Demolition and reconstruction mode urban renewal is a major approach for metropolis to release land potential, improve urban structure and function, and break development bottleneck. The paper compares the renewal models between Shenzhen and Beijing from multi-phase gaming viewpoint, and analyzes the pros and cons of the two models. It indicates market dominated Shenzhen renewal model is controllable in general and high efficient in practice, and sets up a self-improving system by sustainable and dynamic gaming, but with negative externality such as selection of projects, rise of compensation standards, and violation of planning regulations. Government dominated Beijing model is planning stability and funding balance oriented, and it ensures planning implementation and unified compensation standard, yet with problems of low coverage and weak sustainability. Finally the paper offers government and market collaborated urban renewal model suggestion.%拆除重建类城市更新是超大城市释放土地潜能、优化城市结构、提升城市功能及破解发展瓶颈的主要途径之一.文章首先从多阶段微观博弈视角总结比较了深圳和北京的更新改造模式,并对不同模式的利弊及所面临的困境进行了剖析;其次提出市场主导的深圳更新模式宏观可控、微观高效,有利于快速推进城市更新,并形成了持续推进、动态博弈的制度优化系统,但是存在"挑肥拣瘦"、拆赔标准抬升及突破规划刚性等负外部性不断累积的困境;而政府主导的北京改造模式以"规划稳定和资金平衡"为前提,能有效保证规划落地实施和统一的安置标准,但是面对巨量的更新需求存在更新覆盖不足、可持续性差等困境;最后给出政府与市场共同参与的城市更新模式的改进建议.
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