Study Of China's Financial Derivatives Market, Tax System

After 30 years of reform and opening up, the position of the financial industry in the economy is very important. But compared with the rapid development of the financial sector, the other complementary measures had gotten behind, such as taxation, regulation and so on. For example, current tax policies about financial derivative products are lack of systematic and normative. There are many blind spots.The financial crisis caused by the U.S. sub-prime mortgage crisis has leaded lot thinking. It's has been proved that the supervision and guidance for financial system are very important. As an important national means of macroeconomic control, tax policies can regulate the financial derivatives markets effectively, can guide the market onto the right path of development, and avoid the abuse and misuse of the financial derivatives that may destroy the stability of financial system and the entire national economy.Based on the research of China's existing tax system of financial derivatives market, and the comparison and reference of the international experiences, this article makes some ideas of how to improve the existing tax system of financial derivatives market, and expect to make contributions to the theoretical study and practical work.The basic framework of this article is:ChapterⅠbrings forward the significance of this research based on the background of the U.S. sub-prime mortgage crisis and the practices of China's financial derivatives market, and then presents and reviews the results of relevant research.In ChapterⅡ, the concept of the financial derivative products has been defined first. We discuss the features and functions of it. And then we analyze the relationship between tax system and financial derivatives market. ChapterⅢintroduces the development and current situation of the financial derivatives market in China and the current tax policies of the financial derivatives markets first, and then analyzes the problems in the current tax system of the financial derivatives market.ChapterⅣis about the comparison and reference of the international experience. It mainly analyze and compare the tax system of the finaneial derivatives markets of the United States, Britain, France, Japan and other countries from the three links of financial derivatives market:issuance, trading, and proceeds. We sum up the experiences of these countries' revelation for the construction of our country.ChapterⅤbrings forward the objectives and principles about the tax system of financial derivatives market first. Then we give a number of ideas about the construction of the tax system of the financial derivatives market based on the previous research. We analyze how to set taxes in the trading link and earnings link of the financial derivatives market from the theoretical point. Then, we discuss the specific structure of the tax system of financial derivatives market. We research the specific tax designing of the three links:issuance, trading, and proceeds, as well as the three markets:futures, options and financial exchange. Finally, we bring forward some supporting policy of taxation of the tax system of financial derivatives market, such as the regulation according to the classification of the financial derivatives' risk, market risk control of participating organizations and how to carry out effective regulation for the financial derivatives market using legal means.