战后日本证券税制沿革及其评价

The Evolution and the Evaluation of the Securities and Tax System in Post-war Japan

日本证券税制涉及到证券流转税、证券所得税、证券利得税和证券遗赠税各个方面。战后初期基于鼓励储蓄和投资的政策目标,制定了证券所得税体系。20世纪80年代以来出台了系列改革措施,意在改革优惠的政策体系。而改革的结果却使证券体系更加复杂、租税特别措施下的优惠税制依旧。从证券税制改革的效果看,尽管税制改革影响了个人投资者的行为选择,但没有发现税制改革与股价变动之间的关系,说明证券税制在调节股价波动方面的作用是有限的。

Japan＇s securities and tax system involves the securities turnover tax, securities income tax, profits tax and securities inheritance tax. In the early postwar period, in order to encourage savings and investment, Japan designed the securities income tax system. Since the 1980s, Japan introduced a series of reform measures to have a preferential policy system. The results of the reform made the securities system more complex, and the preferential tax system remained with the special measures. From the aspect of the effect of the securities and tax reform, despite the impact of tax reform on the individual investors, but no relation is found between tax reform and the change of stock prices, which indicates that the securities and tax system has a limited effect on regulating the price change.