耐心资本重塑企业成长路径OACHSSCD

Although existing literature have explored the factors of firm growth from the perspectives of institutional environ-ment,financing constraints,it has generally overlooked the critical role of patient capital-which is characterized by long-term com-panionship and high failure tolerance.It helps alleviate resource constraints and promote firm growth.Therefore,this paper uses a sample of China's A-share listed companies from 2013 to 2023 to empirically investigate the impact of patient capital on firm growth.The patient capital index is constructed based on the holding period and governance participation of institutional investors,and firm growth is comprehensively evaluated from the dual perspectives of factor scale and operating performance.The results show that pa-tient capital primarily drives the expansion of factor scale and the enhancement of operating performance through two core mecha-nisms:alleviating financing constraints and promoting technological innovation.This conclusion remains robust after addressing en-dogeneity issues and conducting a series of robustness checks,including variable substitution and lagged regressions.This effect is contingent upon the ownership and technological attributes of the firms,with patient capital exhibiting a more pronounced growth-promoting effect on non-state-owned firms and high-tech firms.Meanwhile,an asymmetric effect is observed,wherein patient capital provides more substantial assistance to the growth of"small and medium-sized firms"compared to"large firms"with stronger growth foundations.This paper innovatively integrates patient capital and firm growth into a unified analytical framework,providing vital micro-level empirical evidence for the state's ongoing efforts to cultivate patient capital and promote the high-quality growth of firms.