创新科技2026，Vol.26Issue(5)：51-64,14.DOI:10.19345/j.cxkj.1671-0037.2026.5.4
耐心资本、智能化发展与制造企业关键核心技术创新
Patient Capital,Intelligent Development,and Key Core Technological Innovation of Manufacturing Enterprises
摘要
Abstract
Mastering key core technologies is an inevitable requirement for achieving high-level self-reliance and self-strengthening in science and technology.Patient capital possesses characteristics such as long-term strategic orientation and high risk tolerance.It aligns with the research and development patterns of key core technologies,which are characterized by"long cycle,high investment,and high risk".It holds significant practical significance for promoting the innovation of key core technologies in the manufacturing industry.This paper,based on a sample of manufacturing listed companies in Shanghai and Shenzhen A-shares from 2010 to 2023,uses a fixed effects model and a mediation effect model to explore the influence and mechanism of patient capital and intelligent development on the key core technological innova-tion of manufacturing enterprises.The research has found that:①Patient capital has a signifi-cant promoting effect on the key core technological innovations of manufacturing enterprises.Heterogeneity analysis shows that this promoting effect is more pronounced in enterprises with high policy stability,high R&D intensity,and low government R&D support.②Patient capital can promote the key core technological innovation of manufacturing enterprises by enhancing collaborative innovation capabilities,alleviating financing constraints,improving risk-bearing mechanisms,and optimizing the structure of human capital.③The application of enterprise in-telligent manufacturing and intelligent technologies has a significant positive regulatory effect on the process of enabling key core technological innovation in manufacturing enterprises through patient capital.Based on the research findings,in order to fully leverage the enabling role of pa-tient capital in driving the key core technological innovations of manufacturing enterprises,this paper puts forward the following countermeasures and suggestions:Firstly,enterprises should ac-tively introduce and cultivate long-term patient capital,and strengthen the internal driving force for technological innovation within the enterprises.Secondly,enterprises should enhance the re-source network brought about by patient capital,strengthen collaborative innovation with univer-sities,research institutions,and upstream and downstream enterprises,and establish an innova-tion assessment mechanism that aligns with long-term value.Thirdly,enterprises should lever-age patient capital support to increase the recruitment and incentives for high-end R&D talents,technical experts,and leading figures,thereby forming a stable and professional innovation hu-man capital,which will facilitate the continuous breakthrough of key core technologies.Fourthly,enterprises should vigorously promote the intelligent transformation of manufacturing enter-prises,and drive key core technological innovation through the dual forces of"patient capital"and"intelligent empowerment".This study has constructed a long-term capital empowerment theoretical framework that is tailored to key core technological innovations,thereby enriching the existing research on the economic consequences of key core technological innovations enabled by patient capital.Additionally,this paper provides policy references for manufacturing enter-prises to attract patient capital and for the government to formulate relevant policies.关键词
耐心资本/关键核心技术创新/制造企业/智能化发展/协同创新/融资约束/风险承担/人力资本Key words
patient capital/key core technological innovation/manufacturing enterprises/intelligent development/collaborative innovation/financing constraints/risk-bearing/human capital分类
管理科学引用本文复制引用
郭金花,郭紫东,刘未未..耐心资本、智能化发展与制造企业关键核心技术创新[J].创新科技,2026,26(5):51-64,14.基金项目
国家社会科学基金后期资助项目"数字经济驱动企业创新的'三重引擎'研究:从要素共享到集群赋能再到示范引领的逻辑"(25FJYB051) （25FJYB051）
中国博士后科学基金第77批面上资助项目"制造业智能化驱动关键核心技术突破的效应、机制与对策研究"(2025M770672) （2025M770672）
山西省公共管理重大专项研究课题"新质生产力发展背景下山西科技人才培育的动力机制及提升路径研究"(SXSGGGLZD2514). （SXSGGGLZD2514）
