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.