① 浠涔堟槸璧勬湰甯傚満
璧勬湰甯傚満錛坈apital market錛変害縐扳滈暱鏈熼噾鋙嶅競鍦衡濄佲滈暱鏈熻祫閲戝競鍦衡濄傛湡闄愬湪涓騫翠互涓婂悇縐嶈祫閲戝熻捶鍜岃瘉鍒鎬氦鏄撶殑鍦烘墍銆傝祫鏈甯傚満涓婄殑浜ゆ槗瀵硅薄鏄涓騫翠互涓婄殑闀挎湡璇佸埜銆傚洜涓哄湪闀挎湡閲戣瀺媧誨姩涓錛屾秹鍙婅祫閲戞湡闄愰暱銆侀庨櫓澶э紝鍏鋒湁闀挎湡杈冪ǔ瀹氭敹鍏ワ紝綾諱技浜庤祫鏈鎶曞叆錛屾晠縐頒箣涓鴻祫鏈甯傚満銆傝祫鏈甯傚満錛屽湪榪囧幓鎴戜滑璁や負閭ｆ槸璧勬湰涓諱箟鐨勪笓鍒╋紝鑰岀幇鍦ㄥ湪涓鍥斤紝瀹冨凡緇忔槸涓涓嶉檶鐢熺殑銆佷嬌鐢ㄩ戠巼寰堥珮鐨勮瘝浜嗐傚湪涓鍥介噾鋙嶇悊璁轟腑錛岃祫鏈甯傚満鐞嗚烘槸鏈騫磋交鐨勩傚洜涓轟腑鍥借祫鏈甯傚満鈥滀笉鎴愮啛鈥濊屽張鈥滃彉騫昏帿嫻嬧濓紝璁稿氭柟闈㈣繕澶勫湪璇曢獙銆佷簤楦ｃ佹帰緔㈢殑榪囩▼涓錛屾墍浠ュ畾涔夊畠鏄涓鎸哄洶闅劇殑浜嬨傚嵆渚挎槸鍦ㄨタ鏂圭粡嫻庡︿腑錛岃祫鏈鐞嗚轟篃鏄鏈鏈変簤璁鐨勪竴涓棰嗗煙銆傚彲鑳芥槸鐢變簬璧勬湰宸ュ叿鐨勫嶆潅鎬э紝鎴栬呭彲鑳芥槸鐢變簬璧勬湰甯傚満鐨勫己鎿嶄綔鎬у拰澶氬彉鎬э紝瀵艱嚧浜轟滑瀵硅祫鏈甯傚満鐨勮よ瘑寰堜笉涓鑷達紝浜庢槸瀵硅祫鏈甯傚満鐨勭晫瀹氫簲鑺卞叓闂錛屼漢浠鍑犱箮鍙浠ュ湪浠諱綍瑙掑害浣跨敤瀹冿紝騫朵笖鍦ㄤ笉鍚岀殑鍦哄悎璧嬩簣瀹冧笉鍚岀殑鍐呮兜銆傛湁鐨勪漢璁茶祫鏈甯傚満鏃舵寚鐨勬槸鑲＄エ甯傚満錛屼篃鏈夌殑浜鴻寸殑鏄璇佸埜甯傚満銆傛瘮濡1995騫翠笘鐣岄摱琛屽彂琛ㄧ殑涓撻樻姤鍛娿婁腑鍥芥柊鍏寸殑璧勬湰甯傚満銆嬩腑錛岀浉褰撳氱殑涓撳跺皢璧勬湰甯傚満鐣屽畾浜庤瘉鍒稿競鍦猴紝浠栦滑璁や負錛岃瘉鍒稿競鍦烘槸鐜頒唬甯傚満緇忔祹錛屽悓鏃朵篃鏄璧勬湰甯傚満鐨勬渶鏍稿績閮ㄥ垎銆傝1996騫村浗闄呰揣甯佸熀閲戠粍緇