Research On The Impact Of Entrepreneurial Social Capital On Enterprises Diversification Strategy And Operation Risk

The entrepreneurial social capital is an important resource to support the sustainable development of enterprises,which has become the research focus of scholars domestic and abroad.In recent years,there is more and more scholars have paid attention to the influence of entrepreneurial social capital on diversification strategy and operation risk,and carried out many researches.However,the research is not perfect and still has exploration space.The enterprise operation process is like a black box,and the mechanism that hidden in the entrepreneurial social capital,diversification strategy and operation risk relationship is unclear.It lacks systematic research which considered the effects of dynamic capabilities,entrepreneurial social capital on diversification strategy and operation risks,especially in the field of systematic research for China's actual condition.Under the background of Chinese relation culture,the role of entrepreneurial social capital can't be ignored.Now,China is in the new normal of slowing economic growth and powerful anti-corruption,systematic study on the impact of entrepreneurial social capital on diversification strategy and operation risk has important theoretical and realistic significance.Based on related research literature,three core problems are determined as the thesis,the internal mechanism of how entrepreneurial social capital affect diversification strategy and operation risk;the impact of entrepreneurial social capital on diversification strategy and the role of dynamic capabilities play between their relationship;the impact of entrepreneurial social capital on the operation risk and the role of diversification strategy play between their relationship.Firstly,this paper defines concepts of entrepreneurial social capital,diversification strategy and operation risk.Based on entrepreneurial social capital theory,Resource-Based view,dynamic capability theory,and Institution-Based view,analyzes the impact of entrepreneurial social capital on diversification strategy and operation risk,proposes relevant research assumptions,and reveals the mechanism that entrepreneurial social capital affects diversification strategy and operation risk.Secondly,it tries to find out the relevant cognition of the entrepreneurs about the effect of social capital on diversification strategy and operation risk through questionnaire survey.The exploratory analysis results based on questionnaire survey show : the entrepreneurial social capital has promotion effect on the choice of diversification strategy;there are obvious differences in social capital with different ownership,entrepreneurs of private enterprises have more social capital than state-owned enterprises and foreign enterprises;entrepreneurial social capital and enterprise dynamic capability play an important role in business operation and risk diversification;the degree of marketization affects the effect of entrepreneurial social capital,but the value of the entrepreneurial social capital will not disappear with the improvement of marketization degree.Thirdly,it carries out the empirical study on the effect of entrepreneurial social capital on diversification strategy and operation risk based on the panel data from listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange in 2011-2017.The study result on the impact of entrepreneurial social capital on diversification strategy based on the mediating effect of enterprise dynamic capability shows: entrepreneurial social capital has significant positive impact on diversification strategy;entrepreneurial social capital has significant positive impact on the dynamic capability;the dynamic capability has significant positive impact on diversification strategy;the dynamic capability plays a significant mediating role in the process of entrepreneurial social capital affecting on diversification.And the study result on the impact of entrepreneurial social capital on operation risk based on the moderating effect of diversification strategy shows: the entrepreneurial social capital has significant negative impact on operation risk,and it can spread operation risk;diversified strategy can't spread risk effectively,it aggravates operation risk instead,and weakening the operation risk spread effect by entrepreneurial social capital under the background of transition economy;management ownership of stock has a significant positive impact on the operation risk,while the concentration degree of ownership has a significant negative impact on the risk of business operation.Based on the research conclusions,puts forwards some management implications and suggestions.Based on comprehensive references of current research,this paper analyzes the relationship among entrepreneurial social capital,dynamic capability,diversification strategy,and operation risk,and reveals the internal mechanism.The research result has innovation in theory.This paper also researches the relationships among entrepreneurial social capital,dynamic capability,diversification strategy and operation risk through empirical study.It provides a great reference to the decision making of enterprises.