耐心资本推动战略性新兴产业企业高质量发展了吗？

庞加兰，蔡润曈

（西安外国语大学经济金融学院，陕西西安 710128）

摘要：作为一种注重长期价值、耐受高风险的资本形态，耐心资本在战略性新兴产业的发展进程中起到不可或缺的作用。选取2008—2023年沪深A股上市公司数据，探究耐心资本对战略性新兴产业企业高质量发展的影响及其作用机制。研究结果显示，耐心资本对战略性新兴产业企业高质量发展具有促进作用，且该结论经过内生性分析和稳健性检验后依然成立。机制分析结果表明，耐心资本通过缓解融资约束、提升企业创新质量驱动高质量发展；同时，企业数字化转型能够进一步强化该促进效应。异质性分析发现，耐心资本的促进作用在进行产学研合作、高管具备海外背景和东部地区的企业中更为明显。本文的研究创新性地将耐心资本纳入战略性新兴产业发展的分析框架，为理解耐心资本在支持战略性新兴产业长期发展中的作用提供了微观证据。

基金项目：研究阐释党的十九届四中全会精神国家社会科学基金重大项目“‘一带一路’背景下健全促进对外投资政策和服务体系研究”（20ZDA051）；陕西省社会科学基金一般项目“股权激励对陕西制造业高质量发展的影响机理与创新方案研究”（2023D046）；陕西省哲学社会科学研究专项2023年度陕西省统计科学课题研究项目“供需视角下绿色金融助推陕西省制造业高质量发展的路径与对策研究”（2023HZ0943）

关键词：耐心资本；战略性新兴产业；融资约束；创新质量；数字化转型

作者简介：庞加兰，西安外国语大学经济金融学院教授；蔡润曈，西安外国语大学经济金融学院硕士研究生。

引用格式：庞加兰,蔡润曈.耐心资本推动战略性新兴产业企业高质量发展了吗?[J].首都经济贸易大学学报,2026,28(2):83-97.

Does Patient Capital Promote the High-Quality Development of Enterprises in Strategic Emerging Industries?

PANG Jialan, CAI Runtong

(Xi'an International Studies University, Xi'an 710128)

Abstract: The development quality of strategic emerging industries, which are typically knowledge-intensive and technology-driven, directly impacts the effectiveness of economic transformation and upgrading. However, these industries are characterized by high R&D investment, long return cycles, and increasing technological uncertainty. This creates a profound structural contradiction with traditional financial supply, which prioritizes short-term and secure returns. As a kind of capital that pays attention to long-term value and tolerates high risk, patient capital plays an indispensable role in the process of long-term and strategic development of strategic emerging industries. This paper innovatively incorporates patient capital into the analytical framework of the development of strategic emerging industries, examines the impact of patient capital on the total factor productivity (TFP) of enterprises in strategic emerging industries, using data from Chinese A-share listed companies from 2008 to 2023.

The findings show that the introduction of patient capital has a positive effect on the high-quality development of enterprises in strategic emerging industries. This conclusion remains robust after changing the measurement index of the dependent variable, eliminating the impact of the epidemic, and using the instrumental variable method. The mechanism analysis indicates that patient capital drives high-quality development by alleviating financing constraints and improving the quality of enterprise innovation. Additionally, enterprise digital transformation amplifies this positive effect. The heterogeneity analysis reveals that the promoting effect of patient capital is more prominent in enterprises engaged in industry-academia-research collaboration, those with executives possessing overseas backgrounds, and those located in eastern regions.

Based on these findings, targeted policy recommendations are proposed: establishing a dual-support mechanism combining 'blood transfusion' and 'empowerment' to harness the value-creation function of patient capital; promoting the coordinated deployment of patient capital and digital technologies to amplify TFP gains; formulating tailored digital transformation support policies to enhance the precision of capital allocation.

The paper may provide micro-evidence for understanding the role of patient capital in supporting the long-term development of strategic emerging industries. The potential contributions are as follows. First, different from existing research primarily focusing on measuring the development level of strategic emerging industries, this paper incorporates patient capital into the analytical framework for TFP in enterprises within these industries, thereby expanding the theoretical boundaries of research on strategic emerging industries. Second, by examining the role of patient capital from the perspectives of innovation quality and digital transformation, it reveals the underlying mechanisms through which patient capital influences the TFP of enterprises in strategic emerging industries. Third, based on sub-sample tests considering industry-academia-research collaboration, overseas backgrounds of executives, this paper further analyzes the heterogeneous impact of patient capital on the TFP of enterprises in strategic emerging industries, exploring the influencing factors of patient capital on strategic emerging industries.

Keywords: patient capital; strategic emerging industry; financing constraint; innovation quality; digital transformation

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