论文部分内容阅读
证券交易印花税对证券市场资源配置效率的影响一直是理论界争论的热点问题.综合证券市场资源配置的三个主要方面:流动性、波动性和有效性,通过印花税对这三方面影响的实证检验,来全面清晰的反应印花税在我国证券市场中所起到的作用.实证结果表明:征收证券交易印花税,对我国证券市场的流动性影响有限,但是会增加市场有效性;上调印花税率会增加证券市场的波动性,下调对波动性影响有限.
The impact of securities stamp duty on the efficiency of resource allocation in the securities market has been a hot issue in the debate of the theory circle.Through the three main aspects of resource allocation in the securities market: liquidity, volatility and effectiveness, the empirical test of the impact of stamp duty on these three aspects , To fully and clearly reflect the role of stamp duty in China’s securities market.The empirical results show that the stamp duty on securities transactions imposes limited impact on the liquidity of the securities market in our country but it will increase the market effectiveness and the increase of stamp duty will increase the securities Market volatility, the downward impact on volatility is limited.