Collective Reputation Shock,Information Asymmetry and Enterprise Export
Due to the differences in law and culture,as well as the influence of geographical distance and other factors,the information asymmetry in the international trade market is more prominent.Therefore,it is difficult for foreign importers to fully obtain the quality information of each exporter's products,and they rely more on the collective reputation level of'groups'to make purchasing decisions.When the collective reputation shock occurs,foreign importers expect that the quality of products within the'group'is problematic,thereby reducing the purchase of the'group'products.Moreover,the higher the degree of information asymmetry,the higher the dependence on the collective reputation in the consumer decision-making process,and the greater the negative impact of the collective reputation shock on export.In the empirical analysis,this paper uses the exogenous and representative CCTV'3.15'party exposure event to measure the negative collective reputation shock,which is specific to the regional industry level.Then,a triple difference model is constructed to examine the impact of collective reputation shock on the export of enterprises in the same'group'.This paper finds that after the shock,the export value and export quantity of corresponding products of other enterprises in the same city decrease significantly,and this conclusion is still valid after considering the potential identification problem.This paper further studies the scope of the impact of collective reputation shock.It is found that in the industry dimension,the impact is limited to the same quartile industry.In the regional dimension,the impact still has a significant negative impact on the export of other enterprises in the same province.This paper also finds that the product identification function of trademark brand and the strengthening effect of historical repeat transactions on individual reputation make the enterprises in the'group'effectively avoid the impact of collective reputation shock by alleviating information asymmetry.The farther the geographical distance between the enterprise and the export destination country is,the higher the degree of information asymmetry is.Therefore,the more foreign importers rely on collective reputation to make purchase decisions,the greater and more significant the negative impact of collective reputation shock on exports.This paper provides theoretical support for the importance of collective reputation in the export market,and provides a reference for enterprises to avoid the effects of collective reputation shock.Specifically,we suggest that local governments should take measures such as strict supervision,regular spot checks,and increased penalties to crack down on shoddy goods severely.It is expected to significantly increase the fraud cost of enterprises in the'group'.At the same time,it is recommended to continue to promote the facilitation of trademark registration,encourage enterprises to actively carry out trademark brand certification,and encourage foreign trade enterprises to continue to deepen the international market.
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