耐心资本、要素禀赋适配与企业新质生产力发展OACHSSCD

Developing new quality productive forces is a core task for promoting high-quality development and building a modernized industrial system in China.The Third Plenary Session of the 20th CPC Central Committee explicitly emphasized the development of patient capital,providing crucial institutional support for technological innovation,industrial upgrading,and long-term value creation.While existing studies suggest that patient capital can alleviate financing constraints and support long-term R&D,limited attention has been paid to the boundary conditions under which it effectively enhances productivity.In fact,the formation of new quality productive forces depends not merely on capital expansion,but on the coordinated matching of capital with labor,technology,data,and organizational capabilities.Mismatches may lead to inefficient investment and path dependence. Using data from Chinese A-share listed companies from 2015 to 2023,this paper constructs a firm-level indicator of new quality productive forces and empirically examines the interaction effect between patient capital and firms'factor endowment structure.Patient capital is measured primarily by the proportion of long-term liabilities,and alternatively by the stability of strategic equity holdings,and factor endowment structure is proxied by the capital-labor ratio.The results show that the interaction between patient capital and factor endowment structure significantly enhances firms'new quality productive forces.This effect remains robust across multiple tests,including alternative measures,lagged variables,multidimensional fixed effects,propensity score matching,and the quasi-natural experiment based on the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs. Mechanism analysis reveals that the interaction effect operates through two primary channels:reshaping organizational behavioral orientation and optimizing factor allocation.Specifically,it enhances innovation inclusiveness,long-term orientation,and governance transparency,while reducing inefficient investment and upgrading human capital improvement,particularly increasing the proportion of highly educated employees. Heterogeneity analysis indicates that the synergistic effect is more pronounced among non-state-owned enterprises,catch-up industries,and firms in eastern China.Compared with existing literature,this study contributes by integrating patient capital with factor endowment structure within a unified framework,uncovering micro-level transmission mechanisms,and identifying contextual heterogeneity,thereby enriching the theoretical understanding of how patient capital empowers new quality productive forces. The findings provide important policy implications:China should cultivate stable patient capital systems while promoting the optimization of firms'factor endowment structures.Differentiated support policies should be implemented according to ownership,industry stage,and regional conditions to facilitate the effective transformation of long-term capital into new quality productive forces,thereby advancing the strategic upgrading of the industrial system.