Meanwhile, we analyse the cause of the effect of securities transaction stamp tax on the stock market volatility.

同时，我们对证券交易印花税调整导致股价波动性的效应进行了成因分析。

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Some scholars believe that levying securities transaction tax or raising the tax rate will increase transaction costs, curb speculation, and reduce market volatility, and vice versa.

有的学者认为，课征证券交易税或提高证券交易税的税率能增加交易成本，抑制投机，降低市场的波动性；反之，则刺激过度投机行为，扩大股市波动的幅度。

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