The Impact Of Stamp Duty On Capital Market

The capital market originated from the western developed countries, in the western developed countries economic development course, investment as the economic development of the three carriages in the role of the biggest one,environment investment and financing channels and so on have a vital role in the investment. Standardize the development of capital market in China began in the early ninety’s was founded in Shenzhen, Shanghai the two exchanges since its establishment, whether it is the scale of stock market, or the structure of securities market are with good development. With the rapid development of our economy, the stock market some of the existing rules or system has been unable to meet the needs of economic development, the stock market also needs to make some necessary reform to adapt to the economic situation. This paper tries to some differences in the securities market of our country and the developed country city on the securities market, the securities market in our country and find some unreasonable. Irrationality focuses on two levels of stock market trading stamp tax in our country. Combined with the mathematical finance and tax knowledge, proved by the capital asset pricing model and arbitrage pricing model distortion influence of stamp duty on securities at current price formation mechanism, at the same time can prove the rationality of some measures in mature capital market of developed country of the implementation of the. Then from the mature securities markets of developed countries or regions experience, proposed to abolish the transaction stamp tax, levying more in line with the theory, the reality of the capital gains tax, and levy capital gains tax gives preliminary suggestions and ideas.