文章來源(yuan)：考(kao)核分配局 發(fa)布時間：2021-05-30
近日，國(guo)(guo)務院(yuan)(yuan)國(guo)(guo)資(zi)委發(fa)布了(le)《關(guan)于(yu)印發(fa)<中央企(qi)業控股(gu)上市公司(si)實施(shi)股(gu)權激勵工作指(zhi)(zhi)引(yin)>的通知(zhi)》（國(guo)(guo)資(zi)考分〔2020〕178號(hao)，以下簡(jian)稱《指(zhi)(zhi)引(yin)》）。《指(zhi)(zhi)引(yin)》出(chu)臺后，國(guo)(guo)務院(yuan)(yuan)國(guo)(guo)資(zi)委有關(guan)負(fu)責人接受(shou)了(le)記者采訪。
問：請介紹一下出臺《指引》的背景。
答(da)：黨(dang)的(de)(de)十八(ba)屆三中(zhong)(zhong)(zhong)全會以來(lai)，國(guo)(guo)資委(wei)以習近平新時代中(zhong)(zhong)(zhong)國(guo)(guo)特色社(she)會主義思想為指導，認真貫(guan)徹落(luo)實(shi)(shi)黨(dang)中(zhong)(zhong)(zhong)央(yang)、國(guo)(guo)務(wu)(wu)院各項(xiang)決策部署，扎(zha)實(shi)(shi)推(tui)進(jin)國(guo)(guo)有(you)企(qi)業(ye)(ye)改革(ge)各項(xiang)工(gong)(gong)作(zuo)。目前(qian)國(guo)(guo)有(you)企(qi)業(ye)(ye)改革(ge)的(de)(de)“1+N”文件(jian)體系已經基本定(ding)型，當前(qian)制(zhi)(zhi)定(ding)政策的(de)(de)重(zhong)點(dian)是(shi)(shi)(shi)具體的(de)(de)操作(zuo)規程。就(jiu)中(zhong)(zhong)(zhong)央(yang)企(qi)業(ye)(ye)控(kong)(kong)(kong)(kong)股(gu)(gu)(gu)上(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)股(gu)(gu)(gu)權(quan)激(ji)(ji)勵(li)(li)工(gong)(gong)作(zuo)而言(yan)，國(guo)(guo)資委(wei)成(cheng)立以來(lai)，根據黨(dang)中(zhong)(zhong)(zhong)央(yang)、國(guo)(guo)務(wu)(wu)院確(que)立的(de)(de)生產(chan)要(yao)素按(an)(an)貢獻參與分配(pei)的(de)(de)原則(ze)，從適應資本市場發(fa)展和(he)企(qi)業(ye)(ye)改制(zhi)(zhi)上(shang)(shang)(shang)(shang)市的(de)(de)需要(yao)出(chu)發(fa)，按(an)(an)照履行出(chu)資人職責(ze)的(de)(de)要(yao)求，積(ji)極探(tan)索(suo)國(guo)(guo)有(you)控(kong)(kong)(kong)(kong)股(gu)(gu)(gu)上(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)實(shi)(shi)施(shi)(shi)股(gu)(gu)(gu)權(quan)激(ji)(ji)勵(li)(li)的(de)(de)有(you)效(xiao)機(ji)制(zhi)(zhi)，在實(shi)(shi)踐中(zhong)(zhong)(zhong)不斷完善(shan)辦法，尤其是(shi)(shi)(shi)2019年(nian)國(guo)(guo)資委(wei)制(zhi)(zhi)定(ding)出(chu)臺(tai)《關(guan)于(yu)進(jin)一(yi)步做好中(zhong)(zhong)(zhong)央(yang)企(qi)業(ye)(ye)控(kong)(kong)(kong)(kong)股(gu)(gu)(gu)上(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)股(gu)(gu)(gu)權(quan)激(ji)(ji)勵(li)(li)工(gong)(gong)作(zuo)有(you)關(guan)事項(xiang)的(de)(de)通知》（國(guo)(guo)資發(fa)考(kao)分規〔2019〕102號），標(biao)志著中(zhong)(zhong)(zhong)央(yang)企(qi)業(ye)(ye)控(kong)(kong)(kong)(kong)股(gu)(gu)(gu)上(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)實(shi)(shi)施(shi)(shi)股(gu)(gu)(gu)權(quan)激(ji)(ji)勵(li)(li)的(de)(de)政策體系已經基本定(ding)型。