证券市场导报Issue(9)：18-32,15.
耐心资本与企业创新韧性
摘要
Abstract
How to drive enterprises to consistently engage in innovative activities in the context of complex and ever-changing internal and external environments is an important research topic.The paper takes innovation resilience,which is defined as the ability of enterprises to defuse crises,return to the original state,and even surpass the past after their innovation activities are affected by external shocks,as the entry point.Using data of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges,the paper empirically examines the impact of patient capital,represented by relational debt and stable equity,on enterprises'sustainable innovation capability and the mechanism behind it.The findings show that patient capital can significantly improve enterprises'innovation resilience.The mechanisms are as follows.(1)Patient capital provides enterprises with sufficient and stable cash flow,alleviates financing constraints,and improves enterprises'survival ability under external shocks.(2)Patient capital alleviates principal-agent conflicts,prompts management to attach importance to research,development,and innovation,which improves enterprises'innovation recovery ability.(3)Patient capital shares risks with enterprises and builds resource networks in talent,information,and markets for enterprises,which improves enterprises'capability for technological breakthroughs.Further analysis shows that for enterprises receiving fewer government subsidies,engaging less in industry-university-research cooperation,and with weaker managerial equity incentives,patient capital can better perform the function of resource supplementation and strengthen monitoring and incentives,thereby more significantly improving enterprises'innovation resilience.By strengthening enterprises'innovation resilience,patient capital can help enterprises improve operating performance and market value,which provides a theoretical basis for patient capital to enter enterprises.The paper enriches the theory related to financial capital and innovation investment.In addition,the paper provides empirical evidence for developing patient capital and continuously strengthening enterprises'innovation momentum.关键词
耐心资本/创新韧性/资源效应/治理效应/风险承担效应Key words
patient capital/innovation resilience/resource effect/governance effect/risk-taking effect分类
管理科学引用本文复制引用
黄贤环,温滟琳..耐心资本与企业创新韧性[J].证券市场导报,2025,(9):18-32,15.基金项目
教育部人文社会科学研究青年基金项目"资本市场'进退'双侧制度改革与非金融企业影子银行化治理研究"(项目编号:23YJC630184)、2024年度山西省科技战略研究专项一般项目"资本市场'进退'制度改革赋能山西企业因地制宜发展新质生产力的机理与策略研究"(项目编号:202404030401094)、2024年度山西省科技战略研究专项重点项目"耐心资本助推科技金融政策体系研究"(项目编号:202404030401020)、中国博士后科学基金"耐心资本对企业创新韧性的影响机理及经济后果研究"(项目编号:2025M770675) （项目编号:23YJC630184）
