Regional Social Networks and Enterprises'Off-site Investment
Based on the off-site investment data of A-share listed companies in China from 2007 to 2021,this paper uses various esti-mation methods such as conditional Logit,negative binomial regression,and OLS to examine the impact and mechanism of regional so-cial networks on the location selection of enterprise overseas investment.The study shows that the regional social network has a signifi-cant impact on the location choice of enterprises'off-site investment.That is,the more developed the regional social network is,the more favorable it is to attract enterprise investment.This conclusion is still valid after a series of robustness tests.Mechanism analysis shows that the information transmission function,resource allocation function and network embedding function of regional social network can effectively alleviate the difficulties faced by investment enterprises,such as information asymmetry and resource shortage,and en-hance the risk resistance of new subsidiaries.At the same time,regional social networks can also attract business investment by lower-ing the threshold for enterprises to invest locally.Heterogeneity analysis indicates that the influence of regional social network on the in-vestment of non-state-owned enterprises,manufacturing enterprises and close enterprises is more obvious.The study enriches the re-search level of social networks and the literature on enterprise investment location selection,which has reference significance for impro-ving investment efficiency and rational layout of enterprises.
Off-site InvestmentLocational ChoiceRegional Social NetworkSocial OrganizationInformation Asymmetry
万方数据
维普
