中国资本市场交易税优化研究——基于人工股票市场视角  

Research on the Optimization of Transaction Tax in China's Capital Market:Based on the Perspective of Artificial Stock Market

作　　者：熊熊[1,2] 周融天 王一博 林兟 Xiong Xiong;Zhou Rongtian;Wang Yibo;Lin Shen(College of Management and Economics,Tianjin University,Tianjin 300072,China;Laboratory of Computation and Analytics of Complex Management Systems(CACMS),Tianjin University,Tianjin 300072,China)

机构地区：[1]天津大学管理与经济学部,天津300072 [2]天津大学复杂管理系统实验室,天津300072

出　　处：《中国管理科学》2025年第1期356-368,共13页Chinese Journal of Management Science

基　　金：国家自然科学基金项目(72141304,72001149);科技部重点研发项目(2022YFC3303304)。

摘　　要：本文旨在研究A股市场交易税的优化方案,探讨在印花税税率降低的基础上,是否以及如何对资本利得进行课税,以期提升市场活跃度并保障税收收入。为此,本文构建了一个模拟A股市场微观结构和交易行为特征的人工股票市场,并开展了交易税优化实验,对比了三种方案:最近一次调降前的0.1%固定印花税、目前实行的印花税减半政策,以及在印花税减半基础上实施按持仓时长划分的累进式差异化资本利得税。研究结果表明,与前两种方案相比,第三种方案能够有效提升市场成交量,同时不会降低市场税收总额。因此,为兼顾市场活跃性和税收收入,本文建议在A股市场开展征收资本利得税,并进一步降低或免征印花税率的试点工作。The taxation in the securities market is an important source of fiscal revenue in China. In recent years, the market has continued to be sluggish, and the stamp duty has been reduced repeatedly. Although this can boost market confidence in the short term, it has a significant impact on the total tax revenue. Therefore, whether to reform the transaction tax, how to tax capital gains on the basis of the current reduction in stamp duty, and what market impact the tax reform will have are important issues that the regulatory authorities are concerned about. In this context, an experimental study is conducted on the optimization of transaction taxes by constructing an artificial stock market with the microstructure and trading behavior characteristics of the A-share market. The specific experimental scenarios are as follows:(1)Uniform stamp duty rate experiment. This experiment replicates the current real-market situation of a fixed stamp duty rate and serves as the baseline experiment for the study. Only when this baseline model accurately represents the main features of the stock market, can the subsequent experiments have some persuasiveness.(2)Differential stamp duty rate experiment.In this experiment, the stamp duty rate is adjusted from a uniform mode to a differentiated mode based on the holding period to explore the impact of stamp duty rate adjustments on investor trading and market tax revenue.The stamp duty rate is set as a progressive differential mode based on the holding period, making the trading cost lower for investors with longer holding periods, encouraging long-term investment, and discouraging shortterm speculative trading.(3)Capital gains tax and reduced stamp duty experiment. Building on the differentiated stamp duty, this experiment further reduces the stamp duty rate and introduces capital gains tax to explore the impact of a progressive stamp duty reduction and the introduction of capital gains tax on investor trading and market tax revenue. Lowering the stamp duty rate will further reduce tr

关 键 词：资本利得税 印花税 人工股票市场 

分 类 号：C93[经济管理—管理学] F830.91