【摘要】 在全面深化改革中，各地落实中央政府提出的改革措施存在明显差异。本文采用2018-2023年连续6年的全国固定点企业访谈数据，从企业感知的视角，考察政府自身改革落实的传导机制。在理论上，本文构建了一个嵌入异质性政府的政务服务市场模型，证明改革落实的传导机制是可感知改革触发要素市场做出一般均衡响应的过程。一个可供检验的推论是，在落实改革措施时，可感知改革将导致资本流动。在经验检验中，本文把“最多跑一次”改革落实视为一个准自然实验，三重差分估计发现，促进资本流动的是可感知改革而非单纯的政府实施改革；可感知改革每增加1%，异地投资流入水平将提高0.67%。这些发现是稳健的，且与本文的理论预期一致，揭示出企业感知在改革落实中的关键作用。更多还原

【Abstract】 Amidst the comprehensive deepening of reforms, government agencies have become the primary targets of self-reform, thrusting the issue of reform implementation into the spotlight. Reform implementation refers to the process by which reform measures deployed by the central government are executed and take effect nationwide. The Third Plenary Session of the 20^th Central Committee of the Communist Party of China explicitly emphasised the need to “improve the implementation mechanisms for major decisions and policy arrangements of the Party Central Committee.” However, substantial cross-regional heterogeneity persists in reform implementation, manifesting in three key areas: variations in local government execution, firm perceptions, and factor-market responses. Despite the importance of reform implementation, the existing economics literature has largely concentrated on reform pilots, offering limited economic explanations for the implementation of reform policies. Addressing this gap, this paper focuses on reform implementation, proposing and causally identifying the transmission mechanisms through which it occurs.Using six consecutive waves of national fixed-point firm survey data from 2018 to 2023, the study investigates the transmission mechanisms of government self-reform implementation from the perspective of firm perceptions. Theoretically, it constructs a general equilibrium model featuring regional government service markets and heterogeneous regional governments. In general equilibrium, the model demonstrates that reform-oriented governments enhance administrative service efficiency, thereby reducing compliance costs for firms and expanding service supply. Firms perceive these interregional differences in reform implementation through cost and service effects. Within an integrated capital market, firms respond rationally to these cost signals, prompting capital mobility: local governments that prioritise reform implementation attract greater investment inflows, whereas those that do not attract less. This illustrates that the transmission mechanism of reform implementation is a process whereby perceptible reforms induce general equilibrium responses in factor markets. A testable implication therefore emerges: perceptible reforms generate capital flows across regions during the implementation process. Empirically, the study treats the implementation of the “One-Stop Government Services” reform as a quasi-natural experiment. Using triple-difference estimation, it reveals that de facto firm perceptions of reform-rather than de jure government implementation-drive capital flows. A 1% increase in perceptible reform intensity raises non-local investment inflows by 0.67%. These findings are robust and consistent with the theoretical predictions, underscoring the critical role of firm perceptions in reform implementation.Building on its theoretical framework and empirical findings, this analysis offers several policy implications. Reform implementation should be understood as a multi-stakeholder process. First, during the design phase, policymakers should focus on firm concerns to ensure that reform measures are perceptible to them. Second, at the implementation phase, whole-process coordination of reform delivery should be strengthened to smooth the transmission pathways linking government execution, firm perceptions, and factor mobility. Third, at the evaluation phase, firms’ sense of gain should be taken as the core criterion, with comprehensive assessments of reform implementation outcomes conducted from both the supply and demand sides.更多还原