金融交易税的由来 The origin of the financial transaction tax

　　关于征收金融交易税的议题由来已久。金融交易税（FTT）的起源最早可追溯至1694年，英国政府对在伦敦证券交易所交易的股份征收的印花税；1936年“大萧条”过后，凯恩斯主张对金融交易征收一定比例的税，以抑制肆意的投机行为；1972年，布雷顿森林体系刚刚解体，诺贝尔奖得主经济学家詹姆斯?托宾提出，对全球现货外汇交易征收一定比例的税，即著名的“托宾税”，目的是规避汇率剧烈波动，惩罚短期频繁的投机性外汇交易。但因当时技术层面的不可行以及各国政府避免过度干预市场，“托宾税”并未在全球范围内统一课征。

About the collection of financial transaction tax has issues.Financial transaction tax(FTT)The earliest origin of dates back to 1694,The British government in the London stock exchange trading of shares to the collection of stamp duty;In 1936,"depression"after,Keynes advocated to financial transaction levy the tax of a certain proportion,To suppress wild speculation;In 1972,,The bretton woods system just collapse,The Nobel Prize winner economist James?Tobin put forward,On the global spot foreign exchange collection of a certain percentage of tax,Namely famous"Tobin tax",Purpose is to avoid sharp fluctuations in the exchange rate,Punishment short-term frequent speculative foreign exchange trading.But because at that time in the technical level is not feasible and governments to avoid excessive intervention market,"Tobin tax"Not in the global scope unified impact.

　　伴随着全球浮动汇率体系的建立，发达国家宽松货币政策的施行，各国金融自由化的日益深化以及新兴经济体的快速发展，资本的大规模跨境流动、金融机构经营的高杠杆性及其衍生产品的复杂性，成为全球经济金融秩序混乱的重要诱因。20世纪90年代起，全球范围内先后爆发了墨西哥经济危机（1994年）、亚洲金融危机（1997年）、俄罗斯金融危机（1998年）、阿根廷银行业危机（2001年）及美国次贷危机（2007年）等。危机的爆发及其所带来的连锁反应，充分暴露了金融监管体系的缺陷及专业金融机构投机行为的泛滥。在这样的背景下，经济学家和各国政府开始重新检视征收“托宾税”的意义，并为其赋予了更多的内涵。

Along with the establishment of global floating exchange rate system,The developed countries and loose monetary policy,Countries financial liberalization increasingly deepening and the rapid development of emerging economies,The capital of large-scale cross-border flow/Financial institutions operating high lever sex and the complexity of the derivative products,Become a global economic and financial order important incentive.The 1990 s,Global economic crisis broke out successively in Mexico(In 1994,)/The Asian financial crisis(In 1997,)/The Russian financial crisis(In 1998,)/Argentina's banking crisis(In 2001,)And the us subprime mortgage crisis(In 2007,), etc.The outbreak of the crisis and brought about by the chain reaction,Fully exposed the financial supervision system defects and professional financial institutions speculative behavior of the flood.In this context,Economists and governments began to examine the collection"Tobin tax"significance,And for the given more connotation.

　　保罗?本德?斯潘于1995年提出双重税率结构的设想，并在2004年被比利时联邦议会采纳，即正常金融交易适用低税率，一旦投机活跃便启动附加税。2001年，时任古巴领导人的菲德尔?卡斯特罗建议征收“托宾税”，并将税收交由联合国统一管理运用。2009年，美国俄勒冈州议员彼得?安东尼?德法兹奥提出对股票及衍生品交易征收0.02%～0.25%的税，用于减少财政赤字以及增加就业。该税种仅针对投机者，会将一般投资者、养老基金、健康储蓄账户缴纳的税返还。次贷危机后，将推行国际金融改革、重建国际金融秩序作为共同目标的“二十国集团”，曾特别委托国际货币基金组织（IMF）对在全球范围内征收金融交易税以抑制金融投机行为，进行可行性研究，但该提议最终并未赢得“二十国集团”所有成员的支持。作为金融交易税最重要的推动者和支持者，法德两国曾多次在欧盟内部提出征收“欧盟金融交易税”的议案，即在2014年前、27个欧盟成员国间，实现金融交易税的征收。欧盟各成员国对该税种的征收同样存在较大争议。

