作者：薛爽，黄昀
摘要/Abstract
在我国，证券交易印花税被赋予了调控证券市场和遏制过度投机的重要功能。本文发现印花税上调后，无论是在短窗口内还是长窗口内，交易量都显著下降。印花税上调后，投资者持有股票的平均期限延长了50天左右。印花税上调对交易量的影响并未随时间的推移而减弱。且不需要缴纳印花税的封闭式基金交易量也没有显著下降。说明印花税调整对交易量的影响主要来自成本效应，而非印花税调整所传递的政策导向对投资者的心理影响。
In China, stamp duty has been used as an instrument to adjust and control the capital market. In this paper, we find that after stamp duty was increased, the shares turnover significantly decreased both in short and long windows. The holding period was increased by 50 days after stamp duty increasing. This stamp-adjusting effect did not weaken in the long window. The shares turnover of closed-funds did not change after the event days. So it can be conclude that the stamp duty adjusted effect mainly comes from cost effect, not the psychology effect of policy orientation passed by the stamp duty policy.