证券交易税对证券市场的影响分析——国际经验研究  

The Impact of Securities Transaction Tax on the Securities Market: A Study of International Experience

作　　者：王雅楠 邹冬 

机构地区：[1]东北财经大学财政税务学院,辽宁大连116025 [2]深圳证券交易所,广东深圳518038

出　　处：《证券市场导报》2019年第3期43-48,70,共7页Securities Market Herald

摘　　要：在证券市场中,证券交易税是一种重要的调控方式,然而,长期以来,证券交易税对证券市场的影响在学界和业界存在着争论。综合来看,证券交易税对证券市场既有正面的结构效应也有负面的流动性效应。因此,合理发挥证券交易税的调控作用,健全证券市场调控机制,需要综合考虑这两种效应。本文通过对全球主要国家和地区证券交易税的发展历程进行梳理,探究证券交易税对证券市场的作用机制,以2012年法国重新征收证券交易税事件为研究对象,实证检验征税对市场流动性和波动的影响,并在此基础上结合我国证券交易税的现状、特点和发展趋势,提出相应的政策建议。In the securities market, the securities transaction tax (STT) is an important regulation tool. However, the impact of the STT on the securities market has been controversial. In fact, the STT has both positive composition effect and negative liquidity effect on the securities market. Therefore, how to properly adjust the STT and improve the securities market regulation mechanism requires a comprehensive consideration of these two effects. By analyzing the development of STT of the main global markets, this paper aims to explore the impact mechanism of the STT on the securities market. By examining the introduction of STT on the purchase of French equities on August 1, 2012, this paper also empirically tests how taxation affects the market liquidity and volatility by using a difference-in-differences framework.

关 键 词：证券交易税 流动性效应 结构效应 噪声交易 

分 类 号：F831.5[经济管理—金融学]