Paul?bend?Vspan in 1995 put forward the idea of dual rate structure,And in 2004 by the Belgian federal parliament adopted,That is the normal financial transaction tax rate is low,Once the speculative active will start surcharge.In 2001,,The Cuban leader Fidel?Castro suggest collection"Tobin tax",And the tax to the United Nations unified management use.In 2009,,Oregon senator Peter?Anthony?This German he puts forward to the stock and derivatives trading collection of 0.02% ~ 0.25% of the tax,Used to reduce the fiscal deficit and increase employment.The categories of taxes only for speculators,Will the average investor/Pension funds/Health savings accounts pay tax return.After the subprime crisis,The implementation of the international financial reform/Reconstruction of the international financial order as a common goal"The second group of ten",Have special entrust the international monetary fund(IMF)In the global scope to impose financial transaction tax to suppress the financial speculation,Carry out a feasibility study,But the proposal does not win the final"The second group of ten"All the members of the support.As a financial transaction tax the most important propellent and supporters,Where franco-german has repeatedly put forward to collect within the eu"The eu financial transaction tax"bill,Namely in 2014 years ago/27 eu member states,To achieve financial transaction tax collection.The European Union each member of the tax collection also exists in dispute.

法国的率先实践 French take the lead in practice

　　2012年8月1日，法国成为欧盟第一个引入金融交易税的国家。2009年至今，债务危机的阴霾一直笼罩着欧洲，巨额的财政赤字、黯淡的经济前景及居高不下的失业率长期困扰着欧洲各国。欧盟中经济状况稍好的国家，如德国、法国，一直在寻找引领欧盟走出危机的方法。2010年，德国总理默克尔与时任法国总统萨科齐，共同号召“二十国集团”成员达成征收金融交易税的共识，并推动欧盟成为征收金融交易税的先行者，目的是建立“公平、公正”的金融市场秩序，限制短期投机资本的大规模流动，规避市场剧烈震荡，防御金融风险以及增加财政收入。但因“二十国集团”成员、欧盟成员对统一征收金融交易税分歧较大，德法两国的建议并未获得有效支持。2011年，法国出任“二十国集团”和“八国集团”的轮值主席国，其引领经济与金融改革的决心更加坚定。2012年1月29日，时任法国总统萨科奇宣布了一揽子经济改革措施，其中便包括对所有涉及法国最大公司的股票交易征收0.1%的交易税。2012年5月，萨科齐竞选连任失败，但其推行的一系列改革措施并没有因此搁浅。2012年7月19日，法国参众议院最终通过了2012年《财政法案修正案》，涉及财产税、增值税等一系列税收改革措施，其中包括对股票等交易开征0.01%～0.2%的金融交易税。

August 1, 2012,France as the eu first introducing financial transaction tax of the country.Since 2009,Debt crisis haze has been hung over Europe,Large budget deficits/Bleak economic prospects and high unemployment long plagued with European countries.The European Union economic situation in a good state,Such as Germany/France,The European Union has been looking for lead out of the crisis method.In 2010,,German chancellor Angela merkel and French President nicolas sarkozy then,Together to"The second group of ten"A collection of members of the financial transaction tax consensus,The European Union and become the pioneer of financial transaction tax collection,Purpose is to establish a"fair/justice"Financial market order,Limit short-term speculative capital of mass flow,Eluding market severe concussion,Defense financial risks and increase financial income.But because"The second group of ten"members/The European Union members of unified collection of financial transaction tax large differences,Franco-german advice did not get effective support.In 2011,,France as"The second group of ten"and"Group of eight"'s presidency,The leading economic and financial reform more firm determination.On January 29, 2012,The French President sarkozy announced a package of economic reform measures,Among them and to all involved including France's largest company's stock trading imposed a 0.1% tax.In May 2012,Sarkozy ran for re-election failure,But the implementation of a series of reform measures and not so run aground.July 19, 2012,France and the house of representatives passed the final in 2012[Finance act amendment],Involving property tax/Value added tax and a series of tax reform measures,Including the stock trading, such as collecting the 0.01% ~ 0.2% of the financial transaction tax.

