耐心资本与股价同步性:基于信息"生产—传递"的协同视角OACHSSCD

Patient capital is characterized by its long-term orientation,stability,and risk tolerance.The long-term value orientation it embodies offers a novel approach to addressing the stock price synchronicity puzzle.Using A-share listed companies in China from 2009 to 2023 as the sample,this paper measures the level of patient capital at the firm level along three dimensions—stable equity,risk-tolerant debt,and strategic relational capital—and systematically examines the impact of patient capital on stock price synchronicity as well as the underlying mechanisms.The findings are as follows:(1)Patient capital exerts a significant inhibitory effect on stock price synchronicity,and this conclusion remains robust after a battery of robustness tests.(2)Mechanism tests reveal that enhancing strategic differentiation and promoting high-quality corporate information disclosure constitute the two core pathways through which patient capital suppresses stock price synchronicity.(3)Heterogeneity analyses indicate that the inhibitory effect of patient capital on stock price synchronicity is more pronounced for privately owned enterprises,non-high-tech firms,and firms in the growth or maturity stages of their life cycles.Meanwhile,the suppressive effect is also more salient for firms located in eastern regions with more favorable external market environments and for firms with higher internal control quality.(4)Moderation effect analyses reveal that patient capital can generate synergistic effects with local financial regulation and government guidance funds,thereby reinforcing its inhibitory impact on stock price synchronicity.This paper enriches the literature on the capital market implications of patient capital and provides a theoretical basis for leveraging patient capital to enhance capital market resilience and to stimulate the function of capital markets in serving the real economy.