Research On The Motivation And Performance Of The Business Model Of The Whole Industry Chain Of Circular Economy

In recent years,the country has constantly updated and issued relevant guidance and policies to encourage and support agricultural enterprises to actively develop the whole industry chain,integrate upstream and downstream industrial resources,and achieve synergy.The No.1 central document in 2021 pointed out that it is necessary to accelerate the building of the whole agricultural industry chain and improve the whole industry chain standard system.The essence of the development of the whole industrial chain is the extension of the industrial chain.The circular economy is not only an important way to extend the industrial chain,but also one of the key development directions that the country calls for agricultural enterprises to adhere to the 3R principle,save resources and recycle waste.Therefore,under the call of the state,more and more agricultural enterprises are taking the circular economy as the guiding ideology to vigorously develop the whole industrial chain management mode.Starting from the practical background,combining the transaction cost theory,value chain theory,synergy theory,and from the perspective of the whole industrial chain,this paper selects China’s leading pig breeding enterprise,Muyuan,as the case study object,to explore the motivation for its development of this business model,the value realization of the development of the whole industrial chain of circular economy,and the important role of circular economy in the construction of the whole industrial chain,It supplements the relevant literature research on the whole industrial chain of specific industries and the relevant research on the practice mode of circular economy.Firstly,it introduces the construction process,operation process and realization path of the whole industrial chain of circular economy of Muyuan,and then analyzes the performance of the whole industrial chain business model of circular economy of Muyuan.The performance analysis part is divided into the main section analysis and the overall analysis of the company.Through the horizontal and vertical comparison and the combination of financial performance and non-financial performance,we comprehensively evaluate the effect of the development of the whole industrial chain operation mode of circular economy of Muyuan,in which the financial performance evaluation includes three aspects of operation synergy,management synergy,and financial synergy.Then we use the entropy-topsis method to evaluate the comprehensive financial performance of Muyuan,Zhengbang and Wenshi.Through data analysis,we found that compared with Zhengbang and Wenshi,the profitability and growth rate of Muyuan shares were better,and the development of its whole industrial chain business model of circular economy made it have great advantages in cost control and epidemic prevention and control.In the analysis of EVA enterprise value creation,the EVA value of Muyuan fluctuates with the industry cycle and shows an overall upward trend.In recent years,with the rapid expansion of animal husbandry,the investment in heavy asset breeding is large,and the liquidity risk needs special attention;In terms of non-financial performance,thanks to the good operation of the whole industrial chain operation mode of the circular economy of Muyuan,it has a good performance in terms of brand recognition,R&D innovation ability and environmental performance,while Wynn Stock has a poor performance in terms of environmental performance,and Zhengbang has been greatly impacted in terms of brand recognition after a deep loss.Therefore,under the business model of the whole industrial chain of circular economy,the overall operation of Muyuan has produced a good synergistic effect,and the circular economy has played an important role in the development of the whole industrial chain of Muyuan,providing reference for other agricultural enterprises to develop this business model.In general,through the detailed analysis and performance research of the whole industry chain business model of Muyuan,this paper not only supplements the literature on the whole industry chain and performance analysis,but also explains the important role played by circular economy in the development of the whole industry chain from the new perspective of circular economy.