囩紪鍐欑殑銆婂浗闄呰祫鏈甯傚満錛氬彂灞曘佸墠鏅鍙婂叧閿鎬ф斂絳栭棶棰樸嬩腑璧勬湰甯傚満鍖呮嫭錛氬栨眹甯傚満銆佸哄埜甯傚満銆佽偂紲ㄥ競鍦恆佽嶇敓宸ュ叿甯傚満銆侀摱琛岀郴緇熷拰璐鋒懼競鍦虹瓑銆傝繕鏈夊ぇ瀹舵墍鐔熺煡鐨勭編鍥絊"鍏嬮噷"搴撶弨鐨勩婇噾鋙嶅競鍦恆嬩笓钁椾腑錛岃祫鏈甯傚満鐨勮寖鍥存兜鐩栨姷鎶煎競鍦恆佸哄埜甯傚満鍜岃偂紲ㄥ競鍦恆傚埌搴曡祫鏈甯傚満榪欎釜姒傚康鎸囦粈涔堬紵灝界″硅祫鏈甯傚満鐨勫畾涔夎佷粊瑙佹櫤錛屼絾鍏舵湁鐫涓涓紜瀹氱殑鍐呮兜錛屼粠鏈涓鑸鐨勬剰涔変笂璁詫紝璧勬湰甯傚満鑷沖皯搴旀兜鐩栵細璇佸埜甯傚満錛堣偂紲ㄥ競鍦恆侀暱鏈熷哄埜甯傚満鈥斺旈暱鏈熷浗鍊恆佷紒涓氬哄埜銆侀噾鋙嶅哄埜絳夛級銆侀暱鏈熶俊璐峰競鍦猴紙闀挎湡鎶墊娂璐鋒俱侀暱鏈熼」鐩鋙嶈祫絳夛級銆佽嶇敓宸ュ叿甯傚満錛堥噾鋙嶆湡璐у競鍦恆侀噾鋙嶆湡鏉冨競鍦虹瓑錛夈傜患涓婃墍榪幫紝鎴戜滑鍙浠ユ傛嫭鍑鴻祫鏈甯傚満鐨勫熀鏈姒傚康錛氳祫鏈甯傚満鏄鍏ㄩ儴涓闀挎湡璧勬湰錛堜竴騫翠互涓婏級浜ゆ槗媧誨姩鐨勬誨拰錛屽寘鎷鑲＄エ甯傚満銆佸哄埜甯傚満銆佸熀閲戝競鍦哄拰涓闀挎湡淇¤捶甯傚満絳夛紝鍏惰瀺閫氱殑璧勯噾涓昏佷綔涓烘墿澶у啀鐢熶駭鐨勮祫鏈浣跨敤錛屽洜姝ょО涓鴻祫鏈甯傚満銆傝祫鏈甯傚満鏄閫氳繃瀵規敹鐩婄殑棰勬湡鏉ュ煎悜璧勬簮閰嶇疆鐨勬満鍒躲傝祫鏈甯傚満鐨勮祫閲戜緵搴旇呬負鍚勯噾鋙嶆満鏋勶紝濡傚晢涓氶摱琛屻佸偍钃勯摱琛屻佷漢瀵誇繚闄╁叕鍙搞佹姇璧勫叕鍙搞佷俊鎵樺叕鍙哥瓑銆傝祫閲戠殑闇奼傝呬富瑕佷負鍥介檯閲戣瀺鏈烘瀯銆佸悇鍥芥斂搴滄満鏋勩佸伐鍟嗕紒涓氥佹埧鍦頒駭緇忚惀鍟嗕互鍙婂悜鑰愮敤娑堣垂闆跺敭鍟嗕拱榪涘垎鏈熶粯嬈懼悎鍚岀殑閿鍞閲戣瀺鍏鍙哥瓑銆備笌璐у竵甯傚満鐩告瘮錛岃祫鏈甯傚満鐗圭偣涓昏佹湁錛氫竴銆佽