2016nian，suizhezhucezhijiaobudelinjin，duocengcizibenshichangjianshedetisu、zhijierongzibizhongdetigaoyijizibenshichangguimodexunsukuozhanghezibenshichanggaigedeshenru，fuzhuangqiyezhengmianlinshiyehezibenxianghujiehetuijindezhanlveqi。
注册制循序渐进推出，服装企业需摆正在资本市场的位置
quanguorendachangweihui12yue27ribiaojuetongguo《guanyushouquanguowuyuanzaishishigupiaofaxingzhucezhigaigezhongdiaozhengshiyong〈zhonghuarenmingongheguozhengquanfa〉youguanguidingdejueding》。cijuedingdeshishiqixianweiliangnian，juedingzi2016nian3yue1riqishixing。genjuwenjianbiaoshu，cong2016nian3yue1riqideliangnianneidoukeyishishi。jizuizaoshiyu2016nian3yue，zuiwanzhi2018nian3yue，zhucezhijiujiangzhenzhengluodi。
zhucezhishigupiaofaxingzhidudegenbenxinggaige。muqiandehezhunzhishishiqianjianguan，xingufaxingyouxingzhengjiguanduipiluneirongdezhenshixingjinxinghechayupanduan，bingduipiluneirongdetouzijiazhizuochupanduan。ergupiaozhucezhizeshishizhongjishihoujianguan，qijiazhijiaoyoutouzizheheshichanglaipanduan。
2016nianyishi，gushituixingrongduanjizhiyinfaleshichangdongdang，zhengjianhuiyanjiuzhihoujuedingzantingtuixingrongduanzhi。zaiciqijian，yize“zhucezhifanganyueneiluoding”dexiaoxixunsuliuchuan，suihoushangzhengbaoxunsupiyao。youguandianrenwei，zhucezhijiakuaituijindexiaoxifangdaleagudongdang。congduanqilaikan，renhexinshiwudetuichudoubuhuiyifanfengshun，shenzhiyaofuchudaijia。zhucezhidetuixing，jipoqie，youbunengguoji。cici《jueding》tongguozhihou，zhengjianhuiyibiaomingjiangyizhaoquanguorendadeshouquanjueding，renzhenluoshiguowuyuanguanyushishigupiaofaxingzhucezhigaigedegongzuoyaoqiu，zhuajinzuohaopeitaoguizedezhidingjiqitagexiangzhunbeigongzuo，jijiwentuo、pingwenyouxudituijinzhucezhigaige。
keyiyuji，zhucezhidetuichubingbuyiweizhexinguyidinghuidaguimokuorong，huijiangudaozhongguodeguoqinghexianshi，xunxujianjintuichu。ciciyuandankaishishishideagufaxingxinguibiantixianlezheiyidian。zhengjianhuibiaoshi，cong2016nian1yue1riqi，xingufaxingjianganzhaoxindezhiduzhixing。touzizheshengouxingushiwuxuzaiyuxianjiaokuan，xiaopangujiangzhijiedingjiafaxing，faxingshenhejianghuigengjiazhuzhongxinxipiluyaoqiu，faxingqiyehebaojianjigouxuyaoweibaohutouzizhehefaquanyichengdangengduodeyiwuhezeren。zhengjianhuiqiangdiao，benciwanshanxingufaxingzhidu，shizaihezhunzhixia，weipeihebencizhongqixingufaxingtuichudegaigecuoshi，tixianlezhucezhigaigedejingshen，danbushikaishishishizhucezhi。
duiyufuzhuangxingyelaishuo，zhucezhidetuichushidegengduodezizhiyouliangdeqiyekeyidengluzibenshichang，danxiangduiyuyiwang，hezibenshichangdeguanxiqueyoujiaodazhuanbian。zhiqianfuzhuangqiyeyaoliqiutongguoshenhelaidengluzibenshichang，leisiyu“yanjinkuanchu”，daozhiagushichangxinguguzhipubianjiaogao、yejibianliandengxianxiangchuxian，ershishizhucezhidegenbenyiyi，zaiyuyindaozibenshichangwangzhangqide、jiazhitouzidexingzhizhuanbian，ranghaoqiyehegaoguzhiduiying，chaqiyebeitaotai，shiyizhong“kuanjinyanchu”deguanxi，zheizhong“yanchu”jiushiyizhongcankudeyoushenglietaideguocheng。guigendaodi，fuzhuangqiyeyaozuohaozhuye，hangshiqiyezichanzhiliang，tongguozibenshichanglaicujinzishenqiyezhuanxingshengji，youtongguozishenqiyedebuduanzhuangdalaitishengzishenzaizibenshichangdeguzhi，dadaochanyehezibendeliangxingxunhuan。
