耐心资本能否提升企业数据资产化水平？

丁声怿¹　白俊红²

（1.郑州轻工业大学；2.南京师范大学）

摘要：在深入推进数字中国建设和加快培育耐心资本的背景下，考察耐心资本对企业数据资产化的驱动作用，对于充分释放数据要素潜能、培育经济发展新动能具有重要意义。本文选取2010—2023年沪深A股上市公司数据，实证考察耐心资本对企业数据资产化水平的影响及其作用机制。研究发现，耐心资本能够提升企业数据资产化水平。机制分析表明，耐心资本主要通过缓解融资约束、降低信息不对称、提升数据开发应用能力、加大研发投入对企业数据资产化水平产生影响。异质性分析结果显示，在高管具有信息技术背景的企业、人工智能应用水平较高的企业、位于较大规模城市的企业以及东部地区企业中，耐心资本对企业数据资产化水平的提升作用更明显。进一步分析发现，耐心资本对企业数据资产化的影响具有长期动态效应，企业参与数据要素市场化活动能够强化耐心资本的赋能效果，且企业数据资产化水平提升有助于提高企业市场价值。本文揭示了耐心资本对企业数据资产化水平的促进作用，有助于从长期价值培育视角深入理解耐心资本在推动企业数据要素向数据资产转化过程中的关键作用，同时为培育发展耐心资本的市场生态、政府部门制定配套政策以激活数据要素生产潜能和经济价值提供决策参考。

关键词：耐心资本；数据资产化；融资约束；数据开发与应用；数据要素市场化

作者简介：丁声怿，郑州轻工业大学经济与管理学院讲师，郑州，450000；白俊红，南京师范大学商学院教授、博士生导师，南京，210023。

基金项目：国家社会科学基金重大项目“我国基础研究资源优化配置的体制机制研究”（25&ZD092）

引用格式：丁声怿，白俊红. 耐心资本能否提升企业数据资产化水平？［J］. 经济与管理研究，2026，47（10）：32-49.

Can Patient Capital Enhance Data Assetization Within Firms?

DING Shengyi¹, BAI Junhong²

(1. Zhengzhou University of Light Industry, Zhengzhou 450000;

2. Nanjing Normal University, Nanjing 210023)

Abstract: Data assetization requires sustained investment in data infrastructure, governance, analytical technologies, and application scenarios, while its returns are uncertain and often realized over a long horizon. This creates a mismatch between the long-cycle nature of data assetization and the short-term performance orientation of conventional capital. This paper examines whether patient capital can enhance data assetization within firms and explores its underlying mechanisms.

Drawing on resource orchestration theory, information asymmetry theory, and innovation economics,this paper argues that the long investment horizon, high risk tolerance, and active governance engagement of patient capital can provide both durable financial support and strategic guidance for the accumulation, development, and commercialization of corporate data resources. Using panel data from A-share listed firms in China from 2010 to 2023, this paper constructs a firm-level data assetization indicator through text mining and Word2Vec-based semantic identification and measures patient capital primarily through the stability of institutional shareholdings.

The results show that patient capital increases data assetization within firms, and the conclusion holds after endogeneity analysis and a series of robustness tests. Mechanism analysis indicates four complementary channels. First, patient capital eases financing constraints and provides stable funding for data infrastructure and long-term investments. Second, it reduces information asymmetry via governance engagement and signaling functions. Third, it strengthens firms’ capabilities in data development and application, including acquiring, cleaning, integrating, analyzing, and applying data. Fourth, it encourages research and development investment. Heterogeneity analysis reveals that the positive effect is stronger in firms whose executives have information technology backgrounds, firms with higher levels of intelligentization, firms located in larger cities, and firms located in eastern China. Furthermore, the effect persists over time rather than being limited to an immediate stimulus. Participation in data factor marketization strengthens the enabling role of patient capital, while higher levels of data assetization subsequently improve firm market value.

This paper extends research on the economic consequences of patient capital from innovation and resilience to data asset formation and clarifies how capital attributes interact with firms’ digital capabilities and data market institutions. The findings imply that policymakers should cultivate a diversified patient capital ecosystem, lengthen performance evaluation horizons, develop financial instruments tailored to data assetization, improve corporate data disclosure and governance standards, and strengthen rules for data registration, valuation, trading, and benefit distribution. These measures can better align long-term financial resources with the extended investment cycle of data assetization and release the productive and economic value of data factors.

Keywords: patient capital; data assetization; financing constraints; data development and application; data factor marketization

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