本期推荐由清华大学公共管理学院副教授、CIDEG主任助理赵静，清华大学文科资深教授、苏世民书院院长、CIDEG学术委员会联席主席薛澜，清华大学公共金融、经济与治理中心研究员王宇哲联合发表的文章《旧瓶新酒：对 “2015年股灾”成因的公共政策过程解释》，以飨读者。

公共政策机制的合理设计和有效应用是现代国家治理能力的重要组成部分。随着中国深化改革的努力不断推进，行政化政策机制的适用性局限更为突显，而相应市场领域的政策机制也亟需调整，以匹配政策环境的变化。通过对资本市场政策过程的案例分析，本文对政策特征与政策机制的匹配问题进行了研究。本文指出“2015年股灾”的重要原因之一是：资本市场领域的政策特征没有在改革中得到足够关注，改革进程也延续了传统行政领域政策机制的运行逻辑，这导致政策执行偏差并诱发股灾。我们认为，未来资本市场改革的积极推进和风险防控依赖于合理使用与之匹配的政策机制，充分理解政策过程视角下的机制特征与过程特征是推动市场政策领域改革的重要前提。

关键词：公共政策过程，政策机制，政策属性，资本市场改革，股灾

Abstract

The proper design and effective application of public policy mechanism is an important part of modern state governance capabilities. As China's efforts to deepen reforms continue to advance, the policies and mechanism in the administrative face more and more prominent limitation of applicability, and that in the market areas needs to be adjusted to match the changes of the policy environment. Using case study and process tracing method, this article points out that one of the important reasons for the “2015 stock market shock” is that the policy characteristics of the capital market had not got sufficient attention in the reform, which continued the operating logic of the traditional administrative policy mechanism, leading to the policy implementation deviations and inducing huge stock market fluctuation. We believe that the active promotion of future capital market reforms, risk prevention and control depend on the proper application of suitable policy mechanisms, and a full understanding of the mechanism and process characteristics from the perspective of the policy process is an important prerequisite for promoting market policy reforms.

Article Type: Research paper

Keyword(s): Public policy process, policy mechanism, the nature of policy, reform of capital market, stock market shock.

全文阅读：

旧瓶新酒：对 “2015年股灾”成因的公共政策过程解释.pdf