouqizhang，shichangtaotailvgaodengbenshendexingyetexing，yidingchengdushanghuanjielexinxifanyingzhihou、jiagefaxianyanchidewenti。
yingxiang：kechuangbanjiaoyijizhi“fenbuzou”，wentuogaigejiaoyijizhi，muqianzhizaizhangdiefuxianzhishangzuochuxiugai，jixuyanyong“t+1”dejiaoyisheding，weilaikaolvyinruzuoshishangjiaoyizhidu，zuoweizhongjietigongliudongxinghehelidedingjiafangan，jinruzhengquangongsizhengquanjieruyewudeng。
2.3.2 引入盘后固定价格交易
beijing：panhoujiaoyishuyuchangwaijiaoyideyizhongxingshi，touzizhejiyuduipanhouxinxidepanduanjinxingcangweidiaozheng。henduogongsichuyuwendingshizhidekaolv，huizaipanhoufabuxunxi，jishichangxiaohuadeshijian；zaijiashangyouyushichadeyuanyin，guojizhongyaoxinxidefabukenengzaipanhou，yineryinrupanhoujiaoyiyouzhuyuzengqiangshichangliudongxing，tigaojiageshengchengdexiaolv。
neirong：kechuangbanzaijiuyoudejingjiajiaoyihedazongjiaoyidejichushang，yinrupanhougudingjiagejiaoyidefangshi。panhougudingjiagejiaoyi，zhizaishoupanjihejingjiajieshuhou，jiaoyisuojiaoyixitonganzhaoshijianyouxianshunxuduishoupandingjiashenbaojinxingcuohe，bingyidangrishoupanjiachengjiaodejiaoyifangshi。
yingxiangjijianyi：panhoujiaoyizhiducankaoleniujiaosuodengxianjinshichangdejingyan。yishipanhougudingjiagejiaoyishipanzhonglianxujiaoyideyouxiaobuchong，keyimanzutouzizhezaijingjiacuoheshiduanzhiwaiyiquedingxingjiagechengjiaodejiaoyixuqiu；ershiyouliyujianshaobeidonggenzongshoupanjiadedaejiaoyiduipanzhongjiaoyijiagedechongji。sanshicaiyongdangrishoupanjiajiaoyi，gudingjiagewufaxiaohuashengyudexinxi，bunengqidaohuanshigujiabodongdezuoyong。
2.3.3 优化融资融券交易机制
beijing：zaozai2006nianzhengjianhuifabu《rongzirongquanjiaoyishidianshishixize》，bingyu2010nianzhengshikaiqirongzirongquanjiaoyixitong，jieshoujiaoyishenbao。danconghouxudefazhanqingkuanglaikan，xiangjiaoyurongziyewu，rongquanyewuzhangqiweimi。zhiyuewoguozuokongyewufazhandegenyuanzaiyujizhishejiduirongquanlaiyuanjinxingleyangedexianzhi。agushichangguiding，rongquantouzizhezhinengcongzhengquangongsijierugupiao，erzhengquangongsirongquanlaiyuanjinjuxianyuziyingchiyoudegupiao，gejigoujianbudexianghurongquan；2013nianqidongzhuanrongquanyewushidian，zhengquangongsikeyizaihuadingfanweineicongzhongzhengjinjieruzhengquan，danshuliangrengranbeishuichexin。lingwai,duikerongquanbiaodedeguidingfeichangyange,yinerdaozhikerongzhengquantiliangguoxiao，tongshicunzaizhengquangongsidongyongziyingchicangyingxianggupiaotouzicelvezhixingdefengxian。
neirong：kechuangbangupiaozishangshishougejiaoyiriqikezuoweirongzirongquanbiaode，qierongquanbiaodezhengquanxuanzebiaozhunjiangyuaguyousuochabie。biaodezhengquanxiangguantiaojianyoujiaoyilingxingguiding。
