Research On The Core Enterprise-led Agricultural Supply Chain Finance And Entity Economy Performance

Modern agriculture's development is inseparable from financial support.China has successively proposed a number of policy documents focusing on financial services for rural areas in recent years.In order to adapt to modern agricultural trend and accelerate the development of intensive and large-scale agriculture,supply chain finance has become one of the most important financial services.The core agricultural enterprise dominated model has both the explosive power of finance and the persistence of agricultural industry.It is of great significance to promote the development of agricultural entity economy in the context of slowing down of the growth rate of the macro economy and relatively low rate of return of entity economy.Based on supply chain management theory,transaction cost theory,and self-repaying trade theory,this paper theoretically studies the business models of agricultural supply chain financial factoring,contracts,and platforms dominated by core enterprises Combining "hope for finance" case,this paper clarifies the mechanism of the role of core enterprise-led agricultural supply chain finance on the performance of the agricultural entity economy,and builds a theoretical model.Empirical tests will be conducted with a total of 655 samples of 86 agricultural listed companies in China from 2010 to 2018 to reveal the relationship between core enterprise-led agricultural supply chainfinance and entity economic performance and the intermediary mechanism of capital turnover.Research shows that China's agricultural supply chain finance is still in its infancy,but the core enterprise led agricultural supply chain finance still makes an important contribution to the actual economic performance.Core enterprises can maintain the stability of return on assets to a certain extent through the practice of agricultural supply chain finance.Supply chain finance has a positive effect in promoting the R&D investment of core enterprises.The greater supply chain financial strength of agricultural core enterprises,the higher possibility that enterprises invests in R&D.However it does not mean that the R&D intensity will be further enhanced.The study also found financial strength of the supply chain indirectly affects the performance of entity economy by increasing cash flow rate.The innovation of this paper mainly reflects the situation in China,analyzing whether supply chain financial instruments can effectively promote entity economic performance from the perspective of the core enterprise,and whether the differences in agricultural industry affect the interpretation effect of the core enterprise supply chain financial intensity on entity economic performance.This study has important implications for the transformation of financial services to rural rejuvenation,the transformation of rural cooperatives,the expansion of financial institutions'businesses and specialized services that address the financing difficulties of agricultural SMEs.The research result can be applied to the supply chain financial practice of agricultural core enterprises and provide a new solution of agricultural supply chain finance,which theoretical supports the government to formulate rural financial policies.