本报讯 昨日，证监会有关部门负责人表示，证监会将进一步降低交易手续费，整体降幅约为20%，具体方案正在研究，预计在9月1日前推出。降低费用要让投资者直接受益。此外，未来证监会还将在员工持股计划、与保监会合作以及新股发行改革方面进一步研究推进相关措施。

Report from our correspondent yesterday，Securities regulatory commission in charge of relevant departments said，Securities regulatory commission will further reduce transaction fees，The overall decline about 20%，Specific solutions are studied，On September 1 is expected to launch。To reduce cost for investors to benefit directly。In addition，China will in future employee shareholding plan、And circ cooperation and new shares to further the reform of promoting measures。

　　证监会有关部门负责人昨日表示，证监会对降低市场成本十分关注，自今年6月1日起证券交易所整体降低了A股市场收费标准，降幅为25%，期货交易所降低了所有期货交易品种的手续费，降幅30%左右。7月，经发改委和财政部批准，监管手续费降低了50%。

Securities regulatory commission in charge of relevant departments said yesterday，To reduce the cost of the market is very CSRC attention，Since this June 1 stock exchange whole reduces the A share market charging standards，Decreased by 25%，Futures exchange reduced all varieties of futures trading commission，Decline of 30% or so。July，The development and reform commission and the ministry of finance for approval，The supervision charges 50% lower。

　　“这是重大利好，管理层再次给力证券市场，体现了管理层的一种态度，就是呵护和扶持。20%交易手续费的整体降幅还是蛮大的，并且证监会还明确提到降低费用要让投资者直接受益，这体现了管理层要让投资者从股市获益的心愿。”英大证券研究所所长李大霄昨晚在接受记者采访时表示。

“This is the big gains，Management to force the stock market again，The management of the reflected a kind of attitude，Is the care and support。20% of the whole transaction commission by a large or，And it also explicitly mention reduce costs for investors to benefit directly，This reflects the management for investors to benefit from the desire of the stock market。”The big securities research institute LiDaXiao last night when accepting a reporter to interview said。

　　而招商证券(600999,股吧)研究发展中心宏观研究主管谢亚轩却认为，虽然降低交易手续将大大地提高投资者交易的积极性，但由于交易手续费的金额不大，对股市的利好有限。

And merchants securities(600999,Shares it)Research and development center, research director XieYaXuan but think macro，Although reduce transaction procedures will greatly enhance the enthusiasm of investors to trade，But because of the amount of trading is not big，The good limited to the stock market。

　　股票交易成本主要包括印花税、佣金、过户费和其他费用(包括监管费、经手费)。过户费、监管费和经手费均已于日前下调，对于此次证监会表态将下调交易手续费，业内人士认为，很可能涉及减免部分费用以及降低证券交易印花税。

Stock trading costs include stamp duty、commission、Transfer fee and other expenses(Including regulatory fee、brokerage)。Transfer fee、Regulatory fees and charges were opened to cut before，For the CSRC statement will cut trading，The personage inside course of study thinks，Probably some of the costs involved in relief and reduce the stamp tax on securities transactions。

　　在股票交易成本中，印花税和佣金是最主要的成本，目前印花税税率为千分之一，而佣金原则上不超过千分之三。但由于券商佣金价格战激烈，实际水平都在千分之一到万分之五之间。此外各地证券业协会也开始限制会员之间的价格战，业内人士认为，佣金在目前水平上下调可能性较小，而印花税下调的可能性较大。

In stock trading costs，Stamp duty and commission is the main cost，At present tax stamp duty for one over one thousand，And the commission in principle not more than three over one thousand。But because brokers commission fierce price war，Actual level are in between one over one thousand and five over ten thousand。In addition the securities industry association also began to limit around between members of the price war，The personage inside course of study thinks，In the current level commission cut less likely，And the impact of the stamp duty probability。

　　回顾A股历史，数次股票交易印花税的调整，都与股市的牛熊情况相关，一般在牛市提高印花税抑制过度交易，而在熊市降低印花税刺激交易。资料显示，2001年，财政部在市场顶峰上调股票交易印花税；又在2005年熊市谷底前下调印花税，再次上调则到了2007年牛市顶峰阶段；随后在2008年大熊市中两度调低印花税，先从双边千分之三调低到双边千分之一，随后从双边征收改为单边征收千分之一。

A review of the history，Several times the stock trading stamp duty of adjustment，All the NiuXiong related with the stock market situation，General in the bull market improve stamp duty inhibit excessive deal，And in a bear market lower stamp duty stimulate trade。Data shows，2001 years，Treasury stock exchange in the market peak raised the stamp duty；Again in 2005 bear market before the bottom stamp tax cut，Once again raised the bull market in 2007 peak；Then in 2008 a bear market down twice stamp duty，First from three over one thousand to one over one thousand bilateral lower bilateral，From then on to unilateral levy bilateral one over one thousand。

　　在员工持股计划、与保监会合作以及新股发行改革方面，证监会表示，今年以来，发行体制改革不断推进，改革的措施也正在逐步到位，IPO的发行市盈率和发行价和投资额都在降低。IPO的家数也在减少，发行人过度融资的冲动有所抑制。《上市公司员工持股计划暂行办法》正在草拟之中，完成后将向社会公开征求意见。另外，证监会将进一步加强与保监会合作，与保险经营机构沟通，强化证券经营机构对保险业和保险资金运营的服务。

Employee shareholding in the plan、And circ cooperation and new shares in reform，CSRC said，Since this year，Issue system reform，The measures of the reform is gradually put in place，The IPO issue with p/e and investment in the lower price and all。The number of IPO also decreases，The issuer financing excessively impulse somewhat curbed。《The listed company employee shareholding plan interim measures》Being drafted in，After the completion of the will to solicit comments from the public。In addition，Securities regulatory commission will further strengthen cooperation and circ，And insurance business institutions communication，Strengthen securities business institutions to insurance and insurance fund operation service。

　　“近期管理层出台的政策很多，有宏观经济方面的，也有针对证券市场的，在政策累积效应的不断发酵下，蓝筹股是有机会的，这将对A股市场起到稳定重心的作用，未来市场还是很有潜力的。”李大霄表示。 记者 陈慧

“Recent management policy a lot，A macro economic，Also there are for the stock market，In the policy accumulation effect under the constant fermentation，Blue chip is a chance，This will be A share market have stability in the centre of the action，The future market is still have the potential。”LiDaXiao said。 Reporter Chen hui