信用信息共享如何培育耐心资本OACHSSCD

Cultivating patient capital that supports firms'long-term strategic behavior has become a critical is-sue in addressing short-termism and promoting high-quality economic development.However,whether and how credit information sharing,as an institutional information governance tool,can effectively foster corporate patient capital still lacks theoretical elaboration and empirical examination.Based on data from Chinese listed firms from 2011 to 2023,this paper takes the pilot policy of establishing model cities for social credit system construction as a quasi-natural experiment and employs a difference-in-differences method to identify the impact of credit information sharing on patient capital. The findings show that credit information sharing significantly enhances corporate patient capital,and this con-clusion remains robust after a series of endogeneity tests and robustness checks.Heterogeneity analysis indicates that this effect exhibits significant differences at the macro,meso,and micro levels.Specifically,at the macro lev-el,the policy effect is more pronounced in the central cities and large cities.At the meso level,the effect is stron-ger in strategic emerging industries and manufacturing.At the micro level,private enterprises and large firms bene-fit more from the policy. Mechanism analysis reveals that credit information sharing promotes corporate patient capital cultivation through three transmission pathways.First,it improves internal control quality,reduces agency costs,and en-hances firms'strategic stability.Second,it optimizes debt maturity structure,increases the availability of long-term credit,and alleviates the pressure of"short-term borrowing for long-term investment".Third,it enhances tolerance for innovation capital,reduces the excessive pursuit of short-term profits,and incentivizes firms to engage in long-term R&D investment.These mechanisms address the core obstacles to patient capital formation,thereby transfor-ming the institutional advantages of credit information sharing into the micro-foundations of firms'long-term strategic behavior. This paper enriches existing literature in three aspects.First,from an institutional perspective,it links micro-level corporate behavior with macro-level credit system reform,revealing the logic of patient capital formation.Sec-ond,it uncovers the heterogeneous effects of credit information sharing on patient capital cultivation at the macro,meso,and micro levels,providing empirical evidence for differentiated institutional design and targeted policy im-plementation.Third,it constructs a theoretical framework of"governance quality-financing structure-innovation tol-erance"to explain the mechanisms through which credit information sharing shapes firms'long-term investment be-havior.This paper extends the research boundaries of the economic consequences of social credit system construc-tion and offers empirical evidence and policy insights for improving China's credit system and fostering patient cap-ital.