耐心资本对企业突破性创新的影响研究OACHSSCD

Based on agency theory,resource-based view,and signaling theory,this study investigates the mechanisms and boundary conditions of patient capital's impact on corporate breakthrough innova-tion,using a sample of Chinese A-share listed firms on the Shanghai and Shenzhen stock exchanges from 2008 to 2023 and employing a fixed-effects model.The results indicate that patient capital enhances breakthrough innovation by alleviating financing constraints,strengthening long-term strategic orienta-tion,optimizing signaling transmission,and improving internal control quality.Heterogeneity tests re-veal that this effect is more pronounced in state-owned enterprises,firms located in regions with lower levels of marketization,regulated industries,and non-asset-intensive industries.Moreover,patient cap-ital exerts a significant positive impact on long-term performance but has no significant effect on short-term accounting performance,reflecting its intrinsic attribute of long-term value creation.In light of these findings,it is recommended to establish a multi-tiered patient capital cultivation system,strengthen corporate governance,and implement differentiated support policies to facilitate corporate breakthrough innovation.