yingxiang：kechuangbanyouhuarongzirongquanjiaoyijizhi，liqiufengfuyanshengpinshichang，gaibianagu“danbianshi”dexianzhuang，zhengquangongsiyouwangcongxindequdaohuodequanyuan，jianquanshichangzuokongjizhi，jinyibuyouhuafengxianduichonggongneng。
2.3.4 放松交易申报制度
beijing：woguogushidanbimairushenbaoshuliangwei100guhuoqizhengshubei，danmaichushenbaowuciyaoqiu。yiyishouzuoweimairudanweizhuyaomudeshiweilejieyuejiaoyichengben，tongguosonggu、peigudengzhihou，touzizhekenengchiyoubumanyishoudelinggu，yinermaichushimeiyoubixuyiyishouweidanweidexianzhi。yiyishouweishenbaoshuliangdanwei，duiyugupiaodeliudongxinghuichanshengyidingdeyingxiang，shijiagaodegupiaoqitoujinejiaogao，jianruolebufenzijinbugouxionghoudetouzizhechicangyiyuan。
neirong：1）fangsongdanbishenbaoshuliangxianzhi。tongguoxianjiashenbaomaimaikechuangbangupiaode，danbishenbaoshuliangyingdangbuxiaoyu200gu，qiebuchaoguo10wangu，danbishenbaokeyi1guweidanweidizeng；tongguoshijiashenbaomaimaide，danbishenbaoshuliangyingdangbuxiaoyu200gu，qiebuchaoguo5wangu。maichushi，yuebuzu200gudebufen，yingdangyicixingshenbaomaichu。2）shishichayihuadezuixiaojiagebiandongdanwei。yijugujiagaodi，shishibutongdeshenbaojiagezuixiaobiandongdanwei。 3）xinzengliangzhongjiageshenbaofangshi。yishibenfangzuiyoujiageshenbao，jigaishenbaoyiqijinrujiaoyizhujishi，jizhongshenbaobuzhongbenfangzuiyoubaojiaweiqishenbaojiage；ershiduishoufangzuiyoujiageshenbao，jigaishenbaoyiqijinrujiaoyizhujishi，jizhongshenbaobuzhongduishoufangzuiyoubaojiaweiqishenbaojiage。
yingxiang：yishidanbishenbaoshuliangtigaoxiaxian，jiangdishangxian：tigaodanbishenbaoshuliangxiaxianguanchetouzizheshidangxingguanliguiding，yidingchengdushangtigaotouzizhejiaoyisuoxuzijinliang；jiangdishenbaoshuliangshangxian，duiyutouzizheeryankeyikongzhitouzifengxian，tigaochicangdefensanchengdu；duiyushichangeryan，keyifangzhishenbaodingdanguodaduishichangjiagezaochengchongji。ershigenjugujiashishichayihuabiandongdanwei：xianxingguidingzaibutongjiaoyipinzhongzhijianshishichayihuabaojiadanwei，ercicikechuangbanjiejianfanoujiaoyisuohexiangganglianjiaosuodejingyangenjuzhengquanjiagechayihuabaojiadanwei，shitishengshichangliudongxinghetigaodingjiaxiaolvdeyixiangchangshi。
2.4 投资者保护制度尝试创新
beijing：zhongxiaotouzizheshiwoguoxianjieduanzibenshichangdezhuyaocanyuqunti，jiezhi2018nianziranrentouzizheshudadao1.45yi，zhanbichao99%，danchuyuxinxiruoshidiwei，kangfengxiannengliheziwobaohunenglijiaoruo，touzizhebaohuzhiduyouweizhongyao。kechuangbanzuoweizibenshichangshiyantian，yezaishidangxingguanli、peichangfangmianmaichuyibu。
yingxiang：shedingmenjianyouliyudiaozhengshichangshangtouzizhedejiegou，zengjiajigoutouzizhesuozhanbizhong，cujinzhangqiwenjiantouzi。kaichuangfaxingrenduitouzizhedezhijiepeichangqudao，zaixianyoufalvguizekuangjiaxiazuochutupohechuangxin，youzhuyutuidongxiangguanfalvxiuding。
