Research On The Relationship Between Social Capital,Investment Opportunity And Firm Performance In Equipment Manufacturing Industry

Equipment manufacturing industry is vital to the development of the national economy.It can provide the necessary technical equipment for various industries.As a strategic industry in the country,it can promote industrial upgrading in all walks of life and speed up technological progress,and reflect the country's overall strength.At this stage,China is still in the process of industrialization with the main task of turning it from a big industrial country into an industrial power.Compared with the advanced countries,China's equipment manufacturing industry has a large base but not strong capabilities,weak independent innovation ability,high dependence on manufacturing of high-end equipment and key core technologies,the innovation system of the industry is to be improved.Therefore,the equipment manufacturing enterprises urgently need to carry out transformation and upgrading to strengthen its competitiveness and sustainable development capacity for their own development to seek new breakthroughs.In current situation,social capital is a very important way of resource allocation.Enterprises that seek the allocation of scarce resources in contemporary China has become a mainstream way.The main contents of this paper are as follows: 1)combining the related theories,defining the related concepts,including: the connotation of corporate social capital,corporate investment opportunities and corporate performance;2)defining corporate social capital from two aspects: the organizational and entrepreneurial level,we study in detail the impact of corporate social capital on the investment opportunities,corporate performance and the intermediary role of investment opportunities.3)we construct the theory of corporate social capital,investment opportunities and corporate performance 4)Empirical research on the theoretical assumptions based on the data of China's equipment manufacturing listed companies in 2014-2016.The results show that:(1)Corporate social capital has a significant positive impact on business performance both at the organizational level and at the entrepreneurial level;(2)corporate social capital has a significant impact on entrepreneurial investment opportunities at the organizational and entrepreneurial levels;(3)There is an intermediary effect in social capital and business performance.This paper combines the key elements of corporate social capital,investment opportunities and corporate performance in a research framework to study the relationship between the various elements.The conclusion has the following research significance: First,this article reveals the corporate social capital at different levels more thoroughly.Second,from the perspective of corporate social capitalinto the enterprise investment opportunities,enriching the theoretical research of social capital in the field of finance;Third,the reasonable use of social capital by enterprises in industries can provide theoretical and empirical evidence to guide equipment manufacturing enterprises in utilizing their social resources rationally and effectively and in enhancing their investment level so as to provide theoretical basis and methodological support for the sustainable development of equipment manufacturing enterprises.