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Published in:
2011 | OriginalPaper | Chapter
The Influence of Securities Transaction Stamp Tax Adjustment on Shanghai Stock Market-Based on the adjustment on September 19, 2008
Authors : Junhong Chu, Lei Zhang
Published in: Modeling Risk Management for Resources and Environment in China
Publisher: Springer Berlin Heidelberg
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Abstract
Securities transaction stamp tax is the main tax item in Chinese stock market. In the past few years, Chinese stock market fluctuated anomaly. The government adjusted the securities transaction stamp tax several times to stabilize the stock market. Using Event-Study analysis and GARCH model, this paper analyses the influence of securities transaction stamp tax adjustment on Shanghai stock market after the adjustment on September 19, 2008. It concludes that this adjustment had strong impact on Shanghai stock market in the short-term; but for the long term, the effect was weakened step by step. Meanwhile, it tries to explain the causes of the result and gives some suggestions about the securities transaction stamp tax.