耐心资本对企业投资效率的影响研究——基于商业信用的中介效应

Research on the Impact of Patient Capital on Corporate Investment Efficiency—Based on the Mediating Effect of Commercial Credit

摘要: 培育和壮大耐心资本是提高国内市场制度包容性、适应性，优化金融机构体系，推动企业新质生产力加速发展的重要途径。本文基于2007~2024年沪深A股上市公司数据，实证检验了耐心资本对企业投资效率的影响。研究结论表明，培育耐心资本能够显著提升企业投资效率，这主要是通过改善商业信用环境的路径实现的。上述发现为完善资本市场长期制度安排、引导中长期资金服务实体经济提供了经验证据，也为企业通过优化股东结构和治理机制提升资源配置效率提供了现实启示。

Abstract: Cultivating and expanding patient capital is an important approach to enhancing the inclusiveness and adaptability of the capital market’s institutional system, improving the financial institutional architecture, and supporting as well as accelerating the development of firms’ new quality productive forces. Using a sample of A-share listed firms from 2007 to 2024, this study empirically examines the impact of patient capital on corporate investment efficiency. The results show that patient capital significantly improves investment efficiency, primarily by improving the commercial credit environment. These findings provide empirical evidence for strengthening the long-term institutional arrangements of the capital market and guiding medium- and long-term funds to better serve the real economy, and they also offer practical implications for firms seeking to enhance resource allocation efficiency by optimizing ownership structure and corporate governance mechanisms.