2.5 退市制度全面从严
beijing：woguogupiaofaxingchengbengao，zantingshangshiqishijianzhang，gongsiweichishangshidiweidongjiqianglie，bufenqiyejiecitongguodiaojiecaiwuzhibiaodenghuifuhuozhongxinshangshi，zishengcaiwuzaojia、qiaoziyuanchaozuokongjian。tongshi，touzizhebaohujizhishangbujianquan，tuishizhidudezhixing“toushujiqi”。jiezhi2018nian，woguozhengquanshichanggongyou3781jiashangshigongsi，tuishizhiyou115jia。xianxingtuishizhiduzhuyaoyijuwei2018nian7yuezhengjianhui《guanyuxiugaidejueding》he11yuehushenjiaoyisuofabude《shangshigongsizhongdaweifaqiangzhituishishishibanfa》。
neirong：1）tuishibiaozhun：yishidanhuayinglizhibiao。kechuangbanzunzhongqiyechengzhangzhouqiguilv，zhuzhongdingxingpanduanshifouweisangshichixujingyingnengliqiehuifuwuwangdezhuye“kongxinhua”gongsi，tongshi，yeshedinglejinglirunweifuqiezhuyingshouruweidadaoyidingguimo、jingzichanweifudengdingliangbiaozhun。tebieshizhenduifenshicaiwushuju、guibituishizhibiaodeqiye，kechuangbantuishizhiduguidingyingyeshouruzhuyaolaiyuanyuyuzhuyingyewuwuguandemaoyiyewuhuozhebujubeishangyeshizhideguanlianjiaoyishouru，youzhengjubiaominggongsiyijingmingxiansangshichixujingyingnengli，jianganzhaoguidingdetiaojianhechengxuqidongtuishi。ershixinzengyanfalei、heguixingzhibiao。zhenduiyanfashibaituishi，yaoshishituishifengxianjingshi。tongshi，zaiguifanleizhibiaozhongzengjiaxinxipiluhuozheguifanyunzuocunzaizhongdaquexiandengheguixingtuishizhibiao，fangzhisthuiqiu1001xiangyianzheizhongyanzhongraoluanshichangdexingwei。sanshiyanyongxianxingzhongdaweifazhibiao、weidiaoshichangzhibiao。chengjiaoliang、gudongrenshuzaizhuzhongxiaobanhechuangyebanzhijianzuoquzhongchuli，lirukechuangbanyaoqiulianxu120gejiaoyirichengjiaoliangbudiyu200wangu，jieyuzhongxiaoban300wanguhechuangyeban100wanguzhijian。
2）tuishichengxu：yishijianhuatuishihuanjie。quxiaozantingshangshihehuifushangshichengxu，duiyingdangtuishideqiyezhijiezhongzhishangshi。ershijiangtuishishijiansuoduanweiliangnian。chujicaiwuleituishizhibiaodegongsi，diyinianshishituishifengxianjingshi，diernianrengranchujijiangzhijietuishi，buzaishezhizhuanmendezhongxinshangshihuanjie。
yingxiang：kechuangbantuishijizhichongfenxishouxianxingtuishizhidujingyanjiaoxun，zhibiaoduoyuan、zhixingliqiang，yubaorongxingshangshizhiduhuying。yishijiangduishangshigongsi、zhongjiejigouxingchengweisheli，daobicushishangshigongsitigaozhiliang；ershiduitouzizhetichugenggaoyaoqiu，“maizhezifu”，peiyanglixingtouzihefengxianyishi；sanshikechuangbanzhiduxiaoyijiangyingxiangqitabankuaishangshigongsi，daidongzhengtishangshigongsizhiliangtigao，jiasuqiaoziyuanbianzhi。
