股市大殺傷力武器　中央需備用

文章轉貼自： 經濟 日報 dated 4 June 2007
文：Teric
專欄：中英聯合州社評

中央調高股票印花稅兩倍，深滬股市前天大跌百分之六至九後，上海綜合指數昨反彈百分之一點四．加印花稅是否成效不彰，相信中央仍要觀察，但要遏股市瘋漲，威力更巨的大殺傷力武器，要早作準備，而且若能善用準備大殺傷力武器的消息，可變成懸在股市頭上的刀，令股民理性．

After a ballyhooed treble （３倍） increase of the stamp duty , Shenzhen and Shanghai bourses did experience a 6-9% ｄ ｒｏｐ a couple of days ago. However, the SSE Composite Index （上海綜合指數） rebounded by 1.4% yesterday. The central government has yet to decide whether the stamp duty hike has fizzied, but if it wants to stop the stock market from spiraling out of control, it has to line up weapons of much greater  deterring power (大殺傷力武器). Moreover, if used right, the news of rolling out these weapons of massive deterring power will hang over retail investors' head like the sword of Damocies (喻懸在股市頭上的刀), keeping them on their toes.

其一，對股票買賣開徵資本利得稅．市場近月亦討論應否開徵，並希望中央三思，因此稅對新興市場殺傷力驚人，例如台灣八八年擬開徵＜台灣加權指數＞即連挫１９日，跌幅近半．

Firstly, it is the introduction of capital gain tax （資本利得稅）． It the past month, the market has talked about its feasibility and most want the central government to reconsider. This tax can be detrimental to an emerging market. For instance, in 1988, when there was talk of its introduction, the Taiwan Weighted Average Index (台灣加權指數) fell for 19 days in a row, with an accumulated fall of nearly 50%.

其二，各市場釋出國有股．內地股市總市值十七點八萬億，其中三分二是手持在中央的國有股，若中央釋出國有股，足吸納市場過剩資金有餘．但問題正是國有股如此龐大，可成吸納資金，遏抑股市的黑洞，一旦落實釋出，不論釋多釋少，都已變成股民頭上的核彈，可能嚴重窒礙內地股市發展．

Secondly, it is the release of government-owned stocks to the market. The total value of mainland stocks is 17.8 trillion RMB, two third of it made up by government-owned stocks. If the central government releases its stocs to the market, it can easily soak up the excess liquidity. The problem is, with such a mind-blowing volume (龐大), it may become a black hole that sucks up liquidity and thwart market development. If it is implemented, whatever the volume, it may scare away retail investors like a nuclear bomb, and thus suffocate mainland stock market development.

ballyhooed - 形容詞，〔吹噓，喧鬧〕，如：

The much ballhooed film turned out to be a disappointed. 那部電影聲勢浩大，但結果卻令人大失所望．

fizzie - 名詞／動詞，〔失敗，夭折，洩了氣），如：

Interest in the project fizzled after the funding was withdrawn. 在投資撤走後，他對計劃的興趣也洩了氣．

on one's toes - 慣用語，〔提高警惕〕，如：

I work with people who are half my age so that keeps me on my toes.　我同事的年紀只有我一半，使我不得不打醒十二分精神．