证券交易税对股票市场发展的影响——基于中国股票市场的实证研究

The Effect of Securities Transaction Taxes on the Development of the Stock Market:An Empirical Study Based on China's Stock Markets

以中国股票市场印花税7次调整前后的数据为样本,运用事件研究法与两独立样本T检验法可以检验证券交易税对股票市场发展的影响。研究发现:仅靠证券交易税调整很难对股市规模起到预期的调节效果;证券交易税调整对股市流动性能起到较好的政策效果;中国股市流动性太高,为了抑制泡沫,应该制定较高的证券交易税税率。

The data of the adjust of the stamp duty on China＇s stock markets for seven times are sample.The effect of securities transaction taxes on the development of the stock market is found.Event study method and two independent-samples T-test method are used.It is difficult to adjust the size of the stock markets only through securities transaction taxes.Securities transaction tax adjustments have good effects on the liquidity of the stock markets.China＇s stock market liquidity is too high and we should set a high rate of securities transaction tax to inhibit the bubbles.