證所稅政策由於牽涉不同群體的利益，影響層面極廣，故一直是政府官員、學者、券商和投資人等，各界爭論不修的議題，其中最為大眾所矚目的焦點在於證所稅開徵對證券市場造成的影響。我國過去兩次課徵證所稅均為投資人帶來震撼性的衝擊，不但導致股價在極短的時間內呈現巨幅重挫的情形，市場成交量、波動性等交易指標亦反應劇烈，使得多數投資人一旦接觸任何證所稅相關問題均極為反感，即使政府在租稅收入的考量和學界在建立公平稅制上的堅持，亦難以抵擋證券市場造成傷害所帶來的壓力，致使難以兼顧不同群體利益的證所稅政策更難付諸實行。

然而經由本研究對民國七十八年證所稅復徵情形所做的實證研究與分析可以發現，證券市場對於課徵證所稅的反應並不如一般大眾想像中嚴重。事實上，課徵證所稅對股票市場的影響僅表現在短期的宣告效果上。雖然宣佈復徵證所稅的極短時間內，股票市場報酬率、成交量、成交值和流動性均明顯巨幅下降，但當真正實施證所稅課徵時，市場反而呈現正面的反應向上修正，而且就長期而言，股票市場的交易主要仍受經濟因素、市場本身量能與行情因素、成交量、時間因素、股價波動率、報酬率和延遲反應…等等眾多因素的交互影響，市場的交易情況並不會因為證所稅的課徵而有明顯的變動或萎縮。

同時，由本實證研究亦發現，證交稅率的高低，會明顯加深股價的波動性，並巨幅降低市場的成交量，因此，若就證券市場交易的效率性和長期發展而言，證交稅會對證券市場會產生負面的影響，降低市場的交易效率，應盡可能降低證交稅率，以對市場發展影響較小的證所稅取代證交稅成為新稅源。

一、中文部份
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7、 財政部賦稅署，「世界主要國家對證券交易課稅比較表」，民83年。
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13、 劉安懷，「證券交易所得稅之政策面分析以七十八年恢復課徵為研究個案」，國立中興大學公共行政研究所未出版碩士論文，民85。
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