耐心资本与企业创新持续性OA

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.