當前(qian)的(de)(de)重(zhong)點(dian)任務(wu)(wu)是(shi)(shi)(shi)把工(gong)(gong)作(zuo)著力點(dian)從夯基壘臺(tai)、立梁(liang)架柱轉(zhuan)到系統集成(cheng)、協同高(gao)效(xiao)、落(luo)實(shi)(shi)落(luo)地上(shang)(shang)(shang)(shang)來(lai)，推(tui)動(dong)這項(xiang)制(zhi)(zhi)度更(geng)加成(cheng)熟更(geng)加定(ding)型。出(chu)臺(tai)《指引》就(jiu)是(shi)(shi)(shi)把國(guo)(guo)有(you)控(kong)(kong)(kong)(kong)股(gu)(gu)(gu)上(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)實(shi)(shi)施(shi)(shi)股(gu)(gu)(gu)權(quan)激(ji)(ji)勵(li)(li)的(de)(de)相關(guan)政策規定(ding)和(he)前(qian)期中(zhong)(zhong)(zhong)央(yang)企(qi)業(ye)(ye)開(kai)展此項(xiang)工(gong)(gong)作(zuo)的(de)(de)實(shi)(shi)踐經驗進(jin)行了(le)匯總(zong)梳理，著力從微觀操作(zuo)層面細化(hua)對中(zhong)(zhong)(zhong)央(yang)企(qi)業(ye)(ye)的(de)(de)工(gong)(gong)作(zuo)指導，進(jin)而推(tui)動(dong)中(zhong)(zhong)(zhong)央(yang)企(qi)業(ye)(ye)擴大控(kong)(kong)(kong)(kong)股(gu)(gu)(gu)上(shang)(shang)(shang)(shang)市公(gong)(gong)司(si)實(shi)(shi)施(shi)(shi)股(gu)(gu)(gu)權(quan)激(ji)(ji)勵(li)(li)的(de)(de)覆(fu)蓋(gai)面，構建科學、規范的(de)(de)中(zhong)(zhong)(zhong)長期激(ji)(ji)勵(li)(li)機(ji)制(zhi)(zhi)，推(tui)動(dong)企(qi)業(ye)(ye)高(gao)質量發(fa)展。
問：《指引》具體包含哪些方面內容？
答(da)：《指引(yin)》共九十七條，近兩(liang)萬字，根據中(zhong)央企(qi)業(ye)(ye)控股(gu)(gu)(gu)上(shang)(shang)市(shi)公(gong)司(si)實(shi)(shi)施(shi)股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)的(de)(de)(de)各方面政策(ce)規(gui)(gui)定(ding)，從(cong)股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)計劃(hua)的(de)(de)(de)內容要(yao)點(dian)、考(kao)核(he)體系、管(guan)(guan)理(li)(li)(li)(li)辦法和(he)實(shi)(shi)施(shi)程序等(deng)方面，進行(xing)了政策(ce)梳理(li)(li)(li)(li)、系統集成，對上(shang)(shang)市(shi)公(gong)司(si)股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)實(shi)(shi)踐規(gui)(gui)范逐(zhu)一明確(que)(que)闡釋。