制度安排 System arrangement

　　法国此次开征的金融交易税主要针对股票交易、高频交易及金融衍生品交易。在股票交易方面，交易税率确定为0.2%，比此前宣布的0.1%提高了1倍，征收对象为市值超过10亿欧元（约合12.3亿美元）、总部设在法国境内的上市公司股份的买方交易者。符合征收条件的大公司有100余家，包括法国电力集团、法国电信、法国布依格集团等。做市商、结算公司等在其合规的经营范畴内可享受该税种的豁免权。在高频交易方面，交易税率为0.01%，对象为在1天之内撤销或修改次数超过一定门槛的交易，征收范围为所有在法国有交易活动的公司。仅做市商在其合规的经营范畴内可享受该税种的豁免权。在金融衍生品交易方面，交易税率为0.01%，对象为基于主权债务的信用违约互换交易。以长期持有和对冲风险为目的的投资者不需要缴税。粗略估计，此次金融交易税的征收将会给法国带来16亿欧元（约合19.7亿美元）的收入。法国总统弗朗索瓦?奥朗德称，该笔收入将用来支持艾滋病研究以及填补财政赤字。

France the collecting the financial transaction tax is aimed at stock trading/High-frequency trading and financial derivatives trading.In the stock trade,Transaction tax rate determined for 0.2%,Than the previous 0.1% announced doubled,The collection objects for the market value of more than 1 billion euros(Us $1.23 billion)/Headquartered in the French territory shares of a listed company of the buyer's traders.Conform to the collection of conditions of the large companies have more than 100,Including the French electricity group/France telecom/The French bouygues group, etc.marketmaker/A settlement company in its compliance management category can enjoy in the categories of taxes immunity.In the high frequency trade,Transaction tax rate is 0.01%,Object in 1 day cancellation or amendment times more than a certain threshold trading,Levy range for all state-owned trading activities in the company.Only marketmaker in its compliance management category can enjoy in the categories of taxes immunity.In the financial derivatives trading aspects,Transaction tax rate is 0.01%,Based on the object of sovereign debt credit default swap deal.In the long term hold and hedge risk for the purpose of investor does not need to pay taxes.roughly,The financial transaction tax's collection will be brought to the French 1.6 billion euros(Us $1.97 billion)income.French President francois?Mr Lande says,The revenue will be used to support the AIDS research and fill the fiscal deficit.

　　各方评价 Parties evaluation

　　对征收金融交易税，存在支持、中立和反对三方观点，具体如表1所示。

To impose financial transaction tax,Exist support/Neutral and against tripartite view,Specific as is shown in table 1.

市场反应 Market reaction

　　无论经济学家、各国政府在征收金融交易税这一问题上存在多大的意见分歧和争议，市场永远最能真实反映参与者心理。如图1所示，在三个重要的时间窗口，2012年1月29日（时任法国总统的萨科齐宣布将单方面征收金融交易税）、2012年7月19日（《财政法案修正案》获准通过，金融交易税将于随后8月1日正式征收）、2012年8月1日（金融交易税正式征收），法国巴黎指数（CAC）连续10个交易日日均涨幅分别为0.28%、0.11%和0.79%；与此同时，股票交易量也并没有出现明显的下降（如图2所示）。以上数据显示，法国单方推出金融交易税并未引来金融市场的“轩然大波”，交易者对于征收金融交易税反应平静。

No matter economists/Governments in the collection of financial transaction tax on issues of much differences of opinion and controversy,The market always most can truly reflect the participants psychological.As shown in figure 1 shows,In three important time window,On January 29, 2012(The French President sarkozy announced it will unilaterally impose financial transaction tax)/July 19, 2012([Finance act amendment]Allowed through the,Financial transaction tax will be the next August 1st collection)/August 1, 2012(Financial transaction tax official collection),Paris, France index(CAC)Continuous 10 day average daily or were 0.28%/0.11% and 0.79%;meanwhile,Stock trading and no apparent decline(As shown in figure 2 shows).Data showed that more than,The French unilaterally launch financial transaction tax did not draw the financial market"A storm in a teacup",Traders to impose financial transaction tax reaction calm.

