国有资本经营预算制度如何增强耐心资本配置预期OACHSSCD

As an important institutional arrangement for regulating the distribution of returns between the government and state-owned enterprises(SOEs)and optimizing the layout of state-owned capital,whether the state-owned capital operating budget system can enhance SOEs'long-term value creation capacity and thereby attract more patient capital inflows warrants in-depth study.Using a sample of Chinese central State-owned and private A-share companies listed on the Shanghai and Shenzhen stock exchanges,this study constructs a multi-period intensity-based difference-in-differences model and finds that the state-owned capital operating budget system significantly strengthens expectations for patient capital allocation,manifested in marked increases in both the number of long-term institutional investors and their shareholding ratios.The underlying mechanisms are as follows:(1)reducing agency costs by curtailing the scale of discretionary funds available to SOEs,curbing managerial discretionary power in resource allocation and investment decisions,and reinforcing managers'managerial responsibility and risk awareness;and(2)promoting disruptive innovation by continuously increasing budgetary support for breakthroughs in key core technologies and forward-looking strategic industries,thereby alleviating the resource constraints on SOEs'disruptive innovation activities and enhancing both innovation quality and innovation efficiency.Heterogeneity analysis indicates that the state-owned capital operating budget system has a more pronounced effect on strengthening expectations for patient capital allocation when the degree of marketization,the level of human capital,or the intensity of R&D investment are higher.This study offers insights for introducing patient capital into SOEs and further refining the state-owned capital operating budget system.