一是(shi)重(zhong)點(dian)介(jie)紹(shao)實(shi)(shi)施(shi)股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)的(de)(de)(de)政策(ce)依(yi)據、適用范圍(wei)，實(shi)(shi)施(shi)股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)的(de)(de)(de)條件、原則及相關要(yao)求。二是(shi)對股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)計劃(hua)中(zhong)的(de)(de)(de)激(ji)(ji)勵(li)(li)方式、激(ji)(ji)勵(li)(li)對象(xiang)范圍(wei)、權(quan)(quan)益授予(yu)數量(liang)、授予(yu)價格、時間安排、激(ji)(ji)勵(li)(li)收益等(deng)的(de)(de)(de)內涵(han)要(yao)義、政策(ce)規(gui)(gui)定(ding)、操作規(gui)(gui)范進行(xing)詳細闡釋。三是(shi)從(cong)強化公(gong)司(si)業(ye)(ye)績考(kao)核(he)、健全激(ji)(ji)勵(li)(li)對象(xiang)績效考(kao)核(he)評價、科創(chuang)板(ban)上(shang)(shang)市(shi)公(gong)司(si)實(shi)(shi)施(shi)股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)的(de)(de)(de)考(kao)核(he)等(deng)方面明確(que)(que)出資(zi)人(ren)的(de)(de)(de)導向和(he)要(yao)求，引(yin)導企(qi)業(ye)(ye)注重(zhong)價值提升(sheng)，實(shi)(shi)現(xian)高質量(liang)發展(zhan)。四是(shi)將(jiang)規(gui)(gui)范股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)管(guan)(guan)理(li)(li)(li)(li)辦法、責(ze)任追究與(yu)特殊情形處理(li)(li)(li)(li)、財務(wu)處理(li)(li)(li)(li)和(he)稅收規(gui)(gui)定(ding)等(deng)方面的(de)(de)(de)要(yao)求和(he)規(gui)(gui)定(ding)進行(xing)了梳理(li)(li)(li)(li)明確(que)(que)。五是(shi)歸納各級國(guo)有(you)股(gu)(gu)(gu)東的(de)(de)(de)職責(ze)，對股(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)計劃(hua)的(de)(de)(de)決策(ce)、申報、實(shi)(shi)施(shi)、終止等(deng)程序事(shi)項予(yu)以梳理(li)(li)(li)(li)，并重(zhong)申監督(du)管(guan)(guan)理(li)(li)(li)(li)、信息(xi)披露(lu)等(deng)要(yao)求。
問：《指引》在政策要求上有什么新特點？
答：《指(zhi)引》主要(yao)有(you)三(san)個方(fang)面(mian)(mian)的(de)(de)特點：一是政策(ce)上保持(chi)銜接(jie)(jie)一致。《指(zhi)引》是在(zai)證券(quan)監管(guan)部門相關規定框架下制(zhi)定的(de)(de)，與國資(zi)委此前出臺的(de)(de)國有(you)控股上市公(gong)司(si)實(shi)施(shi)股權激(ji)(ji)勵的(de)(de)政策(ce)規定也是銜接(jie)(jie)一致的(de)(de)，這次提出的(de)(de)都是具(ju)體(ti)(ti)操(cao)作上的(de)(de)細化(hua)規程。二是清晰界定責任與程序(xu)。國資(zi)委落(luo)(luo)實(shi)以管(guan)資(zi)本為主職(zhi)能(neng)轉(zhuan)變要(yao)求，股權激(ji)(ji)勵具(ju)體(ti)(ti)實(shi)施(shi)方(fang)案的(de)(de)審核責任在(zai)中(zhong)(zhong)央企(qi)業(ye)集團公(gong)司(si)，《指(zhi)引》通過細化(hua)完善操(cao)作層(ceng)面(mian)(mian)的(de)(de)指(zhi)導，幫助中(zhong)(zhong)央企(qi)業(ye)更(geng)好(hao)地(di)擔負(fu)起股權激(ji)(ji)勵主體(ti)(ti)責任，保障該(gai)項工作職(zhi)責中(zhong)(zhong)央企(qi)業(ye)接(jie)(jie)得住(zhu)、管(guan)得好(hao)、落(luo)(luo)得實(shi)。