耐心资本驱动企业价值:投资优化与长期激励OACHSSCD

This study aims to investigate the impact of patient capital on firm value,its underlying mechanisms,and boundary conditions within the context of China's deepening capital market develop-ment.Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2023 as the research sample,this study employs a fixed effects model for regression analysis.It utilizes mediating and moderating effect models to test the mechanisms,and applies methods such as the instru-mental variable approach and propensity score matching to address endogeneity concerns.The results show that patient capital has a significant positive impact on firm value.This conclusion remains robust after controlling for potential endogeneity issues and conducting several robustness tests.Mechanism a-nalysis reveals that corporate investment efficiency and executive compensation incentives play partial mediating roles.Specifically,patient capital promotes corporate value growth by optimizing resource al-location to enhance investment efficiency,and by constructing a long-term-oriented executive compen-sation system that incentivizes management to focus on long-term performance.Moderating effect results indicate that R&D intensity positively moderates the value creation effect of patient capital,with the effect being more pronounced in firms with higher R&D intensity.Heterogeneity analysis demonstrates that the value creation effect of patient capital is more prominent in high-tech industries and in firms located in regions with higher levels of financial development.This study provides empirical evidence for understanding the corporate governance role of long-term capital,and offers policy implications for firms to improve governance mechanisms,for institutional investors to optimize investment behavior,and for regulatory authorities to guide the long-term development of capital.