麻烦帮我用英文翻译下。谢谢

第四，我国证券市场的弱效市场特征也决定了证券税收应发挥更大的维护社会公平作用，而实行累进税率的所得税在维护社会公平方面较之实行比例税率的证券交易印花税要有效的多。应该承认，我国证券市场在相当长的时期内都将是个不成熟的弱性效率市场，由于信息不对称性的存在，因此证券市场中内幕交易将在相当长的时期内存在。近年来，虽然信息披露制度在不断完善，但一方面由于这项工作本身的执行难度较大，另一方面由于公司披露信息不可避免地会产生高额成本（甚至招来对手的竞争而使计划受挫），这使得上市公司在某项计划初期不可能总是及时、充分地披露信息，从而给内幕人士以投机获利的余地。我们可以看到，经常有某只股票忽然连日大涨，等到公司发布公告，广大投资者得到消息时，股价早已到位，炒作者早已借机出货了。这种内幕交易的存在将使少数投资者获取超额利润，而大多数投资者则只能获取微利或亏损，证券市场的这种“失灵”要求税收以累进税率调节不同投资者的利益，发挥“看得见的手”维护社会公平的作用。而此时“看得见的手”主要依靠的应该是实行累进税率的所得税，而非实行比例税率的流转税（证券交易印花税）。

Fourth, China's securities market weak efficiency of the securities market characteristics have also decided to tax should play a greater role in the maintenance of social justice, while implementing a progressive income tax rates in the maintenance of social equity than the proportional tax rate of stamp duty on securities transactions to be effective multi - . Should be recognized that China's securities market for a long period of time would be a premature weak nature of the efficient market, due to the presence of asymmetric information, so stock market insider trading will be for a long period of time memory. In recent years, although the information disclosure system is constantly improved, but on the one hand due to the implementation of the work itself more difficult and partly because companies to disclose the information would inevitably produce high costs (or even provoke rivals to make the plan thwarted ), which makes the initial phase of a listed company can not always timely and adequate disclosure of information, giving insiders with room for speculative gain. We can see, it is often a stock suddenly rose several days, until the company issued a public notice, the majority of investors got the news, the stock already in place, speculation had already shipped opportunity. The existence of such insider trading a small number of investors will reap super profits, while most investors can only obtain low-profit or losses, the securities market such as "failure" to tax at progressive rates to adjust the different interests of investors, to play a " visible hand "to maintain the role of social equity. At a time when the "visible hand" should be to rely mainly on the implementation of the progressive income tax rates, rather than under the proportional tax rate of turnover tax (stamp duty on securities transactions).

Fourth, China's securities market weak efficiency of the securities market characteristics have also decided to tax should play a greater role in the maintenance of social justice, while implementing a progressive income tax rates in the maintenance of social equity than the proportional tax rate of stamp duty on securities transactions to be effective multi - . Should be recognized that China's securities market for a long period of time would be a premature weak nature of the efficient market, due to the presence of asymmetric information, so stock market insider trading will be for a long period of time memory. In recent years, although the information disclosure system is constantly improved, but on the one hand due to the implementation of the work itself more difficult and partly because companies to disclose the information would inevitably produce high costs (or even provoke rivals to make the plan thwarted ), which makes the initial phase of a listed company can not always timely and adequate disclosure of information, giving insiders with room for speculative gain. We can see, it is often a stock suddenly rose several days, until the company issued a public notice, the majority of investors got the news, the stock already in place, speculation had already shipped opportunity. The existence of such insider trading a small number of investors will reap super profits, while most investors can only obtain low-profit or losses, the securities market such as "failure" to tax at progressive rates to adjust the different interests of investors, to play a " visible hand "to maintain the role of social equity. At a time when the "visible hand" should be to rely mainly on the implementation of the progressive income tax rates, rather than under the proportional tax rate of turnover tax (stamp duty on securities transactions).