财经理论与实践2026，Vol.47Issue(4)：28-35,8.DOI:10.16339/j.cnki.hdxbcjb.2026.04.004
耐心资本对企业突破性创新的影响研究
The Effects of Patient Capital on Corporate Breakthrough Innovation
摘要
Abstract
Based on agency theory,resource-based view,and signaling theory,this study investigates the mechanisms and boundary conditions of patient capital's impact on corporate breakthrough innova-tion,using a sample of Chinese A-share listed firms on the Shanghai and Shenzhen stock exchanges from 2008 to 2023 and employing a fixed-effects model.The results indicate that patient capital enhances breakthrough innovation by alleviating financing constraints,strengthening long-term strategic orienta-tion,optimizing signaling transmission,and improving internal control quality.Heterogeneity tests re-veal that this effect is more pronounced in state-owned enterprises,firms located in regions with lower levels of marketization,regulated industries,and non-asset-intensive industries.Moreover,patient cap-ital exerts a significant positive impact on long-term performance but has no significant effect on short-term accounting performance,reflecting its intrinsic attribute of long-term value creation.In light of these findings,it is recommended to establish a multi-tiered patient capital cultivation system,strengthen corporate governance,and implement differentiated support policies to facilitate corporate breakthrough innovation.关键词
耐心资本/突破性创新/融资约束/长期战略导向/企业长期绩效Key words
patient capital/breakthrough innovation/financing constraints/long-term orien-tation/long-term performance分类
管理科学引用本文复制引用
刘建江,陈厚江,袁冬梅..耐心资本对企业突破性创新的影响研究[J].财经理论与实践,2026,47(4):28-35,8.基金项目
国家社会科学基金重点项目(24AJL002) （24AJL002）