　　法国政府似乎早已预计到了这一结果。法国此次金融交易税的税率为0.01%～0.2%。以股票交易为例，在交易层面，税率为0.2%，无其他税负；而英国有0.5%的印花税。资本和交易者不太可能由法国转移至英国。法国此次毅然单方面开征金融交易税，主要目的是为表明其决心，同时以实际行动敦促欧盟加快推行这一税种的步伐。

The French government had seemed to already expected to the results.France the financial transaction tax rate is 0.01% ~ 0.2%.To stock exchange as an example,In trade level,The tax rate shall be 0.2%,No other tax;And Britain has 0.5% of the stamp duty.Capital and traders is unlikely to by the French transferred to the British.France the resolutely unilateral collecting the financial transaction tax,The main purpose is to show that its resolution,At the same time by the practical action has urged the European Union to speed up the pace of implementation of the categories of taxes.

　　金融交易税是“双刃剑” Financial transaction tax is"Double-edged sword"

　　法国此番单方面开征金融交易税成为推动各国政府和经济学家，重新认真审视该税种价值和意义的一个重要契机。

France and the unilateral collecting the financial transaction tax to promote governments and economists,To take a serious look at the categories of taxes value and meaning is an important opportunity.

　　金融交易税是抑制短期投机行为的重要工具。以法国为代表的支持征收金融交易税的国家，都将抑制投机交易作为施行该税种的一个最重要目的。交易税的广泛征收，特别是对现货市场和衍生品市场的“一视同仁”，可对金融市场的负外部性起到一定的抑制作用，背后的逻辑在于：短期交易，特别是高频交易，对交易成本非常敏感。如果交易成本降低，甚至消除，就会导致短期证券及衍生品频繁交易。欧盟曾做过统计：1995年至2007年间，金融交易成本出现大幅度下降，与此同时，金融交易额从全球GDP的25倍迅速上升至70倍，而这些金融交易主要集中在衍生品市场，源于衍生品市场的交易成本远低于现货市场。绝大多数的短期交易属于基于技术分析、具有投机性质的噪声交易，这些交易会加剧市场的波动，催生资产泡沫；如果交易成本提高，如征收金融交易税，则会抑制短期交易，降低市场的波动性，纠正资产的错误定价。更进一步，虽然短期交易可以增加市场的活跃程度，为市场注入流动性，但在市场流动性充足的条件下，短期交易变成了一个零和游戏，并不能为经济整体带来新的价值，甚至可以认为是资源的浪费。

Financial transaction tax is to keep the short-term speculative behavior of the important tool.In France, for the support of the financial transaction tax collection on behalf of the country,Will inhibit speculative trading as the categories of taxes and one of the most important purpose.Extensive collection of tax,Especially in the spot market and derivatives market"equally",But on the financial market of negative externalities have certain inhibition,The logic behind is:Short-term trading,Especially the high-frequency trading,To the transaction cost is very sensitive.If the trade cost reduction,Even eliminate,Will lead to short-term securities and derivatives frequent trading.The European Union has done statistics:Between 1995 and 2007,Financial transaction cost appear decimated,meanwhile,Financial turnover from global GDP 25 times of rapidly rising to 70 times,And these financial transactions mainly concentrated in the derivatives market,From derivatives market transaction cost is far lower than the spot market.The vast majority of short-term trading belong to based on technical analysis/Speculative qualitative noise trading,These fair aggravate the volatility of the market,Asset bubble gave;If the transaction cost increase,Such as a financial transaction tax,It will reduce the short-term trading,To reduce the volatility of the market,Correct assets mispricing.further,Although short-term trading can increase the market activity,To inject liquidity into the market,But in the market liquidity sufficient conditions,Short-term trade into a zero-sum game,Don't bring new value for the economy as a whole,Even can be considered a waste of resources.

　　金融交易税是政府实现资本管制的政策性手段。IMF于2011年4月发布报告称，随着全球经济复苏，新兴市场经济面临大规模国际资本流入压力，有关国家应根据各自国情，选择不同应对措施。这是一直以来支持资本自由化的IMF，首次正式表态支持有条件的资本管制。美国次贷危机及欧债危机爆发以来，发达经济体施行的量化宽松货币政策释放了大量的流动性，逐利的资本以“热钱”形式流入新兴经济体和国际大宗商品市场。如果缺乏有效的资本管制措施，资本流出国将面临着经济停滞、失业高企等局面，资本流入国将承受通货膨胀、升值、外汇储备超过合理水平的压力；而一旦“热钱”获利回流，原资本流入国便有可能面临资产价格泡沫破裂，汇率急剧波动，甚至经济崩溃的风险。交易税的征收会增加资本成本，可以对国际投机行为起到一定的抑制作用，避免资本的大规模流动。而且，面对资本冲击，新兴经济体还可以通过调整税率、调整征收范围、调整政策实施窗口来实现灵活控制资本流动的目的。

