创新科技2026，Vol.26Issue(7)：24-42,19.DOI:10.19345/j.cxkj.1671-0037.2026.7.3
耐心资本对企业融通创新的影响研究
A Study on the Impact of Patient Capital on Enterprise Collabora-tive Innovation
摘要
Abstract
The core principle of patient capital lies in promoting long-term investment and emphasizing steady returns,and it has gradually become a new engine driving enterprise collab-orative innovation.Based on a sample of A-share listed companies from 2008 to 2023,this pa-per employs a fixed-effects model to construct an indicator system for enterprise collaborative in-novation,focusing on the dimensions of integration and openness.It measures patient capital us-ing the shareholding ratio of long-term institutional investors and empirically examines the im-pact of patient capital on enterprise collaborative innovation,as well as its underlying mecha-nisms.Research has found that:①Patient capital can significantly enhance a company's level of collaborative innovation;②Mechanism analysis indicates that patient capital can empower enter-prise collaborative innovation by alleviating financing constraints,enhancing competitive advan-tages,and improving information transparency;③An analysis of moderation effects indicates that media attention negatively moderates the promotional effect of patient capital on enterprise collaborative innovation;④An analysis of the threshold effect indicates that the promotional ef-fect of patient capital on enterprise collaborative innovation exhibits distinct nonlinear character-istics;as environmental uncertainty increases,the driving role of patient capital in enterprise col-laborative innovation gradually strengthens;⑤Heterogeneity analysis indicates that patient capi-tal has a stronger incentive effect on enterprise collaborative innovation for state-owned enter-prises,firms operating in industries with low levels of competition,and firms located in the east-ern region.Based on these findings,this paper offers targeted policy recommendations in four ar-eas.First,we must improve the mechanisms for protecting the interests of long-term institutional investors.By introducing innovative preferential policies and developing promising projects,we can attract more patient capital investors and integrate them into enterprise collaborative innova-tion strategic plans.Second,we must fully leverage the benefits of media attention to attract more partners through positive media coverage and expand the breadth and depth of the company's collaborative innovation efforts.Finally,we must provide targeted support,increase patient capi-tal support for enterprises in eastern regions and those in industries with low levels of competi-tion,and—based on the unique innovation characteristics of different regions—help enterprises with diverse characteristics connect with innovation partners to promote the coordinated develop-ment of all regions and enterprises.关键词
耐心资本/融通创新/融资约束/竞争优势/信息透明度/媒体关注/成果转化/门槛效应Key words
patient capital/enterprise collaborative innovation/financing constraints/com-petitive advantage/information transparency/media attention/technology transfer/threshold ef-fect分类
管理科学引用本文复制引用
赵玉帛,解伊晨,徐佳佳,慕易欣..耐心资本对企业融通创新的影响研究[J].创新科技,2026,26(7):24-42,19.基金项目
河南省哲学社会科学规划项目"人工智能赋能河南企业融通创新的作用机制与实现路径研究"(2025CJJ170) （2025CJJ170）
河南省哲学社会科学规划项目"新质生产力视域下河南现代产业体系建设研究"(2025ZDA06) （2025ZDA06）
河南省高等学校重点科研项目计划"实数融合对河南企业创新可持续性的影响机制与提升路径研究"(26A790001) （26A790001）
河南省高校科技创新团队支持计划"数字化转型与创新治理"(24IRTSTHN027). （24IRTSTHN027）
