印花税税率的高低直接影响到投资者的交易成本与收益,根据经济学理论,这种交易费用的改变将会对证券市场的微观主体行为产生重要影响。因此,证券交易印花税通常也被作为政府对证券市场进行调控的政策手段之一。尤其是在我国这样一个新兴资本市场,这一政策工具更是被较频繁的使用,从我国1990年建立现代意义上的证券交易市场以 The stamp tax rate will directly affect the transaction costs and benefits of investors. According to the economic theory, this transaction cost change will have a significant impact on the micro-main body behavior of the securities market. Therefore, stamp duty on securities transactions is also often used as one of the government’s policy instruments for regulating the securities market. Especially in an emerging capital market like ours, this policy tool is used more frequently. From the establishment of the modern securities exchange market in 1990 in our country