耐心资本投资对企业成本粘性的影响OACHSSCD

The long-term nature and strategic performance of patient capital investment effectively enhance corporate innovation input and new quality productivity,which will influence the cost decision-making behavior of enterprises.Using A-share listed companies from 2008 to 2024 as samples,this study empirically examines the impact of patient capital investment on corporate cost stickiness.The research conclusions show that patient capital investment significantly increases corporate cost stickiness,generating a"sticking to one's original intention"effect,which remains valid after a series of robustness tests.Mechanism testing indicates that innovation input,risk-bearing level,and principal-agent costs are the transmission paths through which patient capital investment enhances corporate cost stickiness.Heterogeneity analysis reveals that in private enterprises,start-up enterprises,high-tech and specialized new enterprises,and highly competitive enterprises,the effect of patient capital on enhancing corporate cost stickiness is more pronounced.Therefore,it is necessary to actively cultivate and guide patient capital into enterprises,deeply exploring the potential of patient capital to help improve the quality and efficiency of enterprise development.