如何进一步防范和化解股市危机成为当前加快金融改革和促进金融稳定的重要议题。笔者认为,需要按照金融的内在逻辑,即“认知和适应宏观经济形势→变革资本市场基本制度(完善金融监管体制→重塑微观机制)→推动市场理性发展”的逻辑,对股市泡沫和股市危机发生的深层原因进行分析,并提出相应的政策建议。 How to further prevent and resolve the stock market crisis has become an important issue for accelerating financial reform and promoting financial stability. The author believes that it is necessary to follow the logic of finance, that is, “the logic of cognition and adaptation to the macroeconomic situation → the reform of the basic system of the capital market (perfect the financial regulatory system → remodeling the micro mechanism) → promote the rational development of the market” And the underlying causes of the stock market crisis, and put forward corresponding policy recommendations.