耐心资本对制造业企业供应链韧性的影响机制分析

Mechanism Analysis of the Impact of Patient Capital on Supply Chain Resilience in Manufacturing Enterprises

摘要: 在经济社会快速发展的时代，部分企业管理者热衷于短期投资，使得企业无法真正高效发展，此时“耐心资本”的产生对于中国经济高质量发展就显得尤为重要。重点分析了耐心资本对制造业企业供应链韧性的影响。本文以2010~2024年制造业企业A股上市公司为研究对象，实证研究了耐心资本对制造业企业供应链韧性的影响与作用机制。研究结果表明：耐心资本对制造业企业供应链韧性具有显著提升作用，并且经过一系列稳健性检验后结论依然成立；耐心资本通过推动企业研发投入促进企业供应链韧性的提升，因此，为了提升企业供应链的韧性，应加大耐心资本对企业的投入力度。

Abstract: In an era of rapid economic and social development, some corporate managers are inclined toward short-term investments, which prevents enterprises from achieving truly efficient growth. In this context, the emergence of “patient capital” has become particularly important for China’s pursuit of high-quality economic development. This paper focuses on analyzing the impact of patient capital on the supply chain resilience of manufacturing enterprises. Taking China’s A-share listed manufacturing firms from 2010 to 2024 as the research sample, this study empirically examines the effects and underlying mechanisms of patient capital on supply chain resilience. The findings indicate that patient capital significantly enhances the supply chain resilience of manufacturing enterprises, and this conclusion remains robust after a series of robustness tests. Furthermore, patient capital promotes supply chain resilience by driving corporate R&D investment. Therefore, in order to strengthen the resilience of corporate supply chains, it is necessary to increase the scale of patient capital investment in enterprises.