技术与创新管理2026，Vol.47Issue(3)：325-336,12.DOI:10.14090/j.cnki.jscx.2026.0310
耐心资本驱动企业价值:投资优化与长期激励
Patient Capital Drives Firm Value:Investment Optimization and Long-Term Incentives
摘要
Abstract
This study aims to investigate the impact of patient capital on firm value,its underlying mechanisms,and boundary conditions within the context of China's deepening capital market develop-ment.Using A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2012 to 2023 as the research sample,this study employs a fixed effects model for regression analysis.It utilizes mediating and moderating effect models to test the mechanisms,and applies methods such as the instru-mental variable approach and propensity score matching to address endogeneity concerns.The results show that patient capital has a significant positive impact on firm value.This conclusion remains robust after controlling for potential endogeneity issues and conducting several robustness tests.Mechanism a-nalysis reveals that corporate investment efficiency and executive compensation incentives play partial mediating roles.Specifically,patient capital promotes corporate value growth by optimizing resource al-location to enhance investment efficiency,and by constructing a long-term-oriented executive compen-sation system that incentivizes management to focus on long-term performance.Moderating effect results indicate that R&D intensity positively moderates the value creation effect of patient capital,with the effect being more pronounced in firms with higher R&D intensity.Heterogeneity analysis demonstrates that the value creation effect of patient capital is more prominent in high-tech industries and in firms located in regions with higher levels of financial development.This study provides empirical evidence for understanding the corporate governance role of long-term capital,and offers policy implications for firms to improve governance mechanisms,for institutional investors to optimize investment behavior,and for regulatory authorities to guide the long-term development of capital.关键词
耐心资本/企业价值/投资效率/高管薪酬激励/研发强度Key words
patient capital/firm value/investment efficiency/executive compensation incentives/R&D intensity分类
管理科学引用本文复制引用
薛媛元,王聪,李明敏..耐心资本驱动企业价值:投资优化与长期激励[J].技术与创新管理,2026,47(3):325-336,12.基金项目
教育部人文社会科学研究青年基金项目"混改国企非国有股东董事会权力超额配置的微观机制及经济后果研究"(22YJC630059) （22YJC630059）
山西省科技战略研究专项"山西省科技型中小企业夹层融资模式应用研究"(202104031402054) （202104031402054）