三(san)是重點回答了操(cao)作問題。此前我(wo)們出臺的(de)(de)股權激(ji)(ji)勵相關政策(ce)是框架性(xing)、原則性(xing)的(de)(de)，中(zhong)(zhong)央企(qi)業(ye)在(zai)實(shi)施(shi)中(zhong)(zhong)遇(yu)到了一些具(ju)體(ti)(ti)情況，《指(zhi)引》在(zai)總結經(jing)驗(yan)的(de)(de)基礎上，明(ming)確了可操(cao)作的(de)(de)方(fang)法，在(zai)政策(ce)框架內(nei)給予闡釋(shi)和(he)細化(hua)，有(you)針對(dui)性(xing)地(di)幫助企(qi)業(ye)在(zai)具(ju)體(ti)(ti)實(shi)踐操(cao)作上與政策(ce)規定良好(hao)對(dui)接(jie)(jie)。
問：近些年中央企業控股上市公司實施股權激勵有哪些值得總結和提煉的有效經驗？
答：國資委和(he)中央企(qi)(qi)業(ye)(ye)在上市(shi)公(gong)司股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)實(shi)(shi)(shi)(shi)(shi)(shi)踐方面(mian)共同(tong)(tong)(tong)努力、積極(ji)探索，結合(he)國有(you)(you)(you)企(qi)(qi)業(ye)(ye)實(shi)(shi)(shi)(shi)(shi)(shi)際(ji)情況(kuang)(kuang)和(he)境(jing)內(nei)外市(shi)場實(shi)(shi)(shi)(shi)(shi)(shi)踐經驗，逐步(bu)形成了出資人指(zhi)導下的(de)適合(he)中國國企(qi)(qi)特點(dian)的(de)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)機制(zhi)(zhi)，有(you)(you)(you)效(xiao)(xiao)發揮了股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)作(zuo)為(wei)市(shi)場化長(chang)期激(ji)(ji)勵(li)(li)(li)(li)(li)工(gong)具的(de)積極(ji)作(zuo)用，一(yi)些好(hao)(hao)(hao)的(de)做法已逐漸被(bei)市(shi)場普遍采納。概括起(qi)來，中央企(qi)(qi)業(ye)(ye)控股(gu)(gu)(gu)(gu)(gu)上市(shi)公(gong)司實(shi)(shi)(shi)(shi)(shi)(shi)施(shi)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)主要(yao)有(you)(you)(you)五(wu)(wu)(wu)方面(mian)好(hao)(hao)(hao)的(de)做法：一(yi)是(shi)(shi)(shi)激(ji)(ji)勵(li)(li)(li)(li)(li)實(shi)(shi)(shi)(shi)(shi)(shi)施(shi)與(yu)(yu)績(ji)(ji)效(xiao)(xiao)考(kao)核(he)(he)(he)相同(tong)(tong)(tong)步(bu)，要(yao)求企(qi)(qi)業(ye)(ye)健全(quan)績(ji)(ji)效(xiao)(xiao)考(kao)核(he)(he)(he)體(ti)(ti)系，股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)的(de)實(shi)(shi)(shi)(shi)(shi)(shi)施(shi)要(yao)與(yu)(yu)公(gong)司業(ye)(ye)績(ji)(ji)與(yu)(yu)激(ji)(ji)勵(li)(li)(li)(li)(li)對(dui)象個人績(ji)(ji)效(xiao)(xiao)考(kao)核(he)(he)(he)相掛鉤，考(kao)核(he)(he)(he)目(mu)標要(yao)有(you)(you)(you)利于促(cu)進(jin)企(qi)(qi)業(ye)(ye)提(ti)(ti)高價值創造水平(ping)(ping)，實(shi)(shi)(shi)(shi)(shi)(shi)現(xian)持(chi)續(xu)健康發展(zhan)(zhan)。