3.1 上市制度参照发达资本市场成熟经验
congguojijingyankan，zhuyaofadazibenshichangduixingufaxingjuncaiyongzhucezhi，mudeshiweilechuangjianshichanghuadefaxingzhidu，tishengshichangxiaolv。bencizhengqiuyijiangaodezhidusheji，zaikuangjiashangyufadaguojiazibenshichangzhengtijiaoweixiangxiang，hexinshijiyushizhi、yingliheshourudewuxiangbiaozhun，shangshigongsizhixumanzuqizhongzhiyijikeshangshi。ciwai，zunxunguojiguanli，shangshibiaozhunzhonghaibaohanlegubenzonge，chixujingyinglishi，liutongguzuidishumudengyaoqiu。mudeshibaozhenggongsidefaxingdegufennenggoutigongzuidixiandudeshichangshendu，baozhengzhengchangjiaoyidejinxing。chuciyiwai，jianguanjigouhejiaoyisuoduigongsizizhibingbuzuomingqueyaoqiu，jiangjiazhipanduandequanlihaijishichang。
3.2 退市制度与发达资本市场规定相似，但发挥作用亦需法律层面改革推进
tuishizhidushikechuangbanzhidutixizhongdeliangdian。zhengqiuyijiangaoxishoudangqiantuishishijianjingyanheshichangsuqiu，jujiaocunzaicaiwuqizhadengzhongdaweifaxingwei、sangshichixujingyingnengliqiehuifuwuwangdeliangleimubiaogongsi，duituishibiaozhunjinxingleyangeguifan。
keyikanchu，bencizhengqiuyijiangaodetuishibiaozhunzaiguifancengmianshangyijingjibenduibiaofadaguojiazibenshichangyaoqiu，youqiheniujiaosuotuishizhidudeshejijiaoweixiangxiang。zheiduiyutigaoshangshigongsizhiliang，jilishangshigongsiyifayiguijingying，jishixinxipiludengjunyouzhongyaoyiyi。
zhideguanzhudeshi，youyuwoguomuqianzhengquanfaxiudingshangweiwancheng，weifachengbendi，minshipeichangnandengshencengciwentirengweidedaojiejue，yincihaixufalvcengmiangaigechixutuijin，shikechuangbantuishizhidunengzhenzhengfahuizuoyong。
3.3 交易制度突出投资者适当性管理
congjiaoyizhidukan，kechuangbandejiaoyizhiduxiangbizhubanzhidushixinglegengweiyangedetouzizheshidangxingguanliguiding，yaoqiutouzizheshenqingkaitongkechuangbanjiaoyiqian20gegongzuoririjunzichanbudiyu50wanyuan，qiecanyuzhengquanjiaoyi24geyueyishang。bumanzushangshutiaojiandetouzizhekeyitongguotouzigongmujijincanyukechuangban。kechuangbanfangkuanlezhubandezhangdietingxianzhi，jiangmeirigupiaojiagebiandongfudutigaozhi20%，xingushangshideqianwugejiaoyiribushezhangdietingxianzhi。ciwai，xinzenglepanhougudingjiagejiaoyi，touzizhexuanzegengjiaduoyanghua。
duitouzizhedeshidangxingjinxingguidingzhuyaoyuanyinshikechuangbanqiyejuyougaochengzhang，gaofengxiandetedian，qiebencikechuangbangaigeweishidian，rengxuweizhubandegaigejileijingyan，yincixuyaojiangtouzizhefanweixiandingzaiyoujiaoqiangfengxianchengshounenglidequntizhong。dancongfangkuanzhangdiefu、zengjiajiaoyifangshidenggaigejucuokeyikanchu，gaigemubiaojiangshichuangjiangengjialinghuo，gengjiashichanghuadejiaoyijizhi。
