Study On The Impact Mechanism Of Social Capital On The Performance Of Leading Agricultural Enterprises Under Different Business Models

Agricultural industrialization is the development direction of modern agriculture and an effective way to promote farmers’ income and rural economic growth.As a leading force in agricultural modernization,agricultural leading enterprises are the backbone of promoting the integration of one,two and three rural industries and building a modern rural industrial system.The Yellow River Basin is China’s main crop-producing region and a suitable breeding zone,and the six provinces of Shanxi,Shandong,Henan,Shaanxi,Gansu and Ningxia are located along the river.In the context of the state’s promotion of "industrial development of agriculture" and "industrial enrichment of agriculture",the problem of industrial integration practices of leading enterprises has become increasingly prominent,mainly in the form of low enthusiasm of enterprises to participate in industrial integration.Scholars have focused on the linkage of interests between enterprises and farmers,modern enterprise management and social services,but modern enterprises are more concerned with their own performance,and leading agricultural enterprises are no exception.Social capital,as a capability embedded in the internal and external networks of a firm and capable of mobilizing network members to access scarce resources,plays an important role in improving firm performance.The possible moderating effect of business model as a contextual factor on social capital and firm’s performance in production and finance needs to be further tested.Based on the above analysis,this study introduces business model as a moderating variable to investigate the relationship between social capital and the performance of leading enterprises in the context of industrial integration,and to provide new ideas for improving the performance of leading agricultural enterprises in the context of industrial integration.By reviewing the relevant literature,we construct a social capital-business model-industry-financing performance(SC-BM-ICP)relationship model,use 80 national key agricultural leading enterprises in six northern provinces as the research sample data to verify the potential relationship between the three,adopt the entropy value method to quantify the vertical social capital,horizontal social capital,technological social capital and industrial social capital of the enterprises,and use the factor analysis method to comprehensively evaluate the enterprises’ Then,a main effects regression model was established to test the hypothesis of the relationship between social capital and enterprises’ industrial and financial performance.Further,a group regression method was used to explore the moderating effect of business models in this regard,and corresponding policy recommendations were proposed based on the results of the empirical analysis.The findings show that:(1)vertical social capital,horizontal social capital,technological social capital and industrial social capital all have significant positive effects on enterprises’ financing and production performance,i.e.the more vertical social capital,horizontal social capital,technological social capital and industrial social capital enterprises have,the higher their financing and production performance will be,and the effect of technological social capital is greater than that of other social capital.(2)Business models positively regulate social capital and the performance of industry and finance.Specifically,the "enterprise-government" model is more conducive to the influence of vertical social capital;the "enterprise-platform" model is more conducive to the influence of horizontal social capital;the "enterprise-university" model is more conducive to the influence of technological social capital."The "enterprise-farmers" and "enterprise-bases" models are more conducive to bringing into play the influence of industrial social capital.Accordingly,policy recommendations are put forward: to correctly understand the role of social capital and build a multi-dimensional social relationship network;to adjust the business model in a multi-dimensional manner from the perspective of the stakeholders;and to encourage leading agricultural enterprises to participate in industrial integration through accumulating social capital to achieve quality and efficiency improvement in the industry.