“政策市”是我国股票市场的一个特色,政策对股市的走势有着强烈的影响。制度缺陷和政府角色的冲突是“政策市”的主要原因。“政策市”导致市场效率低下,增加了系统性风险,影响了股市的正常发展。加强政策制定的审慎性、矫正政府角色定位和完善市场体制都是治理“政策市”的良方。 “Policy Market ” is a feature of China’s stock market. Policies have a strong influence on the stock market. Conflicts between institutional defects and government roles are the main reasons for the “policy market.” “Policy market ” lead to inefficient market, increasing the systemic risk, affecting the normal development of the stock market. Strengthening the prudence of policy making, correcting the role of government and improving the market system are all good ways to govern “the policy market.”