瀺璧勬湡闄愰暱銆傝嚦灝戝湪1騫翠互涓婏紝涔熷彲浠ラ暱杈懼嚑鍗佸勾錛岀敋鑷蟲棤鍒版湡鏃ャ備簩銆佹祦鍔ㄦх浉瀵硅緝宸銆傚湪璧勬湰甯傚満涓婄歸泦鍒扮殑璧勯噾澶氱敤浜庤В鍐充腑闀挎湡鋙嶈祫闇奼傦紝鏁呮祦鍔ㄦу拰鍙樼幇鎬х浉瀵硅緝寮便備笁銆侀庨櫓澶ц屾敹鐩婅緝楂樸傜敱浜庤瀺璧勬湡闄愯緝闀匡紝鍙戠敓閲嶅ぇ鍙樻晠鐨勫彲鑳芥т篃澶э紝甯傚満浠鋒牸瀹規槗娉㈠姩錛屾姇璧勮呴渶鎵垮彈杈冨ぇ椋庨櫓銆傚悓鏃訛紝浣滀負瀵歸庨櫓鐨勬姤閰錛屽叾鏀剁泭涔熻緝楂樸傝揣甯佸競鍦虹殑閲戣瀺宸ュ叿鎴戝浗鐜伴樁孌電殑璧勬湰甯傚満涓昏佸寘鎷浠ヤ笅閲戣瀺宸ュ叿錛氳偂紲ㄣ佸浗鍊恆佷紒涓氫腑闀挎湡鍊哄埜銆佷腑闀挎湡鏀炬懼競鍦恆傛垜鍥藉叿鏈夊吀鍨嬩唬琛ㄦ剰涔夌殑璧勬湰甯傚満鍖呮嫭鍥涢儴鍒嗭細涓銆佸浗鍊哄競鍦恆傝繖閲屾墍璇寸殑鍥藉哄競鍦烘槸鎸囨湡闄愬湪涓騫翠互涓娿佷互鍥藉朵俊鐢ㄤ負淇濊瘉鐨勫浗搴撳埜銆佸浗瀹墮噸鐐瑰緩璁懼哄埜銆佽儲鏀垮哄埜銆佸熀鏈寤鴻懼哄埜銆佷繚鍊煎叕鍊恆佺壒縐嶅浗鍊虹殑鍙戣屼笌浜ゆ槗甯傚満銆備簩銆佽偂紲ㄥ競鍦恆傚寘鎷鑲＄エ鐨勫彂琛屽競鍦哄拰鑲＄エ浜ゆ槗甯傚満銆備笁銆佷紒涓氫腑闀挎湡鍊哄埜甯傚満銆傚洓銆佷腑闀挎湡鏀炬懼競鍦恆傝ュ競鍦虹殑璧勯噾渚涘簲鑰呬富瑕佹槸涓嶅姩浜ч摱琛屻佸姩浜ч摱琛岋紱鍏惰祫閲戞姇鍚戜富瑕佹槸宸ュ晢浼佷笟鍥哄畾璧勪駭鏇存柊銆佹墿寤哄拰鏂板緩錛涜祫閲戝熻捶涓鑸閮介渶瑕佷互鍥哄畾璧勪駭銆佸湡鍦般佸緩絳戠墿絳変綔涓烘媴淇濆搧銆傝祫鏈甯傚満鐨勫姛鑳藉湪楂樺害鍙戣揪鐨勫競鍦虹粡嫻庢潯浠朵笅, 