工业技术经济2026，Vol.45Issue(7)：6-17,12.DOI:10.3969/j.issn.1004-910X.2026.07.001
耐心资本重塑企业成长路径
Patient Capital Reshapes the Firm Growth Path
摘要
Abstract
Although existing literature have explored the factors of firm growth from the perspectives of institutional environ-ment,financing constraints,it has generally overlooked the critical role of patient capital-which is characterized by long-term com-panionship and high failure tolerance.It helps alleviate resource constraints and promote firm growth.Therefore,this paper uses a sample of China's A-share listed companies from 2013 to 2023 to empirically investigate the impact of patient capital on firm growth.The patient capital index is constructed based on the holding period and governance participation of institutional investors,and firm growth is comprehensively evaluated from the dual perspectives of factor scale and operating performance.The results show that pa-tient capital primarily drives the expansion of factor scale and the enhancement of operating performance through two core mecha-nisms:alleviating financing constraints and promoting technological innovation.This conclusion remains robust after addressing en-dogeneity issues and conducting a series of robustness checks,including variable substitution and lagged regressions.This effect is contingent upon the ownership and technological attributes of the firms,with patient capital exhibiting a more pronounced growth-promoting effect on non-state-owned firms and high-tech firms.Meanwhile,an asymmetric effect is observed,wherein patient capital provides more substantial assistance to the growth of"small and medium-sized firms"compared to"large firms"with stronger growth foundations.This paper innovatively integrates patient capital and firm growth into a unified analytical framework,providing vital micro-level empirical evidence for the state's ongoing efforts to cultivate patient capital and promote the high-quality growth of firms.关键词
企业成长/耐心资本/要素规模/经营绩效/融资约束/技术创新/上市公司/制度环境Key words
firm growth/patient capital/scale of elements/operating performance/financing constraints/technological innovation/listed company/institutional environment分类
管理科学引用本文复制引用
姜昊,何培矿..耐心资本重塑企业成长路径[J].工业技术经济,2026,45(7):6-17,12.基金项目
国家社会科学基金重点项目"产业智能化推动稳就业与促分配的机制及路径研究"(项目编号:23AJL006). （项目编号:23AJL006）
