耐心资本对企业债务融资成本的影响研究——基于A股上市公司的经验证据

The Impact of Patient Capital on the Cost of Debt Financing—Empirical Evidence from Chinese A-Share Listed Companies

摘要: 在经济高质量发展和资本市场改革不断深化的背景下，如何降低企业债务融资成本、促进企业可持续发展成为学术界与实务界关注的核心问题。本文从耐心资本视角出发，探讨其对企业债务融资成本的影响及作用机制，以2011~2024年A股上市公司为样本进行实证分析。研究结果表明，耐心资本能够显著降低企业债务融资成本，该结论在一系列稳健性检验下依然成立。异质性分析发现，在国有企业、东部地区企业、制造业企业中，耐心资本对于企业债务融资成本的作用更明显。机制分析结果显示，耐心资本主要通过降低企业代理成本和提高企业内部控制质量来降低债务融资成本。本文的研究不仅拓展了耐心资本经济后果的研究视角，也为企业优化融资结构、改善融资环境和实现高质量发展提供了有益的实证依据。

Abstract: Against the backdrop of high-quality economic development and deepening capital market reform, reducing corporate debt financing costs and promoting sustainable development have become central concerns for both academia and industry. This paper investigates the impact of patient capital on corporate debt financing costs and its underlying mechanisms, using a sample of A-share listed companies from 2011 to 2024. The empirical results indicate that patient capital significantly reduces corporate debt financing costs, and this conclusion remains robust after a series of robustness tests. Heterogeneity analysis further reveals that the effect of patient capital is more pronounced in state-owned enterprises, firms located in eastern regions, and manufacturing enterprises. Mechanism analysis shows that patient capital reduces debt financing costs mainly by lowering agency costs and improving the quality of internal control. This study not only expands the research perspective on the economic consequences of patient capital but also provides valuable empirical evidence for enterprises to optimize their financing structures, improve financing environments, and achieve high-quality development.