社会网络与交易成本视角的相互独立,以及关系嵌入的同质性,使合作治理问题的研究遭遇瓶颈。本文明确了关系嵌入和信任在交易成本理论的基础假设“机会主义行为正向影响股权合作模式”中的调节地位,提出关系嵌入的二元性,分析不同类型的关系嵌入与不同类型信任的对应关系及其对基础假设的调节路径。本文收集全国多地378份问卷,采用有中介的调节效应的检验方法进行实证检验。结果表明,经济性关系嵌入部分通过基于威慑的信任强化机会主义行为与股权合作模式之间的关系;而社会性关系嵌入完全通过基于了解的信任弱化上述关系。本研究为关系嵌入的后续研究提供了全新的思路,为企业依据关系嵌入和信任类型选择合作治理模式提供重要启示。 The mutual independence of social networks and transaction costs and the homogeneity of relationship embedding make the research on cooperative governance problems a bottleneck. This article clarifies the relationship between embeddedness and trust in the basic hypothesis of transaction cost theory “the positive impact of opportunistic behavior on the mode of equity cooperation ”, proposes the duality of relational embeddedness, analyzes the relationship between different types of embeddedness and different types of trust Corresponding Relationship and Its Adjustment Path to Basic Assumptions. This paper collected more than 378 questionnaires across the country, the use of mediation effect of the test method for empirical testing. The results show that the embedding of economic relations strengthens the relationship between opportunistic behavior and the mode of equity cooperation through deterrence-based trust; and the embedment of social relations weakens the above relationship completely through trust based on understanding. This study provides a new idea for the follow-up study of relational embedding, which provides important inspiration for enterprises to choose cooperative governance mode based on relationship embedding and trust type.