耐心资本对链主企业供应链协同创新的影响研究OACHSSCD

Fully leveraging the leading role of chain-leading firms to promote supply chain collaborative innovation is essential to accelerating the development of a modern industrial system and achieving high-quality economic growth.Drawing on dynamic capabilities theory and using a sample of Chinese A-share listed firms in Shanghai and Shenzhen from 2004 to 2024,this study employs insurance fund shareholdings as a proxy for patient capital and empirically examines their impact on supply chain collaborative innovation in chain-leading firms and the underlying mechanisms.The results show that insurance fund shareholdings significantly promote supply chain collaborative innovation in chain-leading firms.Mechanism tests indicate that this effect operates primarily through enhanced information sensing,improved resource allocation,and strengthened capability reconfiguration.Heterogeneity analysis further shows that the positive effect is primarily observed among chain-leading firms with lower levels of data asset accumulation,supply chain finance participation,and artificial intelligence adoption,exhibiting a capability-compensation pattern.