guuvestВестник университетаVestnik Universiteta1816-42772686-8415State University of Management10.26425/1816-4277-2018-10-145-150guuvest-1184Research ArticleФИНАНСЫ И БАНКОВСКОЕ ДЕЛОFINANCE AND BANKINGМОДЕЛИРОВАНИЕ ВЛИЯНИЯ ДОПОЛНИТЕЛЬНОГО НАЛОГООБЛОЖЕНИЯ НА ЦЕНООБРАЗОВАНИЕ ФИНАНСОВЫХ ИНСТРУМЕНТОВMODELING THE ADDITIONAL TAXATION IMPACT ON THE FINANCIAL INSTRUMENTS PRICINGКамаловС. М.KamalovS.noemail@neicon.ruФинансовый университет при Правительстве Российской ФедерацииRussian Federation201830102018010145150Copyright © Камалов С.М., 20182018Камалов С.М.Kamalov S.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.guu.ru/jour/article/view/1184

Рассмотрено понятие налога на финансовые операции как инструмента ограничения уровня спекулятивной торговли. Предложена математическая модель, в которой одним из факторов влияния на цену финансового инструмента является ставка налога на финансовые операции. Проверена гипотеза о том, что дополнительный налог на операции с финансовыми инструментами снижает уровень спекулятивной активности за счет снижения волатильности цены. Показано, что введение налога даже по небольшой ставке способствует снижению волатильности цен финансовых инструментов.

The tax on financial transactions as an instrument to restrict the level of speculative trading has considered. A mathematical model in which one of the factors influenced on a financial instrument price is the tax rate on financial transactions, - has proposed. The hypothesis that the additional tax on transactions with financial instruments reduces e speculative activity level by reducing the price volatility has tested. The introduction of a tax even at a small rate helps to reduce the financial instruments prices volatility has revealed.

налогиналогообложение финансовых операцийценообразование финансовых инструментовволатильность рыночной ценыдополнительное налогообложение на фондовом рынкематематическое моделированиеtaxfinancial transaction taxationfinancial instruments pricingthe volatility of the market pricesadditional taxation on the stock marketmathematical modelingReferencesBaker, D. et al. The potential revenue from financial transactions taxes / D. Baker, R. Pollin, T. McArthur, M Sherman. // Joint working paper. - 2009. - I. 12. - P. 34-58.Baker D., Pollin R., McArthur T., Sherman M, The Potential Revenue from Financial Transactions Taxes, Joint Working Paper, 2009, I. 212. Center For Economic and Policy Research, Washington, DC, and Political Economy Research Institute, Amherst, MA, pp. 34-58.Burman L. E. et al. Financial Transaction Taxes in Theory and Practice / L. E. Burman, W. G. Gale, S. Gault, B. Kim, J. Nunns, S. Rosenthal // National Tax Journal, March 2016, T. 69 (1), P. 171-216. Эта ссылка перемещена наверх, у Вас было: 8. Leonard E. Burman, William G., это имена, а не фамилии, а фамилии - Burman, Gale и др., в библиографии сначала указывают фамилииBurman L.E., Gale W. G., Gault S., Kim B., Nunns J., Rosenthal S. Financial transaction taxes in theory and practice. National Tax Journal, March 2016, T. 69 (1), pp. 171-216.Chou, R. Transaction tax and market quality of the taiwan stock index futures / R. Chou, G. Wang // Journal of futures markets. - 2006. - Vol. 26 (12). - P. 1 195-1 216.Chou R., Wang G. Transaction Tax and Market Quality of the Taiwan Stock Index Futures, Journal of futures markets, 2006, 26 (12), pp. 1 195-1 216.Deng, Y. et al. One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility? / Y. Deng, X. Liu, Sh.-J. Wei // NBER Working Paper. - 2014. - I. 19974. - P. 89-117.Deng Y., Liu X., Wei Sh.-J. One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility? NBER Working Paper, 2014, I. 19 974. National Bureau of Economic Research, Cambridge, MA, pp. 89-117.European Commission, Impact assessment: proposal for a council directive implementing enhanced cooperation in the area of financial transaction tax, Analysis of policy options and impacts / Working Document 28. European Commission, Brussels, Belgium. - 2013. - P. 1 118-1 137.European Commission. Impact Assessment: Proposal for a Council Directive Implementing Enhanced Cooperation in the Area of Financial Transaction Tax, Analysis of Policy Options and Impacts, Working Document 28. European Commission, Brussels, Belgium, 2013, pp. 1 118-1 137.Habermeier, K. Securities transaction taxes and financial markets / K. Habermeier, A. Kirilenko // IMF Staff Papers. - 2003. - Vol. 50. - P. 165-180.Habermeier, K., Kirilenko, A. Securities transaction taxes and financial markets. IMF Staff Papers, 2003, vol. 50, pp. 65-180.Kupiec, P. Noise traders, excess volatility, and a securities transactions tax. Journal of Financial Services Research. - 1996. - I. 10. - pp. 115-129.Kupiec P. Noise traders, excess volatility, and a securities transactions tax, Journal of financial services research, 1996, I. 10, pp. 115-129.Lanne, M. The effect of a transaction tax on exchange rate volatility, International Journal of Finance & Economics. M. Lanne, T. Vesala. - 2010. - Vol. 15 (2). - P. 123-133.Lanne M., Vesala T. The effect of a transaction tax on exchange rate volatility, International Journal of Finance & Economics, 2010, vol. 15(2), pp. 123-133.Liu, S. Securities Transaction Tax and Market Efficiency: Evidence from the Japanese Experience // Journal of financial services research. - 2007. - Vol. 32. - P. 161-76.Liu S. Securities transaction tax and market efficiency: evidence from the japanese experience, Journal of Financial Services Research, 2007, vol. 32: pp. 161-76.Matheson, T. Security transaction taxes: issues and evidence // International tax and public finance. - 2012. - Vol. 19 (6). - pp. 884-912.Matheson T. Security Transaction Taxes: Issues and Evidence. International Tax and Public Finance, 2012, vol. 19 (6), pp. 884-912.Pellizzari, P. Some effects of transaction taxes under different microstructures / P. Pellizzari, F. Westerhoff // Journal of Economic Behavior and Organization. - 2009. - Vol. 72. - P. 850-863.Pellizzari, P., Westerhoff, F., Some effects of transaction taxes under different microstructures. Journal of Economic Behavior and Organization, 2009, vol. 72, pp. 850-863.

The authors declare that there are no conflicts of interest present.