社会嵌入、企业声誉与海外投资经济风险治理——基于中国企业对“一带一路”沿线国家投资的研究

Social embeddedness,corporate reputation and economic risk governance of overseas investment:Research on Chinese enterprises’investment along“the Belt and Road”

关于如何治理中资企业海外投资所面临的东道国经济风险,目前的文献主要围绕着国家治理和市场治理两个渠道展开。前者通过国家外交,改善企业在东道国的投资环境。后者通过使用一系列分散风险和对冲风险的市场工具,做到风险的事前预防和事后对冲。文章引进了第三条风险治理机制——社会治理。利用长三角和珠三角的302份参与“一带一路”投资的企业家调查问卷,通过结构方程的量化分析后发现,如果中资企业通过社会嵌入,与当地社会建立起了良好和广泛的社会关系网络,能有助于企业获得当地民众的普遍认可和情感支持,提高中资企业在东道国的企业声誉,增强企业的风险治理能力。不仅如此,不同治理机制彼此之间可以互相促进,由社会嵌入所获得的企业社会声誉会进一步优化投资企业在东道国的投资环境,改善既有的国家治理成效。基于这种认识,文章提出了一个“国家—社会—市场”互动与融合的三元治理模式。通过结构方程模型比较检验和恒等性检验后发现,引入“企业声誉”中介效应后,模型的解释力显著提高,国家、社会和市场治理的效果显著增强,证实了“国家—社会—市场”三元治理模式的有效性和稳健性。

On how to govern the economic risks of host countries,the existing literature focuses on two channels:National governance and market governance.The former improves the business environment in the host country through national diplomacy.The latter uses a series of market tools to disperse and hedge risks,so as to prevent risks in advance and hedge risks afterwards.This paper introduces the third risk governance mechanism:social governance.By using 302 questionnaires of entrepreneurs with overseas investment in the Yangtze River Delta and the Pearl River Delta,we find that if Chinese entrepreneurs establish an extensive social relationship network in local society through social embeddedness,they will gain the general recognition and emotional support of local people,improve the reputation of Chinese enterprises in the host country,and enhance the ability of risk management ability.Not only that,we also find that different governance mechanisms can promote each other.The corporate social reputation gained from social embeddedness will further optimize the business environment of investment enterprises in the host country and improve the national governance effect.Based on this understanding,this paper puts forward a ternary governance model of“state-society-market”.Through comparison test and identity test of the structural equation model,we find that after the introduction of“corporate reputation”intermediary effect,the explanatory power of the model is significantly improved,and the effect of state,society and market governance is significantly enhanced,which confirms the effectiveness and robustness of the“state-society-market”governance model.