当代财经2009年第10期总第299期 研究不够，调控时机不够恰当，直接从政策上诱发资 Report for Congress,RL32266.December 2.2004. 本市场波动：三是不能合理把握力度，未进行科学的 [5]印花税EB/OL].http://baike..baidu..com/view.259.htm 测算和总量监控，使政府从市场抽取的税收总额超过 [6]Cruickshank D.The Increasing Impact of Stamp Duty on the UK Economy [C].In:London Stock Exchange.Second City London 上市公司创造和分配利润总和，从而使资本市场发生 Biennial Meeting.13 December,2001. 机制性萎缩，造血功能受损。这不但侵蚀了税基，而 [7]HMRC.Stamp Duty Stamp Duty Reserve Tax Intermediary 且影响中央大力发展资本市场的战略目标。 and Stock Lending Reliefs-FA 2007 Changes[EB/OL].http://www. 在金融危机席卷全球、国际资本市场面临制度性 hmrc.gov.uk/SO/sdrt-guidance-mifid.pdf. 重构的今天，认真总结过去的经验与教训，吸收国际 [8Government of Western Australia.Overview of State Taxes, 证券交易印花税的理论与实证研究成果，改革完善中 Western Australia [EB/OL]http//www.dtfwa.gov.au/cms/uploadedFiles/ overview_of_state_taxes_2007-08.pdf 国证券交易印花税很有必要。加强理论与实证研究， [9张五常.从1988年台湾股灾看今日大陆股市N中华工商 把握资本市场的基本规律，掌握印花税改革的时机与 时报，2007-06-01. 力度，逐步完善和构建科学合理的金融市场税制，是 [10台北股市下跌206点，台湾拟减半征收证券交易税EB/OL 当前及今后的历史使命。 htp:/hews.163.com/08/0911/16/4LU9P75000120GU.html. [1]徐为人.证券交易印花税的理论分歧与国际经验启示印 税务研究，2008，（⑤）：3-7. 参考文献： [12]朱契.中国租税问题M)上海：商务印书馆，1936： [IA new tax hits the euphoric Chinese bourses The ecomomist, 206. y31st,2007. [13]北京经济学院.中国近代税制概述M北京：北京经济学 RSingh K Equitable Equity India Introduces Securities Transaction 院出版社，1988：148-149. Tax[EB/OL].http://www.countercurrents.org/eco-singh200704.htm [14]饶立新.中围印花税研究D)江西财经大学博士论文， [3]Change of Rates of Securities Transaction Tax [EB/OL]. 2008:168-171 http://www.cse-india.com/CSE%20Notices%20&%20Circulars/2006. 15]谢旭人.研究和实施好相关政策，促进股市稳定健康发展 [4]Maxim Shvedov.Transaction Tax:General Overview[R]CRS EB/OL]http://www.gov.cm/2008h/b/0306a/,2008-03-06. On the Changing Tendency of Stamp Duty on Securities Transactions in China RAO Li-xin,XU Wei-ren (East China Institute of Technology,Fuzhou 344000;Yangzhou Tax Institute of China State Administration of Taxation,Yangzhou 225007,China) Abstract:Through the study of the current situation and changing course of the stamp duty systems in the capital markets of all the major foreign countries (regions)with market economy,it is found that to cancel or reduce stamp duty on securities transactions has almost become the mainstream of tax reform in the international financial markets.However,it is difficult to decide the direction of the changing trend because of the challenge of the financial crisis.In view of the income and regulatory role of the stamp duty on security transactions,China will reserve that tax in a short or medium term.Meanwhile,it should understand the basic rules of the capital markets and grasp the timing for the reform,so as to improve the tax system in the financial markets. Key words:stamp duty on securities transaction;stock market;tax rate adjustment;regulation and control results 责任编校：周全林 46 肖代财经 Contemporary Finance Economics C1994-2010 CHina Academic Journal Electronic Publishing House.All rights reserved.http://www.cnki.net当代财经 Contemporary Finance ＆ Economics 研究不够，调控时机不够恰当，直接从政策上诱发资 本市场波动；三是不能合理把握力度，未进行科学的 测算和总量监控，使政府从市场抽取的税收总额超过 上市公司创造和分配利润总和，从而使资本市场发生 机制性萎缩，造血功能受损。