璧勬湰甯傚満鐨勫姛鑳藉彲浠ユ寜鐓у叾鍙戝睍閫昏緫鑰岀晫瀹氫負璧勯噾鋙嶉氥佷駭鏉冧腑浠嬪拰璧勬簮閰嶇疆涓変釜鏂歸潰銆傗槤鋙嶈祫鍔熻兘鏈鏉ユ剰涔変笂鐨勮祫鏈甯傚満鍗蟲槸綰綺硅祫閲戣瀺閫氭剰涔変笂鐨勫競鍦猴紝瀹冧笌璐у竵甯傚満鐩稿圭О錛屾槸闀挎湡璧勯噾鋙嶉氬叧緋葷殑鎬誨拰銆傚洜姝わ紝璧勯噾鋙嶉氭槸璧勬湰甯傚満鐨勬湰婧愯亴鑳姐傗槤閰嶇疆鍔熻兘鏄鎸囪祫鏈甯傚満閫氳繃瀵硅祫閲戞祦鍚戠殑寮曞艱屽硅祫婧愰厤緗鍙戞尌瀵煎悜鎬т綔鐢ㄣ傝祫鏈甯傚満鐢變簬瀛樺湪寮哄ぇ鐨勮瘎浠楓侀夋嫨鍜岀洃鐫ｆ満鍒, 鑰屾姇璧勪富浣撲綔涓虹悊鎬х粡嫻庝漢錛屽嬬粓鍏鋒湁鏄庣『鐨勯愬埄鍔ㄦ満錛屼粠鑰屼績浣胯祫閲戞祦鍚戦珮鏁堢泭閮ㄩ棬錛岃〃鐜板嚭璧勬簮浼樺寲閰嶇疆鐨勫姛鑳姐傗槤浜ф潈鍔熻兘璧勬湰甯傚満鐨勪駭鏉冨姛鑳芥槸鎸囧叾瀵瑰競鍦轟富浣撶殑浜ф潈綰︽潫鍜屽厖褰撲駭鏉冧氦鏄撲腑浠嬫柟闈㈡墍鍙戞尌鐨勫姛鑳姐備駭鏉冨姛鑳芥槸璧勬湰甯傚満鐨勬淳鐢熷姛鑳斤紝瀹冮氳繃瀵逛紒涓氱粡钀ユ満鍒剁殑鏀歸犮佷負浼佷笟鎻愪緵璧勯噾鋙嶉氥佷紶閫掍駭鏉冧氦鏄撲俊鎮鍜屾彁渚涗駭鏉冧腑浠嬫湇鍔¤屽湪浼佷笟浜ф潈閲嶇粍鐨勮繃紼嬩腑鍙戞尌鐫閲嶈佺殑浣滅敤銆備笂榪頒笁涓鏂歸潰鍏卞悓鏋勬垚璧勬湰甯傚満瀹屾暣鐨勫姛鑳戒綋緋匯傚傛灉緙哄皯涓鐜鑺傦紝璧勬湰甯傚満灝辨槸涓嶅畬鏁寸殑錛岀敋鑷蟲槸鎵鏇茬殑銆傝祫鏈甯傚満鐨勫姛鑳戒笉鏄浜轟負璧嬩簣鐨勶紝鑰屾槸璧勬湰甯傚満鏈韜鐨勫睘鎬т箣涓銆備粠鐞嗚轟笂璁ゆ竻璧勬湰甯傚満鐨勫姛鑳斤紝瀵逛簬鎴戜滑姝ｇ『瀵瑰緟璧勬湰甯傚満鍙戝睍涓鐨勯棶棰樸佹湁鏁堝埄鐢ㄨ祫鏈甯傚満鍏鋒湁閲嶈佺殑鐞嗚轟笌瀹炶返鎰忎箟銆傛湭瀹屽緟緇錛屾茬煡鍚庝簨濡備綍錛岃風櫥褰曟柊嫻鍘熷壋璁㈤槄鏇村氱珷鑺傘傛敮鎸佷綔鑰咃紝鏀鎸佹ｇ増銆
② 浠涔堟槸璧勬湰甯傚満
