The Stabilizing Foreign Investment Effect of Tax Business Environment——Also on the Impact of Policy Synergy
Against the backdrop of increasing global economic uncertainty and deepening geopolitical influence,how to stabilize the foundation of foreign investment has become an important issue in ensuring the security of China's industrial and supply chains.This article takes the pilot reform of the tax business environment(TBE)carried out by the State Administration of Taxation in 2017 and 2018 as a quasi natural experiment to test whether the optimization of the TBE can bring about the effect of stabilizing foreign investment.The research results indicate that:(1)The optimization of the TBE has significantly brought about the effect of"stabilizing foreign investment",which,on the one hand,has enhanced the attractiveness of the region to foreign-funded enterprises,especially for labor-intensive and technology-intensive industries as well as small and medium-sized foreign-funded enterprises.On the other hand,the amount of foreign investment actually utilized in the region has increased,which is more significant in the central and western regions.(2)The"stabilizing foreign investment"effect of the pilot reform of TBE is mainly achieved by reducing institutional transaction costs,narrowing the institutional distance of foreign investment,reducing enterprise uncertainty expectations,and maintaining stable supply chain relationships.(3)The synergistic effect of the pilot reform of TBE,intellectual property protection,digital infrastructure construction,and opening-up policies is crucial for stabilizing foreign investment inflows,and the policy synergy effect needs to be further improved.The policy inspiration of this article is that to enhance China's magnetic attraction to attract foreign investment,it is necessary to further optimize the TBE,and pay attention to the synergistic effects between different policies to exert policy synergy.
Tax Business EnvironmentStable Foreign InvestmentPolicy CollaborativeEntry of Foreign-Invested Enterprises
NETL
NSTL
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