多层次资本市场建设提速，服装企业要怀有“直接融资”的初心
nianqiannianhou，zhongyanggaocenghezibenshichangjianguanbumenyixiliezhengcehejihuamijifabu，mubiaozhizhiduocengcizibenshichangjianshe，tigaozibenshichangzhijierongzibizhong。
2015nian12yue23rizhaokaideguowuyuanchangwuhuiyi，yuanzetongguole《guanyujinyibuxianzhutigaozhijierongzibizhong，youhuajinrongjiegoudeshishiyijian》，shishiyijianmingquedao2020nian，jibenjianchengshichanghua、guangfugai、duoqudao、dichengben、gaoxiaolv、yanjianguandezhijierongzitixi，zhijierongzibizhongxianzhutigao。
huiyitichuyaojinyibuxianzhutigaozhijierongzibizhongcuoshi，tishengjinrongfuwushitijingjixiaolv。yaowanshangupiao、zhaiquandengduocengcizibenshichang；jianlishanghaizhengquanjiaoyisuozhanlvexinxingban，zhichichuangxinchuangyeqiyerongzi；wanshanxiangguanfalvguize，tuidongteshuguquanjiegouleichuangyeqiyezaijingneishangshi；zengjiaquanguozhongxiaoqiyegufenzhuanrangxitongguapaigongsishuliang，yanjiutuichuxiangchuangyebanzhuanbanshidian；guifanfazhanquyuxingguquanshichang。
12yue25ri，zhongguozhengjianhuifuzhuxifangxinghaizaiguowuyuanzhengcechuifenghuishangshuo，weiluoshi《guanyujinyibuxianzhutigaozhijierongzibizhongyouhuajinrongjiegoudeshishiyijian》，mingnianzhengjianhuijiangzhongdianzuohao5gefangmiangongzuo，yishijijifazhanzhengquanjiaoyisuogupiaoshichang，shangjiaosuozhanlvexinxingbanyidingyaotuichu；ershijiakuaiwanshanxinsanban，dafuzengjiaguapaigongsishuliang，shishishichangneibufenceng，yanjiuxiangchuangyebanzhuanbanshidian；sanshiyaoguifanfazhanquyuxingguquanshichang，quyuxingguquanshichangjinhouyaozaiquanguoxingchengfuhetongyijianguanbiaozhundeguanlimoshi；sishikaizhanguquanzhongchourongzishidian，mingnianyidingyaoqidongguquanzhongchoushidian，danbuyihongershang；wushifazhanzhuangdazhaiquanshichang，yaogenghaodixiediaoyinxingjianzhaishihejiaoyisuozhaishizhijiandejianguan，zuizhongmudeshixingchengtongyidezhaiquanshichang。
12yue30ri，shenjiaosuozhaokaidisanjielishihuidisishiliucihuiyi，mingque2016nianzhongdiangongzuo。huiyiyaoqiu，dafutishengchuangyebanbaorongxing，weishangweiyingli、teshuguquanjiagoudengqiyeshunlishangshirongzidiandingjichu，weixinsanbanqiyexiangchuangyebanzhuanbanshidianchuangzaogenghaotiaojian；huifushenshizhubanipofaxing，fuwuguoziguoqigaige，peiyugengduoshichanghualanchouqiye；chengjiezhongxiaoshizhizhonggaiguhuigui；jijizhengqu“shengangtong”jinkuaiqidong。
zongguanshangshuzhengce，keyiyuji2016nianjiangshizibenshichangzhijierongzibufadadajiakuaideyinian。zhuban、zhongxiaoban、chuangyeban、xinsanban、siban（quyuxingguquanshichang）、guquanzhongchou、zhaiquanshichangdenggeshichangdouhuiyouxindongzuo。fazhanduocengcizibenshichang、tigaozhijierongzibizhongdeyigezhongyaomude，bianshirangxiangfazhan、younenglifazhandeqiye、tebieshizhongxiaoweiqiye，buzhiyuyinwei“meiqian”ermeibanfafazhan，rangchuyubutongfazhanjieduan、butongtesedeqiyedounengzhaodaoyuzibenshichangheshideduijiefangshi，jiangdiqiyerongzichengbenhefengxian，cujinxingyezhuanxingshengji。tongshi，rang“youqian”deqiye，keyigenglinghuodiliyongzibenjinxingbinggouzhenghe。zheiduiyuzuoweichuantongchanye、yizhongxiaoqiyeweizhudefuzhuangxingyelaishuo，zhengtishangshiyigelihao。
