Policy Implementation And Stakeholders' Action Tactics

The article narrows down its focus on Chinese stock market and lays its foundation on a basic cognition that Chinese stock market is not the barometer of Chinese economy.It interprets the intrinsic logic in development of Chinese stock market by discovering how stakeholders as the subjects of game players participate,negotiate,interact and utilize tactics during the implementation of major policies;and moreover how this process influences the result of policy implementation.The qualitative methodology of case study is mainly applied in the analysis of inefficient function of Chinese stock market as barometer,which is also an endeavor to bring Sociological perspective and methodology back into economic issues.The theoretical framework is originated from organizational decision analysis theory in French school.The theory,being subjective to action theory,conducts ratiocination through the tool of case study which is the exact qualitative methodology applied in this article.Not only do the concepts and framework of the theory provide with a powerful analytic kit in the study of policy implementation,but also it inspires theoretical localization in analyzing Chinese stock market.According to academic requirements,the article begins with introduction and literature review,and it is followed by the main body from the chapter 3 to 6,discussing policy implementation,interaction among stakeholders and the structure of action.It is notable that policy-making processes in Chinese stock market is also sorted and interpreted through cases in Chapter 3,4 and 5 in order to supplement with essential background context for understanding stakeholders' action tactics as well as interactions between different roles from policy-makers t policy-actors afterwards.General interpretation of stock market is systematic and mature in sociology;however,detailed case study in security industry is still new,which increases difficulties for the completion of this paper.The article spotlights Chinese security market as an inspiring case and researched specific policies in three phases according to the development of local security market.The object of research is stakeholders which echo the concept of actors in classical theories and are specified into investors,listed companies and supervision departments in different analytic contexts.When it comes to the analytic framework,it is guided by the organizational decision theory and clarifies the following main content-response and interaction of stakeholders,'uncertainty' in the process of policy implementation,and 'game rules' in IPO registration.The introduction of organizational decision theory is due to the concern on neglect of subjectivity and dynamic power relationship in constructing interaction between subjects with the traditional perspective of policy implementation studies,although these researches also benefit the article,for example,by indicating a dynamic view on process.Based on the detailed case study,the article concludes that intrinsic logic in development of Chinese stock market is not continuous,is sometimes disrupted or even contradicted with the unique perspective of gaming and interaction among stakeholders in responding to relevant policies.In another word,the marketzation of Chinese stock market is manipulated and restricted by a series of non-marketing factors,which suggests that structural problem in both stock market and entity economy obstructs the possible forecasting of Chinese stock market as barometer.The failure in synchronous logic in local security market differentiates itself from global benchmarking ones,and therefore the article attempts to accelerate normalization process of Chinese stock market.A major contribution expected from this article is to demonstrate 'empirical systems of actors' in which the stock market is actually engaged,which is traced back to Michel Crozier and Erhard Freidberg and their masterpieces on organized action,especially to their inference starting from 'the process through which the strategic interactions among a set of actors placed in a given filed of action...' to 'The economic concept of market is also an empirical systems of actors'.Meanwhile,this work generates practical insights and methodology generalized as 'from action tactics to empirical systems of actors' to explain further concerns raised by policy implementation and action tactics in stock market with the reference of concept'social controlling tools' in specific action system theory,and eventually it targets at creating positive influence in facilitating balanced development of Chinese stock market.