Financial transaction tax is the government realized capital control policy means.IMF in April 2011 released the report says,With the global economic recovery,Emerging market economy is facing a large scale international capital inflow pressure,The countries concerned should be based on their respective national conditions,Choose different measures.This is always support capital liberalization of the IMF,The first official statement support conditional capital controls.The us subprime mortgage crisis and the debt since the outbreak of the crisis,Developed economies of the quantitative easing monetary policy and release a lot of liquidity,By the capital to"Hot money"Form into emerging economies and international commodity markets.If the lack of effective capital control measures,Capital outflow countries facing economic stagnation/High unemployment situation, etc,Capital LiuRuGuo will withstand inflation/appreciation/Foreign exchange reserves more than a reasonable level of pressure;And once"Hot money"Profit return,The original capital LiuRuGuo there may be faced with asset price bubble burst,Sharp exchange rate fluctuations,Even the risk of economic collapse.The tax levy will increase the cost of capital,To the international speculation can play a certain inhibition,Avoid capital of mass flow.and,In the face of the capital impact,Emerging economies still can by adjusting the tax rate/Collection range of adjustment/Adjustment policy implementation window to realize the flexible control of the capital flow of purpose.

　　金融交易税是增加政府财政收入的潜在来源。理论上，一国政府开征金融交易税，在交易量维持原始水平或交易量萎缩幅度足以通过交易税率得到有效弥补的前提下，政府的财政收入会有一定幅度的增加，并可用于弥补财政赤字或作为专用基金用于危机救助、社会福利。法国政府预估，其在征收金融交易税后将会每年增加16亿欧元的财政收入，该收入将部分用来支持艾滋病研究。但在该税种并未实现全球统一课征的大背景下，其对政府财政收入的贡献度取决于交易税率和征收范围，更有可能与征收初衷背道而驰。如图3所示，如果金融交易税率设定过高或征收范围过于宽泛，会令交易量迅速萎缩，对财政收入的贡献度将会将减弱；如果税率设定过低或征收范围过于狭窄，即使不会对交易量产生消极影响，但金融交易税对财政收入的贡献也将微乎其微。

Financial transaction tax is to increase government financial income potential sources.In theory,A government in terms of financial transaction tax,In the volume of trade to maintain the original level or volume shrinking amplitude enough to through the transaction tax rate under the premise of effectively make up for,The government's fiscal revenue will have certain amplitude increase,And can be used to make up for financial deficit or as a special fund for crisis rescue/Social welfare.The French government estimate,The collection of financial transactions after-tax will increase annually by 1.6 billion euros financial income,This income will be used to support of AIDS research.But in the categories of taxes did not realize the global unification under the background of impact,The government financial income contribution rate depends on trade and the collection scope,More likely and collection of original intention run in the opposite direction.As shown in figure 3 shows,If financial transaction tax rate set too high or too broad scope of collection,Can make volume shrinking rapidly,Revenue contribution will weaken;If tax rates set too low or too narrow range of collection,Even if will not produce negative influence trading volume,But financial transaction tax revenue contribution will be very little.

　　除此之外，普通的投资者在一定税率水平下，对税率是不敏感的，这些投资者所缴纳的金融交易税成为财政收入最稳定的来源，但这与征收金融交易税最本质的初衷，即抑制投机行为，本末倒置。交易量大且频繁的专业投资者和金融机构，对税率和征收范围非常敏感，且有能力转移至没有征收金融交易税的国家或地区进行交易，则金融交易税就成为了这些投资者主动选择而非被动接受的结果。

In addition,Ordinary investors in a certain rate level,It is not sensitive to rate,These investors pay financial transaction tax be fiscal revenue the most stable source,But this and collection of financial transaction tax the most essential original intention,Namely inhibition speculation,Put the cart before the horse.Trades big and frequent professional investors and financial institutions,To rate and collection range is very sensitive,And have the ability to transfer to no collection of financial transaction tax country or region transactions,The financial transaction tax becomes the investors choose active rather than passive acceptance of the results.