ergengshencengcideshi，rangrendechuangzaoxing、qiyechuangzaodejiazhinenggoudedaojishide、heshidehuibaofangshihetujing。fuzhuangxingyefazhandaojintian，xuyaogenghaodesheji、gengyouzhidechanpin、gengyouxiaolvdeshangyemoshi、gengyouhanjinliangdebentupinpai，zheixiehaodejiazhidouxuyaohuibao。zhongguozibenshichangbuqueqian，quedeshibaqianhechuangzaoxingjieheqilai。zheiyeshizhongyangdalifazhanzhijierongzishichangzhichishitijingjifazhan、zhichichuangyechuangxindegenbenmude，fuzhuangqiyeyeyingyouzheiyangde“chuxin”，zengqiangchuangzaoxing，chuangzaoqiyejiazhi，erbushiweirongzierrongzi。
华尚观察：资本市场进入大融资阶段，服装企业要以“价值”对接资本
huigu2015nian，suiranzibenshichangjinglilegushidedaqidaluo、ipozantingdedengdongdangshijian，danjizushujubiaoming，zhongguozibenshichangdeguimozhengzaikuaisukuozhang。genjupuhuayongdaojinrifabudetongjishuju，2015nianhushengushiipodadao219zong，gaoyu2014niande125zong，rongziguimo1586yiyuanrenminbi，gaoyu2014nian786yiyuandeshuiping。ciwai，puhuayongdaoyuji，2016nianjiangyou400jiaqiyeshoucishangshi，rongziguimoyue2500yiyuanrenminbi-3000yiyuanrenminbi，guimojiangjuquanqiushouwei。
lingjudeqinzhongguoquanguoshangfuyewuzujinrifabudexiangganghezhongguoneidizhengquanjiaoyisuo2015nianduxingushujuxianshi，xianggangxingushichangchuangxiajinwunianlaizuijinglichengji。chule14zhigupiaocongchuangyebanzhuanzhizhubanguapaishangfuwai，xianggangxingufuchangyu2015nianwanchengle124zhixingushangfu，gongrongzi2621yigangyuan，xingushangfushumuherongzizongefenbieyou2014niande115zhihe2277yigangyuanzengjia8%he15%。erxingushumuhehgushangfushumushuangshuangjunchuangxialishixingao。
erjujinriquanguoguzhuangongsifabudeshujuxianshi，2015nianxinsanbangongyou1887jiaguapaigongsiwancheng2565cigupiaofaxing，faxing230.79yigu，rongzi1216.17yiyuan，bijianchuangyeban。genjuwindshujutongji，2015nianchuangyebanquannianzengfamujizijinguimowei1156.3yiyuan。2013nianmo，xinsanbanguapaiqiyejinwei356jia，zhi2014niannianmoguapaishuliangyijingdadao1572jia。zhi2015nian12yue31ri，guapaiqiyeshuliangdadaole5129jia，zengsuxunmeng。
zaizheixiejingrendeshujuyijingchengweiguoqu，er2016nianzhongguozibenshichangkuorongdebufajianghuijinyibujiakuai，zhongguozibenshichangdedarongzijieduanyijinglailin，erzibenshichangdegaigeyejianggengjiashenru。er2015nianyeshifuzhuangchanyezhenghebiangezhinian，duoyuanhuatouzi、binggouhezuo、xinxingchanyetouzi、neibugongyinglianzhenghedengdongzuobuduan，2016nianfuzhuangchanyezaijixuchanyezhenghebiangebufadetongshi，chanrongjiehedechengdujiangjinyibujiashen。zhangqilaikan，zhongguofuzhuangxingyezuizhonghuichuxianjuquanqiujingzhengliderulvmh、zarayiyangjuyouquanqiujingzhenglideshishangpinpaijituan，yijiyipiyoujingzhenglidepinpaijiqun。zheixuyaobentufuzhuangqiyechuangzaochujudadepinpaijiazhi，erruheliyonghao、duijiehaomuqianzibenshichangdarongzi、dagaigedeshiji，huoxujiangshiyigeguanjiandezhanlveqi。