本文選題：證券交易印花稅 + 對(duì)股價(jià)的影響��； 參考：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文

【摘要】：在我國(guó)改革開(kāi)放不斷深化、市場(chǎng)經(jīng)濟(jì)體制不斷完善的大背景下,我國(guó)證券市場(chǎng)逐漸發(fā)展與壯大,證券交易運(yùn)行機(jī)制也逐漸規(guī)范。當(dāng)然,由于我國(guó)證券市場(chǎng)發(fā)展的相對(duì)較晚,證券市場(chǎng)還不成熟,證券市場(chǎng)上存在投機(jī)行為、“羊群效應(yīng)”等。證券交易印花稅作為調(diào)節(jié)證券市場(chǎng)的工具之一,近年來(lái)其隨著證券市場(chǎng)的變化而做出了調(diào)整。證券交易印花稅由雙邊征收改為單邊征收,其稅率隨著證券市場(chǎng)的變化進(jìn)行了多次調(diào)整,以促進(jìn)證券市場(chǎng)健康穩(wěn)定的發(fā)展。但證券交易印花稅率的調(diào)整在社會(huì)上存在爭(zhēng)議,一部分人認(rèn)為稅率調(diào)整很難發(fā)揮作用,而一部分人卻認(rèn)為證券交易印花稅能發(fā)揮調(diào)節(jié)證券市場(chǎng)的作用�；诖�,本文根據(jù)近年來(lái)證券交易印花稅稅率調(diào)整,實(shí)證檢驗(yàn)證券交易印花稅對(duì)股票價(jià)格的影響,以判斷其對(duì)股票市場(chǎng)的調(diào)節(jié)作用。本文在證券交易印花稅對(duì)股價(jià)影響機(jī)理的基礎(chǔ)上,根據(jù)我國(guó)證券交易印花稅的狀況,利用Levene檢驗(yàn)和GARCH檢驗(yàn),實(shí)證分析了其對(duì)我國(guó)股價(jià)水平與股價(jià)波動(dòng)性的影響。從歷次調(diào)整中選擇時(shí)間較近的四次證券交易印花稅調(diào)整作為研究政策變化時(shí)點(diǎn),以上證股價(jià)指數(shù)為樣本數(shù)據(jù),實(shí)證檢驗(yàn)了稅率上調(diào)和下調(diào)對(duì)股價(jià)的影響。實(shí)證結(jié)果表明,其稅率調(diào)整在短期內(nèi)對(duì)股價(jià)影響顯著,但長(zhǎng)期效應(yīng)不明顯,對(duì)股價(jià)的影響因時(shí)期不同而有差異。本文在實(shí)證分析的基礎(chǔ)上,根據(jù)我國(guó)現(xiàn)實(shí)情況,借鑒國(guó)外經(jīng)驗(yàn),從短期與長(zhǎng)期視角提出了優(yōu)化我國(guó)證券交易印花稅政策建議。
[Abstract]:Under the background of deepening the reform and opening up and perfecting the market economic system, the securities market in our country has gradually developed and expanded, and the operation mechanism of securities trading has been gradually standardized. Of course, because of the relatively late development of China's securities market, the securities market is not mature, there is speculation in the securities market, "herd effect" and so on. As one of the tools to regulate the securities market, the stamp duty of securities transaction has been adjusted with the change of the stock market in recent years. The stamp duty on securities transaction has been changed from bilateral to unilateral, and its tax rate has been adjusted many times with the change of securities market to promote the healthy and stable development of securities market. However, the adjustment of stamp tax rate on securities exchange is controversial in society. Some people think that tax rate adjustment is very difficult to play a role, while some people think that stamp duty on securities transaction can play a role in regulating the securities market. Based on this, according to the adjustment of stamp duty rate in recent years, this paper empirically tests the influence of stamp duty on stock price in order to judge its regulating effect on stock market. On the basis of the influence mechanism of stamp duty on stock price, according to the situation of stamp duty on stock exchange in China, this paper empirically analyzes the influence of stamp duty on stock price level and stock price volatility by using Levene test and GARCH test. Taking the stock price index of Shanghai Stock Exchange as the sample data, this paper empirically tests the effect of tax increase and downward adjustment on the stock price by selecting the four recent adjustment of stamp duty of securities transaction as the time point of the policy change. The empirical results show that the tax rate adjustment has a significant impact on stock price in the short term, but the long-term effect is not obvious, and the impact on stock price varies with different periods. On the basis of empirical analysis, according to the reality of our country and foreign experience, this paper puts forward some suggestions on how to optimize the stamp duty policy of securities transaction in our country from the perspective of short and long term.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F812.42

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本文編號(hào)：1948445