这不但侵蚀了税基，而 且影响中央大力发展资本市场的战略目标。 在金融危机席卷全球、国际资本市场面临制度性 重构的今天，认真总结过去的经验与教训，吸收国际 证券交易印花税的理论与实证研究成果，改革完善中 国证券交易印花税很有必要。加强理论与实证研究， 把握资本市场的基本规律，掌握印花税改革的时机与 力度，逐步完善和构建科学合理的金融市场税制，是 当前及今后的历史使命。 ———————— 参考文献： [1]A new tax hits the euphoric Chinese bourses[J]. The ecomomist， May 31st，2007. [2]Singh K. Equitable Equity India Introduces Securities Transaction Tax[EB/OL]. http://www.countercurrents.org/eco- singh200704.htm. [3]Change of Rates of Securities Transaction Tax [EB/OL]. http://www.cse- india.com/CSE%20Notices%20&%20Circulars/2006. [4]Maxim Shvedov. Transaction Tax：General Overview[R]. CRS Report for Congress, RL32266, December 2, 2004. [5]印花税[EB/OL]. http://baike.baidu.com/view/259.htm. [6]Cruickshank D. The Increasing Impact of Stamp Duty on the UK Economy [C]. In： London Stock Exchange.Second City London Biennial Meeting，13 December , 2001. [7]HMRC. Stamp Duty & Stamp Duty Reserve Tax Intermediary and Stock Lending Reliefs - FA 2007 Changes[EB/OL]. http://www. hmrc.gov.uk/SO/sdrt- guidance- mifid.pdf. [8]Government of Western Australia. Overview of State Taxes, Western Australia [EB/OL]. http://www.dtf.wa.gov.au/cms/ uploadedFiles/ overview_of_state_taxes_2007- 08.pdf. [9]张五常. 从 1988 年台湾股灾看今日大陆股市[N]. 中华工商 时报，2007- 06- 01. [10]台北股市下跌 206 点,台湾拟减半征收证券交易税[EB/OL]. http://news.163.com/08/0911/16/4LIU9P75000120GU.html. [11]徐为人. 证券交易印花税的理论分歧与国际经验启示[J]. 税务研究，2008，(5)：3- 7. [12]朱 契. 中国租税问题[M]. 上海：商务印书馆，1936： 206. [13]北京经济学院. 中国近代税制概述[M]. 北京：北京经济学 院出版社，1988：148- 149. [14]饶立新. 中国印花税研究[D]. 江西财经大学博士论文， 2008：168- 171. [15]谢旭人. 研究和实施好相关政策，促进股市稳定健康发展 [EB/OL]. http://www.gov.cn/2008lh/zb/0306a/，2008- 03- 06. 责任编校：周全林 当代财经 2009 年第 10 期 总第 299 期 On the Changing Tendency of Stamp Duty on Securities Transactions in China RAO Li-xin, XU Wei-ren (East China Institute of Technology, Fuzhou 344000; Yangzhou Tax Institute of China State Administration of Taxation, Yangzhou 225007, China) Abstract：Through the study of the current situation and changing course of the stamp duty systems in the capital markets of all the major foreign countries (regions) with market economy, it is found that to cancel or reduce stamp duty on securities transactions has almost become the mainstream of tax reform in the international financial markets. However, it is difficult to decide the direction of the changing trend because of the challenge of the financial crisis. In view of the income and regulatory role of the stamp duty on security transactions, China will reserve that tax in a short or medium term. Meanwhile, it should understand the basic rules of the capital markets and grasp the timing for the reform, so as to improve the tax system in the financial markets. Key words：stamp duty on securities transaction; stock market; tax rate adjustment; regulation and control results 46