经济与管理2026，Vol.40Issue(5)：84-92,封3,10.
耐心资本对链主企业供应链协同创新的影响研究
The Impact of Patient Capital on Supply Chain Collaborative Innovation in Chain-Leading Firms:Evidence from Insurance Fund Shareholdings
摘要
Abstract
Fully leveraging the leading role of chain-leading firms to promote supply chain collaborative innovation is essential to accelerating the development of a modern industrial system and achieving high-quality economic growth.Drawing on dynamic capabilities theory and using a sample of Chinese A-share listed firms in Shanghai and Shenzhen from 2004 to 2024,this study employs insurance fund shareholdings as a proxy for patient capital and empirically examines their impact on supply chain collaborative innovation in chain-leading firms and the underlying mechanisms.The results show that insurance fund shareholdings significantly promote supply chain collaborative innovation in chain-leading firms.Mechanism tests indicate that this effect operates primarily through enhanced information sensing,improved resource allocation,and strengthened capability reconfiguration.Heterogeneity analysis further shows that the positive effect is primarily observed among chain-leading firms with lower levels of data asset accumulation,supply chain finance participation,and artificial intelligence adoption,exhibiting a capability-compensation pattern.关键词
耐心资本/险资持股/链主企业/供应链协同创新/动态能力Key words
patient capital/insurance fund shareholdings/chain-leading firms/supply chain collaborative innovation/dynamic capa-bilities分类
管理科学引用本文复制引用
阎海峰,刘国钰..耐心资本对链主企业供应链协同创新的影响研究[J].经济与管理,2026,40(5):84-92,封3,10.基金项目
国家社会科学基金重大项目(24&ZD081) （24&ZD081）
