| 股票交易印花税对股票价格影响研究——以上海股市为例 |
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| 引用本文： | 刘勇.股票交易印花税对股票价格影响研究——以上海股市为例[J].上海管理科学,2004,17(3):43-45. |
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| 作者姓名： | 刘勇 |
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| 作者单位： | 上海财经大学国际工商管理学院 |
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| 摘 要： | 本文利用Umlauf(1993)方法和事件研究法研究了我国三次印花税调整对上海股票市场价格水平的影响,证明了印花税下调会使股价水平上升、印花税上调会使股价水平下跌这一理论假说,并且就我国股市价格水平对印花税调整所表现出来的反应模式,提出了印花税作为财政政策工具在运用时的一些指导原则。
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| 关 键 词： | 股票印花税 Umlauf(1993)方法 事件研究法 |
Research on the Effects of Securities Stamp Taxes on Level of Chinese Stock Prices |
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| Liu Yong.Research on the Effects of Securities Stamp Taxes on Level of Chinese Stock Prices[J].Shanghai Managent Science,2004,17(3):43-45. |
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| Authors: | Liu Yong |
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| Abstract: | By using Umlauf(1993) method and Event-Study Analysis, the paper examines the impact of the latest three times SSTs (Securities Stamp Taxes) adjustment on Chinese stock market price level, and our conclusions confirms the following theory assumption: the downward adjustment of SSTs makes the stock market level go up and the upward adjustment of SSTs makes the stock market level go down. At last, based on the reacting mode to the SSTs adjustment, we give some guiding principles when STTs is applied as one of fiscal policy tools. |
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| Keywords: | securities stamp taxes umlauf(1993) method event-study analysis |
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