　　对我国征收股票交易印花税的启示 To our country collection of the enlightenment of the stamp duty on stock transactions

　　股票交易印花税属于广义上的“托宾税”。我国于1990年开征该税种，实行股票买卖双方双向征收，税率为0.6%；1991年，为刺激低迷的股市，税率降至0.3%；1997年，重新提高至0.5%；1998年，再次调低至0.4%；2001年，进一步降低至0.2%；2005年，又降至0.1%；2007年，由0.1%上调至0.3%；2008年，再次降至0.1%，并实行股票卖方单边征收。

Stamp duty on stock transactions belong to the broad sense"Tobin tax".Our country in 1990 the collecting taxes,A stock buyers and sellers two-way collection,The tax rate shall be 0.6%;In 1991,,To boost the stock market downturn,Tax rate fell to 0.3%;In 1997,,To improve to 0.5%;In 1998,,Once again turn down to 0.4%;In 2001,,Further reduce to 0.2%;In 2005,,And drop to 0.1%;In 2007,,Rise to 0.3% from 0.1%;In 2008,,Once again fell to 0.1%,And implement stock the seller unilateral levy.

　　从投资者角度来看，印花税由双边征收改为单边征收，由高税率调整为低税率，降低了交易成本，是“好”事。但从宏观层面出发，印花税率调整次数过多，调整幅度过大，无疑体现出政策制定的随意性。

From the view of the investors,Stamp duty by bilateral collection to unilateral levy,Made from high tax rate adjustment as the low tax rate,To reduce the transaction cost,is"good"things.But from the macro level start,Stamp tax rate adjustment times too much,Adjustment range is too big,Undoubtedly reflect the randomness of policy formulation.

　　正如上文所分析，作为“托宾税”的一种，印花税最重要的目的之一是抑制短期投机，而并非是用来活跃或打压股市的“遥控器”。

Just as the above analysis,as"Tobin tax"a,Stamp duty is the most important one of the goals is to inhibit short-term speculative,And is not used to active or crack down on the stock market"Remote control".

　　股票市场的“牛”、“熊”更迭体现的是投资者对未来经济走势的预期和研判。一旦股市低迷，政府“唯恐”非理性投资者抱怨，便通过降低印花税率这一“利好消息”刺激股市；一旦股市上涨，政府“唯恐”投资过热，便通过调高印花税率这一“利空消息”打压股市。通过调控印花税来调控股市是违背市场运行规律的，也不会从根本上改变牛市或熊市的运行轨迹。

Stock market"cattle"/"bear"Change reflects the investors for future economic trend expected and judge.Once the stock market downturn,The government"lest"The irrational investors complain,Then by reducing the tax printing a"Good news"Stimulate the stock market;Once the stock market rise,The government"lest"Investment overheat,Then through the adjustable high printing rate this"Bad news"Crack down on the stock market.Through the regulation of stamp duty to adjust and control the stock market is against the law of market operation,Will not fundamentally change the bull market or bear market running track.

　　科学的应用印花税这一政策工具，应做好：明确印花税的目的，即以抑制短期投机为主，以充实财政收入为辅；对不同性质的交易实行差别化税率制度，对长期持有的交易行为实行低税率制，对高频交易实行高税率制；在特殊时期，对境外流入资本征收附加税；科学测算税率水平，保持税收政策的稳定性和持续性。

Scientific application stamp duty this policy tool,Should do well:Clear the purpose of the stamp duty,That is to suppress short-term speculative give priority to,An ounce of prevention is worth to enrich the fiscal revenue;For different kinds of trade execute differentiation rate system,Hold for a long time the trading behavior a low tax rate system,The high rate of high-frequency trading system;In the special period,On foreign capital inflow collection of surcharge;Scientific measurement rate level,Keep tax policy stability and sustainability.

　　(作者单位：中国民生银行(600016,股吧)金融市场部 中国工商银行(601398,股吧)资产管理部)

(The author unit:China minsheng bank(600016,guba)Financial marketing industrial &commercial bank of China(601398,guba)Assets management department)