replacement effect meaning in English

替丛效应

This comprehensive and systematic analysis way indicated in this article is expected to be attributable to the further research work in this field . by detailing the analysis in 4 respects ( stock issuance , stock exchange , stock income and stock legacy ) , we conclude that the taxation system for security market has resource distribution and adjustment capability so as to influence the security market behavior and thus the social resource allocation by generating “ income effect ” and “ replacement effect ” through variety of mechanisms , such as psychological anticipation mechanism , price mechanism and investors ’ income mechanism
通过对四个方面(证券发行环节、证券交易环节、证券所得环节和证券遗赠环节)课税经济效应的剖析,我们可以看到,证券市场税收制度能够通过心理预期机制、价格机制,以及投资者收入机制等传导机制释放“收入效应”与“替代效应” ,发挥其分配功能与调节功能,直接影响证券市场的运行,进而影响社会资源的配置。