絳旓細璧勬湰甯傚満鍙堢О鈥滈暱鏈熻祫閲戝競鍦衡濓紝鏄閲戣瀺甯傚満鐨勯噸瑕佺粍鎴愰儴鍒嗐備綔涓轟笌璐у竵甯傚満鐩稿瑰簲鐨勭悊璁烘傚康錛岃祫鏈甯傚満閫氬父鏄鎸囩敱鏈熼檺鍦1騫翠互涓婄殑鍚勭嶈瀺璧勬椿鍔ㄧ粍鎴愮殑甯傚満錛岀敱浜庡湪闀挎湡閲戣瀺媧誨姩涓錛屾秹鍙婅祫閲戞湡闄愰暱銆侀庨櫓澶э紝鍏鋒湁闀挎湡杈冪ǔ瀹氭敹鍏ワ紝綾諱技浜庤祫鏈鎶曞叆錛屾晠縐頒箣涓鴻祫鏈甯傚満銆
鎵╁睍鍐呭癸細
涓 鍘熺悊
鏈璐ㄤ笂錛岃祫鏈灝辨槸璐㈠瘜錛岄氬父褰㈠紡鏄閲戦挶鎴栬呭疄鐗╄儲浜с傝祫鏈甯傚満涓婁富瑕佹湁涓ょ被浜猴細瀵繪壘璧勬湰鐨勪漢錛屼互鍙婃彁渚涜祫鏈鐨勪漢銆傚繪壘璧勬湰鐨勪漢閫氬父鏄宸ュ晢浼佷笟鍜屾斂搴滐紱鎻愪緵璧勬湰鐨勪漢鍒欐槸甯屾湜閫氳繃鍊熷嚭鎴栬呰喘涔拌祫浜ц繘鑰岀墴鍒╃殑浜恆
璧勬湰錛屽湪緇忔祹瀛︽剰涔変笂錛屾寚鐨勬槸鐢ㄤ簬鐢熶駭鐨勫熀鏈鐢熶駭瑕佺礌錛屽嵆璧勯噾銆佸巶鎴褲佽懼囥佹潗鏂欑瓑鐗╄川璧勬簮銆傚湪閲戣瀺瀛﹀拰浼氳￠嗗煙錛岃祫鏈閫氬父鐢ㄦ潵浠ｈ〃閲戣瀺璐㈠瘜錛岀壒鍒鏄鐢ㄤ簬緇忓晢銆佸叴鍔炰紒涓氱殑閲戣瀺璧勪駭銆傚箍涔変笂錛岃祫鏈涔熷彲浣滀負浜虹被鍒涢犵墿璐ㄥ拰綺劇炶儲瀵岀殑鍚勭嶇ぞ浼氱粡嫻庤祫婧愮殑鎬葷О銆
璧勬湰甯傚満鍙鏄甯傚満褰㈡佷箣涓銆傚競鍦虹敱鍗栨柟鍜屼拱鏂規瀯鎴愶紝鏈夋椂鍊欏湪鏈夊艦鐨勭┖闂撮噷錛屼緥濡傚啘璐稿競鍦烘垨鑰呭ぇ鍨嬪晢鍦猴紝鏈夋椂鍊欏湪鐢靛瓙鍖栫殑鐜澧冮噷銆傞噾鋙嶅競鍦哄氨鏄浜ゆ槗閲戣瀺浜у搧鐨勫競鍦恆備緥濡傦紝璐у竵甯傚満鏄緇欏悇鍥借揣甯佺『絝嬬浉浜掓瘮浠風殑錛屽競鍦哄弬涓庤呴氳繃浜ゆ槗鍚勭嶈揣甯佹弧瓚抽渶瑕佹垨鑰呰繘琛屾姇鏈恆傚悓鏍鳳紝鍟嗗搧鏈熻揣甯傚満鍜岃祫閲戝競鍦轟篃鏄涓轟簡婊¤凍鍙備笌涔板崠鐨勫弻鏂圭殑涓嶅悓閲戣瀺闇瑕併
浜 鐗圭偣
涓庤揣甯佸競鍦虹浉姣旓紝璧勬湰甯傚満鐗圭偣涓昏佹湁錛
1.鋙嶈祫鏈熼檺闀
