基于2019~2022年广东省1 085家农业龙头企业调查数据，实证检验政企关联对农业龙头企业参与乡村产业振兴的影响机制。研究发现：政企关联正向影响农业龙头企业参与乡村产业振兴，财政支持在二者之间起部分中介作用；企业政策感知能力和市场感知能力在路径“政企关联—财政支持—农业龙头企业参与乡村产业振兴”中起两阶段调节作用，第一阶段，二者均增强了政企关联对财政支持的正向影响；第二阶段，二者均增强了财政支持对企业推进三产融合、提供社会服务的正向影响，而削弱了财政支持对企业实施联农带农、保障农产品供给、引领科技创新、推动绿色发展、打造知名品牌的正向影响。

Based on survey data from 1,085 leading agricultural enterprises in Guangdong Province from 2019 to 2022, this study empirically examines the mechanism through which political connections affect leading agricultural enterprises’ participation in rural industrial revitalization. The results indicate that political connections positively affect leading agricultural enterprises’ participation in rural industrial revitalization, with fiscal support serving as a partial mediator between the two. Moreover, both policy-sensing capability and market-sensing capability exert moderating effects at both stages of the pathway of “political connections—fiscal support—leading agricultural enterprises’ participation in rural industrial revitalization”. In the first stage, both capabilities strengthen the positive impact of political connections on fiscal support. In the second stage, they both amplify the positive impact of fiscal support on enterprises’ promotion of integration of the primary, secondary, and tertiary industries and provision of social services, while attenuating the positive impact of fiscal support on enterprises’ engagement in linking with and driving farmers, ensuring agricultural product supply, leading technological innovation, advancing green development, and building well-known brands.