Abstract: The choice of market regulation tools is affected by the role of the government market that is determined by macro objective.The positioning of the government role in the securities market is also affected by the government's different policy objectives for the securities market.As an important means of state macroeconomic regulation and control, taxation has comparative advantages compared with administrative measures and legal means. A reasonable tax arrangement can not only optimize the market,stabilize market expectations and restrain speculation in the market,but also realize the guidance of the market's trading behavior and protect the legitimate rights and interests of small and medium-sized investors.Especially according to the implementation of differential tax rates by the market's short, medium and long-term trading strategies, the real investment can be guided .In this paper,we want to explore the role of the government in securities market positioning according to the target of government in the securities market,and then explain the comparative advantages of tax regulation.

Key words: Macro Objective, GovernmentRole, MarketOrientation, Tax Regulation