鑷沖皯鍦1騫翠互涓婏紝涔熷彲浠ラ暱杈懼嚑鍗佸勾錛岀敋鑷蟲棤鍒版湡鏃ャ備緥濡傦細涓闀挎湡鍊哄埜鐨勬湡闄愰兘鍦1騫翠互涓婏紱鑲＄エ娌℃湁鍒版湡鏃ワ紝灞炰簬娌℃湁鍒版湡鏃ワ紝灞炰簬姘鎬箙鎬ц瘉鍒革紱灝侀棴寮忓熀閲戝瓨緇鏈熼檺涓鑸閮藉湪15-30騫淬
2.嫻佸姩鎬х浉瀵硅緝宸
鍦ㄨ祫鏈甯傚満涓婄歸泦鍒扮殑璧勯噾澶氱敤浜庤В鍐充腑闀挎湡鋙嶈祫闇奼傦紝鏁呮祦鍔ㄦу拰鍙樼幇鎬х浉瀵硅緝寮便
3.椋庨櫓澶ц屾敹鐩婅緝楂
鐢變簬鋙嶈祫鏈熼檺杈冮暱錛屽彂鐢熼噸澶у彉鏁呯殑鍙鑳芥т篃澶э紝甯傚満浠鋒牸瀹規槗娉㈠姩錛屾姇璧勮呴渶鎵垮彈杈冨ぇ椋庨櫓銆傚悓鏃訛紝浣滀負瀵歸庨櫓鐨勬姤閰錛屽叾鏀剁泭涔熻緝楂樸
鍦ㄨ祫鏈甯傚満涓婏紝璧勯噾渚涘簲鑰呬富瑕佹槸鍌ㄨ搫閾惰屻佷繚闄╁叕鍙搞佷俊鎵樻姇璧勫叕鍙稿強鍚勭嶅熀閲戝拰涓浜烘姇璧勮咃紱鑰岃祫閲戦渶奼傛柟涓昏佹槸浼佷笟銆佺ぞ浼氬洟浣撱佹斂搴滄満鏋勭瓑銆傚叾浜ゆ槗瀵硅薄涓昏佹槸涓闀挎湡淇＄敤宸ュ叿錛屽傝偂紲ㄣ佸哄埜絳夌瓑銆傝祫鏈甯傚満涓昏佸寘鎷涓闀挎湡淇¤捶甯傚満涓庤瘉鍒稿競鍦恆
4銆佽祫閲戝熻捶閲忓ぇ
5銆佷環鏍煎彉鍔ㄥ箙搴﹀ぇ
鍙傝冭祫鏂欙細鐧懼害鐧劇璧勬湰甯傚満
③ 浠涔堟槸璧勬湰甯傚満
浠涔堟槸璧勬湰甯傚満錛熻祫鏈甯傚満錛 鏄鎸囪繘琛屼腑闀挎湡璧勯噾鍊熻捶鋙嶉氭椿鍔ㄧ殑甯傚満, 鐢變簬瀹冪殑璧勯噾鏈熼暱銆侀庨櫓澶э紝綾諱技璧勬湰鎶曞叆錛屾墍浠ョО涔嬩負璧勬湰甯傚満銆傝祫鏈甯傚満鍙鏄鎻忚堪浜嗕竴縐嶅競鍦哄艦鎬侊紝瀹冪敱涔版柟鍜屽崠鏂規瀯鎴愶紝鐜板湪鏇村氭寚鐢靛瓙鍖栫殑浜ゆ槗鐜澧冿紝涔熷氨鏄閲戣瀺浜у搧鐨勪氦鏄撳競鍦猴紝渚嬪傦紝璐у竵甯傚満銆佽瘉鍒稿競鍦猴紝鑰岃瘉鍒稿競鍦烘槸鑲＄エ銆佸哄埜銆佹姇璧勫熀閲戠瓑鏈変環璇佸埜鍙戣屽拰浜ゆ槗鐨勫満鎵錛屾槸璧勬湰甯傚満鐨勪富瑕佷竴閮ㄥ垎鍜屽吀鍨嬬殑涓縐嶅艦鎬併
