耐心资本与企业创新：质量提升与可持续性保障的双重效应

Patient Capital and Corporate Innovation: The Dual Effects of Quality Enhancement and Sustainability Assurance

摘要: 本文以2010~2024年中国A股上市公司为研究样本，系统考察了耐心资本对企业创新的影响及其作用机制，从创新质量与创新可持续性两个维度展开分析。研究结果表明：第一，耐心资本能够显著促进企业创新，且这种促进作用不仅体现在创新质量的提升上，也体现在创新可持续性的增强上；第二，耐心资本主要通过提升企业内部控制质量、抑制短贷长投行为两条路径发挥作用，前者有助于提升创新质量，后者有助于保障创新活动的持续开展；本文的研究不仅丰富了耐心资本与企业创新相关领域的理论研究，也为优化资本市场结构、培育长期资本和提升企业创新能力提供了经验证据与政策启示。

Abstract: This article takes Chinese A-share listed companies from 2010 to 2024 as research samples, systematically examines the impact and mechanism of patient capital on corporate innovation, and analyzes it from two dimensions: innovation quality and innovation sustainability. The research results indicate that, firstly, patient capital can significantly promote corporate innovation, and this promoting effect is not only reflected in the improvement of innovation quality, but also in the enhancement of innovation sustainability; Secondly, patient capital mainly works through two paths: improving the quality of internal control within the enterprise and curbing short-term loans and long-term investment behavior. The former helps to enhance the quality of innovation, while the latter helps to ensure the sustained development of innovation activities; This study not only enriches the theoretical research on the relationship between patient capital and corporate innovation, but also provides empirical evidence and policy implications for optimizing capital market structure, cultivating long-term capital, and enhancing corporate innovation capabilities.