用什么方法监管波动的金融市场最有效?1997年爆发的亚洲金融危机和随后的美国股市萧条使该问题被予以高度关注。在证券市场监管中,证券交易税一直被视为一种重要的调节方式。本文综述了证券交易税的理论纷争,分析了设计思路。在此基础上,回顾了各国实践模式,以及我国证券交易税制的现状和政策取向。 What is the most effective way of regulating volatile financial markets? The issue is given high attention by the Asian financial crisis that erupted in 1997 and the ensuing depression in the U.S. stock market. In the securities market regulation, the securities transaction tax has always been regarded as an important mode of adjustment. This article summarizes the theoretical dispute over securities transaction tax and analyzes the design ideas. On this basis, the author reviews the practice models of various countries and the status quo and policy orientation of China’s securities transaction tax system.