经济与管理2026，Vol.40Issue(3)：77-85,9.
耐心资本投资对企业成本粘性的影响
The Impact of Patient Capital Investment on Corporate Cost Stickiness
摘要
Abstract
The long-term nature and strategic performance of patient capital investment effectively enhance corporate innovation input and new quality productivity,which will influence the cost decision-making behavior of enterprises.Using A-share listed companies from 2008 to 2024 as samples,this study empirically examines the impact of patient capital investment on corporate cost stickiness.The research conclusions show that patient capital investment significantly increases corporate cost stickiness,generating a"sticking to one's original intention"effect,which remains valid after a series of robustness tests.Mechanism testing indicates that innovation input,risk-bearing level,and principal-agent costs are the transmission paths through which patient capital investment enhances corporate cost stickiness.Heterogeneity analysis reveals that in private enterprises,start-up enterprises,high-tech and specialized new enterprises,and highly competitive enterprises,the effect of patient capital on enhancing corporate cost stickiness is more pronounced.Therefore,it is necessary to actively cultivate and guide patient capital into enterprises,deeply exploring the potential of patient capital to help improve the quality and efficiency of enterprise development.关键词
耐心资本/成本粘性/企业创新/风险承担水平/代理成本Key words
patient capital/cost stickiness/enterprise innovation/risk-bearing level/agent cost分类
管理科学引用本文复制引用
唐亮,张文博,杨国玉..耐心资本投资对企业成本粘性的影响[J].经济与管理,2026,40(3):77-85,9.基金项目
教育部人文社会科学规划基金项目(24YJA790057) （24YJA790057）