meiguogushijiaoyixianzhibaokuogeguhezhishulianggecengmian。meiguogushiduigegusuiwuzhangdietingxianzhi，danduigegujiagedeguokuaibodongshelilerongduanjizhi，ruguomouzhigegudejiaoyijiagezai5fenzhongneizhangdiefuchaoguogaibodongzexuzantingjiaoyi（qujueyugupiaodeleixing，xianzhijiagebodongkeyishi5%、10%huo20%）。ruguogaigegujiaoyijiagezai15miaozhongneirengweihuidaoguidingde“jiagebodongqujian”nei，zegaigupiaojiangzantingjiaoyi5fenzhong。zhishufangmian，guzhirongduanjizhidejizhunzhishuweibiaopu500，danxiangdiefuyuzhiwei7%、13%、20%。dangzhishujiaoqianyitianshoupandianweixiadie7%、13%shi，quanmeizhengquanshichangjiaoyijiangzanting15fenzhong，dangzhishujiaoqianyitianshoupandianweixiadie20%shi，dangtianjiaoyitingzhi。
3.4 信息披露制度重在执行
zuoweizhucezhidehexinzuchengbufenzhiyi，bencizhengqiuyijiangaoduishangshigongsixinxipiludeyaoqiuzuochulegengweixizhideguiding，yuxianxingdexinxipiluguizexiangbi，kechuangbanduishangshigongsidexinxipiluyaoqiugengweiyange，neirongyaoqiugengjiaduoyanghua。zhengqiuyijiangaoyaoqiushangshigongsihexiangguanxinxipiluyiwurenchongfenpilutouzizhejuecesuobixudexinxi，quebaoxinxipiluzhenshi、zhunque、wanzheng、jishi、gongping，mingquekonggugudongheshijikongzhirendeyiwuhezeren。tongshi，zhenduikejichuangxinqiyetedian，qianghuaxingyexinxi、jingyingfengxian、neibuzhili、yejibodongdengshixiangdepilu。duixinxipilucunzaizhongdaquexiandeshangshigongsiyuyituishi。yinci，congzhidukuangjiashangkan，kechuangbandexinxipiluyaoqiuyijingjibenduibiaofadazibenshichangdeyaoqiu。
xinxipilujianshedehexinzaiyuzhixing。meiguogushishiyangezhixingxinxipiludedianfan，zheiyeshimeiguogushiqudejudachenggongdezhongyaoyuanyin。qiduixinxipiluguizedeyangezhixingzhuyaotixianzaiduifengxiandechongfenjieshiheduitouzizhejiazhipanduanchanshengzhongyaoyingxiangxinxidechongfenpilushang。liru，alibabadezhaogushuomingshuzhonghuafei10%depianfuxiangxijieshaogongsiyunyingguochengzhongkenenghuiyudaodezhongzhongfengxian。eragudezhaogushuomingshudeduiyingpianfuzemingxianpiandi。ciwai，meigushangshigongsiduiyuqicanyudebinggouzhongzujiaoyidemeiyigehuanjiejunyouxiangxipilu，congerqidaoyueshucanyugefang，fangzhineimujiaoyidengweifaxingweidezuoyong。agushichangzaiduiyingfangmiandepiluchengduzerengranyoudaitisheng。yinci，jianguanbumenhejiaoyisuoyingyangezhixingxinxipiludezhidu，duixinxipilucunzaizhongdaquexian，xinxizaojiadegongsiyuyiyancheng，hangshizhucezhidexinxijichu。
yinxingyujinrongkejironghedelixiangjingjieshishenme？shiyinxingjifuwu。
2019nian6yue14ri，yiouzhikuyanjiuyuanjiangzai“2019shuquanqiuxinjingjinianhui·jinrongkejifenghui”shangfabu《2019kaifangyinxingyujinrongkejifazhanyanjiubaogao》，shendujiedujinrongkejifunengkaifangyinxingderongheyuluodiyingyong——shanghai·hongqiao·shimaozhanguanyaoninjianzheng！qiangpiaolianjie：//www.iyiou.com/post/ad/id/818