耐心资本与企业创新持续性

张娆　储佩佩

（南京农业大学）

摘要：耐心资本作为一种锁定长期投资与价值投资的资本形态，能否以及如何影响企业创新持续性，尚未得到充分关注。本文以2009—2023年沪深A股上市企业为研究对象，实证考察耐心资本对企业创新持续性的影响及作用机制。研究发现，耐心资本能够提升企业创新持续性；相较于关系型债务，稳定型股权对企业创新持续性的促进效应更强。机制分析表明，耐心资本具有引资、引智、抑短功能，能够通过缓解企业的创新融资约束、提升创新人才规模以及抑制管理层短视行为，促进企业创新的持续性。异质性分析发现，耐心资本的促进效应在高科技行业的硬科技企业、风险承担水平较高的企业以及非国有企业中更为明显。本文的研究结论为企业提升创新持续性与构建长期市场竞争优势提供了新思路，也为政府多措并举地培育壮大耐心资本、推动资本市场健康持续发展提供了经验证据。

关键词：耐心资本；稳定型股权；关系型债务；创新持续性；融资约束；创新人才；管理层短视行为

作者简介：张娆，南京农业大学金融学院教授、博士生导师，南京，210095；储佩佩，南京农业大学金融学院博士研究生，通信作者。

基金项目：国家自然科学基金面上项目“中间汇率制度为何长期存在:经验识别、理论解释与政策评估”（72173074）；教育部哲学社会科学后期资助项目“绿色发展视角下企业绿色并购的驱动因素及经济效应研究”（24JHQ034）；江苏省社科联社科应用研究精品工程课题“科技金融赋能江苏新质生产力研究”（24SYA-043）

引用格式：张娆,储佩佩.耐心资本与企业创新持续性[J].经济与管理研究,2026,47(1):51-66.

Patient Capital and Persistence of Corporate Innovation

ZHANG Rao, CHU Peipei

(Nanjing Agricultural University, Nanjing 210095)

Abstract: Currently, Chinese enterprises face a prominent problem of insufficient persistence in innovation. The capital market, dominated by short-term profit seeking, is no longer able to meet the demand for long-term stable funds for innovation activities. Patient capital, as a form of capital committed to long-term and value investment, has a strategic outlook on capital returns and greater risk tolerance. It can withstand economic cyclical fluctuations and provide sustained and stable financial support for long-term development goals. Therefore, this paper focuses on the alignment between the attribute of patient capital and the persistence of corporate innovation, systematically examining the impact of patient capital on the persistence of corporate innovation and its mechanism. Against the backdrop of the deepening implementation of the national innovation strategy, this holds significant implications for enhancing the persistence of corporate innovation and improving long-term competitive advantage.

Using data from A-share listed companies in Shanghai and Shenzhen from 2009 to 2023, this paper empirically finds that patient capital enhances the persistence of corporate innovation. Compared with relational debt, stable equity exerts a stronger promoting effect on the persistence of corporate innovation. Mechanism testing shows that patient capital serves to attract investment, attract talent, and suppress short-termism. It can alleviate the innovation financing constraints of enterprises, increase the scale of R&D personnel, and mitigate managerial myopia, thereby enhancing the persistence of corporate innovation. Heterogeneity analysis reveals that the promoting effect is more pronounced among hard technology enterprises in high-tech industries, enterprises with higher risk-taking levels, and non-state-owned enterprises.

The marginal contributions are as follows. First, drawing on the long-term attributes of patient capital, this paper empirically tests the positive effect of patient capital on the persistence of corporate innovation, thereby enriching the relevant research on the economic consequences of patient capital and further extending the frontiers of research on the innovation effect. Second, this paper reveals the logic of the roles of patient capital in ensuring sustained investment by attracting investment, empowering innovation and value creation by attracting talent, and anchoring long-term development by suppressing short-termism, thereby jointly improving the persistence of corporate innovation. Third, this paper introduces three different contextual factors: the technological attributes of enterprises, the level of enterprise risk-taking, and the ownership types of enterprises, revealing differential effects of patient capital across varying contexts. This provides key management insights for managers to accurately implement policies based on the characteristics of enterprises to maximize the persistence of corporate innovation.

Keywords: patient capital; stable equity; relational debt; innovation persistence; financing constraint; innovative talent; managerial myopia

下载全文