信用信息共享如何培育耐心资本？

——来自社会信用体系建设示范城市的经验证据

卞宝成¹，许如玉¹，赵斌²

（1.中国海洋大学 经济学院，山东 青岛 266100；2.无锡学院 数字经济与管理学院，江苏 无锡 214105）

摘要：如何培育支持企业长期战略行为的耐心资本，已成为破解短期主义倾向、推动经济高质量发展的关键命题。然而，信用信息共享是否有助于有效培育企业耐心资本，尚缺乏理论阐释与实证检验。本文以创建社会信用体系建设示范城市政策为准自然实验，基于2011—2023年中国上市企业数据，运用双重差分法识别信用信息共享对培育耐心资本的影响。研究发现：信用信息共享显著提升了企业耐心资本水平。机制检验表明，信用信息共享通过提高内部控制质量、优化债务期限结构以及增强对创新资本的容忍度三条路径促进企业耐心资本培育。异质性分析发现，信用信息共享的耐心资本培育效应在中心城市与大城市、战略性新兴产业与传统制造业以及私营企业与国有大规模企业中更为明显。本文从微观企业行为视角，揭示了信用信息共享在长期资本形成中的作用及其机制，拓宽了社会信用体系建设经济后果的研究边界，并为信用制度优化和耐心资本培育提供了经验证据与政策启示。

基金项目：国家社会科学基金一般项目“国际竞合格局下电子信息产业风险再识别与韧性提升研究”（25BKX048）

关键词：信用信息共享；耐心资本；社会信用体系；创新资本；高质量发展

作者简介：卞宝成，中国海洋大学经济学院博士研究生；许如玉，中国海洋大学经济学院博士研究生；赵斌，无锡学院数字经济与管理学院讲师，通信作者。

引用格式：卞宝成，许如玉，赵斌. 信用信息共享如何培育耐心资本？：来自社会信用体系建设示范城市的经验证据[J]. 首都经济贸易大学学报，2026，28（4）：76-89.

How Does Credit Information Sharing Foster Patient Capital?

—Empirical Evidence from Model Cities for Social Credit System Construction

BIAN Baocheng¹, XU Ruyu¹,  ZHAO Bin²

(1. Ocean University of China, Qingdao 266100;

2. Wuxi University, Wuxi 214105)

Abstract: Cultivating patient capital that supports firms' long-term strategic behavior has become a critical issue in addressing short-termism and promoting high-quality economic development. However, whether and how credit information sharing, as an institutional information governance tool, can effectively foster corporate patient capital still lacks theoretical elaboration and empirical examination. Based on data from Chinese listed firms from 2011 to 2023, this paper takes the pilot policy of establishing model cities for social credit system construction as a quasi-natural experiment and employs a difference-in-differences method to identify the impact of credit information sharing on patient capital.

The findings show that credit information sharing significantly enhances corporate patient capital, and this conclusion remains robust after a series of endogeneity tests and robustness checks. Heterogeneity analysis indicates that this effect exhibits significant differences at the macro, meso, and micro levels. Specifically, at the macro level, the policy effect is more pronounced in the central cities and large cities. At the meso level, the effect is stronger in strategic emerging industries and manufacturing. At the micro level, private enterprises and large firms benefit more from the policy.

Mechanism analysis reveals that credit information sharing promotes corporate patient capital cultivation through three transmission pathways. First, it improves internal control quality, reduces agency costs, and enhances firms' strategic stability. Second, it optimizes debt maturity structure, increases the availability of long-term credit, and alleviates the pressure of "short-term borrowing for long-term investment". Third, it enhances tolerance for innovation capital, reduces the excessive pursuit of short-term profits, and incentivizes firms to engage in long-term R&D investment. These mechanisms address the core obstacles to patient capital formation, thereby transforming the institutional advantages of credit information sharing into the micro-foundations of firms' long-term strategic behavior.

This paper enriches existing literature in three aspects. First, from an institutional perspective, it links micro-level corporate behavior with macro-level credit system reform, revealing the logic of patient capital formation. Second, it uncovers the heterogeneous effects of credit information sharing on patient capital cultivation at the macro, meso, and micro levels, providing empirical evidence for differentiated institutional design and targeted policy implementation. Third, it constructs a theoretical framework of "governance quality-financing structure-innovation tolerance" to explain the mechanisms through which credit information sharing shapes firms' long-term investment behavior. This paper extends the research boundaries of the economic consequences of social credit system construction and offers empirical evidence and policy insights for improving China's credit system and fostering patient capital.

Keywords: credit-information sharing; patient capital; social-credit system; innovation capital; high-quality development

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