二(er)是(shi)(shi)(shi)授予(yu)數量與(yu)(yu)薪(xin)(xin)酬(chou)水平(ping)(ping)相關聯，參照國際(ji)慣例及市(shi)場實(shi)(shi)(shi)(shi)(shi)(shi)踐，統(tong)(tong)籌薪(xin)(xin)酬(chou)結構與(yu)(yu)薪(xin)(xin)酬(chou)水平(ping)(ping)，股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)授予(yu)價值控制(zhi)(zhi)在薪(xin)(xin)酬(chou)總水平(ping)(ping)的(de)40%以(yi)內(nei)，實(shi)(shi)(shi)(shi)(shi)(shi)現(xian)平(ping)(ping)穩(wen)規范(fan)起(qi)步(bu)，但對(dui)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)行權(quan)(quan)收益(yi)不再進(jin)行控制(zhi)(zhi)。三是(shi)(shi)(shi)激(ji)(ji)勵(li)(li)(li)(li)(li)方式與(yu)(yu)公(gong)司特點(dian)相匹配，指(zhi)導上市(shi)公(gong)司根據(ju)所(suo)處行業(ye)(ye)、發展(zhan)(zhan)階段(duan)等(deng)特點(dian)，科學選擇(ze)激(ji)(ji)勵(li)(li)(li)(li)(li)工(gong)具，并(bing)可以(yi)結合(he)市(shi)場情況(kuang)(kuang)探索創新激(ji)(ji)勵(li)(li)(li)(li)(li)方式。四是(shi)(shi)(shi)行權(quan)(quan)安排與(yu)(yu)激(ji)(ji)勵(li)(li)(li)(li)(li)約束相統(tong)(tong)籌，引導企(qi)(qi)業(ye)(ye)分期實(shi)(shi)(shi)(shi)(shi)(shi)施(shi)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)，權(quan)(quan)益(yi)授予(yu)后(hou)至少(shao)鎖定兩(liang)年，解鎖后(hou)在不低于三年內(nei)分批(pi)生效(xiao)(xiao)，體(ti)(ti)現(xian)長(chang)效(xiao)(xiao)激(ji)(ji)勵(li)(li)(li)(li)(li)約束。五(wu)(wu)(wu)是(shi)(shi)(shi)公(gong)司治(zhi)理(li)與(yu)(yu)管(guan)理(li)提(ti)(ti)升相協同(tong)(tong)(tong)，推動企(qi)(qi)業(ye)(ye)持(chi)續(xu)完(wan)善公(gong)司治(zhi)理(li)，不斷健全(quan)經營管(guan)理(li)、績(ji)(ji)效(xiao)(xiao)考(kao)核(he)(he)(he)、勞動用工(gong)和(he)收入分配等(deng)企(qi)(qi)業(ye)(ye)基(ji)礎管(guan)理(li)制(zhi)(zhi)度。在《指(zhi)引》的(de)制(zhi)(zhi)訂過程中，我們對(dui)上述五(wu)(wu)(wu)方面(mian)股(gu)(gu)(gu)(gu)(gu)權(quan)(quan)激(ji)(ji)勵(li)(li)(li)(li)(li)實(shi)(shi)(shi)(shi)(shi)(shi)踐經驗進(jin)行了系統(tong)(tong)提(ti)(ti)煉(lian)，作(zuo)為(wei)操作(zuo)指(zhi)引幫助企(qi)(qi)業(ye)(ye)更(geng)加科學高效(xiao)(xiao)地開展(zhan)(zhan)好(hao)(hao)(hao)這(zhe)項工(gong)作(zuo)。
問：下一步，中央企業控股上市公司實施股權激勵工作將有什么考慮？
