耐心资本对企业投资效率的影响研究文献综述

Literature Review on the Impact of Patient Capital on Corporate Investment Efficiency

摘要: 在高质量发展背景下，提升企业投资效率已成为优化资源配置、推动产业升级和培育新质生产力的重要议题。与短期逐利资本不同，耐心资本强调长期持有、稳定支持和深度治理，因而被寄望于缓解企业短期主义、改善资本配置。文章围绕“耐心资本–企业投资效率”主题，对相关研究进行系统梳理：首先，总结耐心资本的概念界定、主要测度方式及其在创新、绿色发展和长期绩效方面的经济后果；其次，回顾投资效率的基本内涵、主流测度方法及主要影响因素；最后，重点梳理管理者短视、分析师关注、商业信用等机制变量在投资效率研究中的作用，并在此基础上构建“资本类型–作用机制”的二维整合框架，对现有证据进行批判性归纳。现有研究总体表明，耐心资本能够通过缓解融资约束、强化治理监督、改善信息环境和塑造长期导向提升企业决策质量，但直接聚焦“耐心资本–投资效率”关系的研究仍相对有限，尤其缺乏对不同类型耐心资本、过度投资与投资不足双向偏离，以及商业信用与管理者短视联动机制的综合考察。据此，进一步提出了国有与民营耐心资本差异、供应链信用传导和管理者短视约束等可检验的后续研究命题。

Abstract: Against the backdrop of high-quality development, improving corporate investment efficiency has become an important issue for optimizing resource allocation, promoting industrial upgrading, and fostering new quality productive forces. Unlike short-term profit-seeking capital, patient capital emphasizes long-term holding, stable support, and deep governance involvement, and is therefore expected to alleviate corporate short-termism and improve capital allocation. Focusing on the relationship between patient capital and corporate investment efficiency, this paper provides a systematic review of the existing literature. First, it summarizes the conceptual definitions and major measurement approaches of patient capital, as well as its economic consequences in innovation, green development, and long-term corporate performance. Second, it reviews the basic connotations, mainstream measurement methods, and key determinants of investment efficiency. Finally, it examines the roles of mediating variables such as managerial myopia, analyst attention, and trade credit in the literature on investment efficiency. On this basis, the paper develops a two-dimensional integrative framework of “capital type-mechanism of action” and offers a critical synthesis of existing evidence. The literature generally suggests that patient capital can enhance the quality of corporate decision-making by alleviating financing constraints, strengthening governance oversight, improving the information environment, and fostering long-term orientation. However, studies that directly focus on the relationship between patient capital and investment efficiency remain relatively limited. In particular, there is still a lack of comprehensive examination of different types of patient capital, the two-way deviations of overinvestment and underinvestment, and the interactive mechanisms involving trade credit and managerial myopia. Accordingly, this paper further proposes several testable directions for future research, including differences between state-owned and private patient capital, the transmission effect of supply chain credit, and the constraining role of managerial myopia.