特殊信任还是普遍信任——基于社会信任对企业异地投资的影响  

Particular Trust or Universal Trust——Based on the Influence of Social Trust on Enterprises'Trans-Regional Investment

作　　者：赵景艳 李旭东 ZHAO Jing-yan;LI Xu-dong(Institute of Finance and Economics,Shanghai University of Finance and Economics,Shanghai 200433;Shanghai headquarters of the People's Bank of China,Shanghai 200120,China)

机构地区：[1]上海财经大学财经研究所,上海200433 [2]中国人民银行上海总部,上海200120

出　　处：《山西财经大学学报》2022年第8期112-126,共15页Journal of Shanxi University of Finance and Economics

摘　　要：根据2012—2018年各地社会信任与上市公司异地投资数据发现,社会信任与企业异地投资并不是简单的正相关关系,而是包含“倒U型”特征的非线性关系。为探究其原因,文章使用中国家庭追踪调查(CFPS)数据,将社会信任进一步分为基于血缘地缘关系的特殊信任与基于非特定人群的普遍信任,探究这两种信任对企业异地投资的影响。研究发现:特殊信任与企业异地投资具有倒U型关系,在非国有制与投向中西部地区的企业样本中更为明显;普遍信任与企业异地投资存在正相关关系。市场的深化可以加强普遍信任的积极作用,弱化特殊信任的负面效应。According to the data of social trust and the trans-regional investment of listed companies from 2012 to 2018,there is a nonlinear relationship with an"inverted U-shaped"feature between social trust and enterprises’trans-regional investment,rather than a simply positive correlation.In order to investigate the causes,this paper used the data of China Family Panel Studies(CFPS)to further analyze how two types of social trust affected enterprises’trans-regional investment,including the particular trust based on consanguineous geography and the universal trust based on nonspecific population.It was found that,there was an inverted U-shaped relationship between special trust and enterprises'trans-regional investment,which was more evident in non-state-owned enterprises and the enterprises having invested to central and western regions.Meanwhile,there was a positive correlation between universal trust and enterprises’trans-regional investment.Furthermore,the deepening of the market can both strengthen the positive effect of universal trust and weaken the negative effect of particular trust.

关 键 词：特殊信任 普遍信任 异地投资 市场化进程 宗族网络 

分 类 号：F061.5[经济管理—政治经济学]