答(da)：黨的(de)(de)十(shi)九屆四中(zhong)(zhong)(zhong)(zhong)全會明確提出，要健全生產要素(su)由(you)市場評(ping)價(jia)貢獻、按貢獻決定(ding)報酬的(de)(de)機制。中(zhong)(zhong)(zhong)(zhong)共中(zhong)(zhong)(zhong)(zhong)央(yang)、國(guo)(guo)務院近期(qi)印發(fa)的(de)(de)《關于構建更加(jia)完善的(de)(de)要素(su)市場化配(pei)置體(ti)制機制的(de)(de)意見》也指(zhi)出，要全面貫徹落實以增(zeng)加(jia)知(zhi)識價(jia)值(zhi)為導向(xiang)的(de)(de)收入分(fen)配(pei)政策，充(chong)(chong)分(fen)尊(zun)重(zhong)科(ke)(ke)研、技術(shu)、管理人才(cai)，充(chong)(chong)分(fen)體(ti)現(xian)(xian)技術(shu)、知(zhi)識、管理、數據等要素(su)的(de)(de)價(jia)值(zhi)。國(guo)(guo)資委(wei)(wei)將指(zhi)導中(zhong)(zhong)(zhong)(zhong)央(yang)企(qi)(qi)業(ye)貫徹落實好黨中(zhong)(zhong)(zhong)(zhong)央(yang)、國(guo)(guo)務院決策部署，把推(tui)動(dong)中(zhong)(zhong)(zhong)(zhong)央(yang)企(qi)(qi)業(ye)控(kong)(kong)(kong)股(gu)(gu)上市公(gong)(gong)司(si)規(gui)范(fan)開(kai)展(zhan)股(gu)(gu)權(quan)(quan)(quan)激(ji)勵(li)(li)作(zuo)為重(zhong)要舉措。應當(dang)說，黨的(de)(de)十(shi)九大以來(lai)，中(zhong)(zhong)(zhong)(zhong)央(yang)企(qi)(qi)業(ye)控(kong)(kong)(kong)股(gu)(gu)上市公(gong)(gong)司(si)實施(shi)股(gu)(gu)權(quan)(quan)(quan)激(ji)勵(li)(li)的(de)(de)數量快(kuai)速增(zeng)長，目前已有53家(jia)中(zhong)(zhong)(zhong)(zhong)央(yang)企(qi)(qi)業(ye)控(kong)(kong)(kong)股(gu)(gu)的(de)(de)119家(jia)上市公(gong)(gong)司(si)有效實施(shi)了(le)(le)股(gu)(gu)權(quan)(quan)(quan)激(ji)勵(li)(li)，取(qu)得(de)了(le)(le)明顯進展(zhan)，但(dan)總體(ti)上中(zhong)(zhong)(zhong)(zhong)央(yang)企(qi)(qi)業(ye)控(kong)(kong)(kong)股(gu)(gu)境(jing)內外上市公(gong)(gong)司(si)只有不到30%實施(shi)了(le)(le)股(gu)(gu)權(quan)(quan)(quan)激(ji)勵(li)(li)，覆(fu)蓋(gai)(gai)面還有待提高(gao)。《指(zhi)引》印發(fa)后(hou)，國(guo)(guo)資委(wei)(wei)將指(zhi)導中(zhong)(zhong)(zhong)(zhong)央(yang)企(qi)(qi)業(ye)積極履行主體(ti)責(ze)任，推(tui)動(dong)符(fu)合條件的(de)(de)控(kong)(kong)(kong)股(gu)(gu)上市公(gong)(gong)司(si)科(ke)(ke)學高(gao)效規(gui)范(fan)地開(kai)展(zhan)股(gu)(gu)權(quan)(quan)(quan)激(ji)勵(li)(li)工作(zuo)，加(jia)快(kuai)建立健全覆(fu)蓋(gai)(gai)企(qi)(qi)業(ye)經營管理骨干和(he)核心科(ke)(ke)研技術(shu)人才(cai)的(de)(de)正(zheng)向(xiang)激(ji)勵(li)(li)機制，充(chong)(chong)分(fen)調動(dong)各類人員積極性和(he)創(chuang)造性，推(tui)動(dong)企(qi)(qi)業(ye)實現(xian)(xian)高(gao)質量發(fa)展(zhan)。