耐心资本对企业新质生产力的影响  

Research on the Influence of Patient Capital on the New Quality Productive Forces of Enterprises

作　　者：温磊 李思飞[1] WEN Lei;LI Si-fei(International Business School,Beijing Foreign Studies University,Beijing 100089,China)

机构地区：[1]北京外国语大学国际商学院,北京市100089

出　　处：《中国流通经济》2024年第10期86-97,共12页China Business and Market

基　　金：国家社会科学基金一般项目“森林资源资产负债表编制研究”(19BGL162);中央高校基本科研业务费专项资金项目“数字经济驱动下的产学研合作与新质生产力发展”(2024JX034);中央高校基本科研业务费专项资金项目“气候风险与企业财务决策研究”(2024JJ001)。

摘　　要：随着我国经济步入高质量发展阶段,传统的发展模式已难以为继。劳动力成本上升、资源环境约束趋紧、资本回报率下降等问题日益凸显,迫切需要推动经济转型升级、发展新质生产力。耐心资本的核心内涵在于长期视角、价值共创和稳健持守,具有较强的投资理念和坚守原则,更加注重企业的长期发展潜力和成长空间,因而可以成为推动企业新质生产力发展的新引擎。为此,基于2011—2022年我国A股上市公司的数据,实证检验耐心资本对企业新质生产力的影响。研究发现:耐心资本能够促进企业新质生产力提升;机制检验表明,耐心资本主要通过缓解企业融资约束、促进企业创新及激发企业的长期导向促进企业新质生产力提升;异质性分析发现,在知识产权保护程度和市场化程度较高地区、行业竞争激烈及高新技术行业的企业中,耐心资本对企业新质生产力的正向效应更明显。基于此,为有效提升企业新质生产力,在充分尊重市场规律的前提下,政府要发挥好“有形之手”的重要作用,引导各类资金摒弃急功近利、快进快出、挣快钱等浮躁心态,坚持做长期投资、战略投资、价值投资、责任投资,引导企业将资金投入到绿色发展、创新投资等与企业可持续发展和高质量发展相关的领域。企业应主动寻求并有效利用耐心资本,将耐心资本更多应用于技术创新,不断推出符合市场需求的新产品与服务。同时,企业还需树立长期导向,制定并执行稳健的发展战略,以持续提升新质生产力,为企业的长远发展奠定坚实基础。With China's economy entering the stage of high-quality development,the traditional development model has been unsustainable.Problems such as rising labor costs,tightening constraints on resources and environment,and declining return on capital are increasingly prominent,and it is urgent to promote economic transformation and upgrading,and develop new quality productive forces.The core connotation of patient capital lies in long-term perspective,value co-creation and prudent persistence,and it has strong investment philosophy and adherence to principles;and it will pay more attention to the long-term development potential and growth space of enterprises,so it may become a new engine to promote the development of new quality productive forces of enterprises.Therefore,based on the sample of China's A-share listed companies from 2011 to 2022,the authors empirically test the influence of patient capital on the new quality productive forces of enterprises.It is found that patient capital can promote the improvement of the new quality productive forces of enterprises.The mechanism test shows that patient capital can promote the improvement of new quality productive forces of enterprises mainly by alleviating financing constraints,promoting enterprise innovation and stimulating long-term orientation of enterprises.Heterogeneity analysis shows that the positive effect of patient capital on the new quality productive forces of enterprises is more obvious in the high degree of regional intellectual property protection,high degree of regional marketization,fierce industry competition and high-tech industries.Based on this,in order to effectively boost the new quality productive forces of enterprises,in addition to fully respecting the market rules,the government should give full play to the important role of the"tangible hand",guide all kinds of funds to abandon the impetuous mentality of"quick success,fast forward and quick exit,and make quick money",adhere to long-term investment,strategic investment,value investment,and

关 键 词：耐心资本 企业新质生产力 长期导向 数字化转型 绿色化转型 

分 类 号：F279.24[经济管理—企业管理]