耐心资本何以助力企业新质生产力发展?  

How Can Patient Capital Promote New Quality Productive Forces in Enterprises

作　　者：杨芳[1] 张和平 孙晴晴 刘禹轩 YANG Fang;ZHANG He-ping;SUN Qing-qing;LIU Yu-xuan(School of Economics and Management,Yunnan Minzu University,Kunming 650504,Yunnan,China)

机构地区：[1]云南民族大学经济与管理学院,云南昆明650504

出　　处：《西部论坛》2024年第6期31-47,共17页West Forum

基　　金：云南省社会科学规划社会智库项目(SHZK2023204)。

摘　　要：培育和发展新质生产力需要持续投入金融资源,壮大耐心资本成为加快发展新质生产力的重要引擎之一。企业的耐心资本增加能够提高劳动者素质、改善劳动资料、拓展劳动对象,从而直接提升新质生产力水平,还可以通过改善企业的内外部环境来助力新质生产力发展。采用沪深A股上市公司2011—2022年的数据,以稳定型股权占比和关系型债权占比衡量企业拥有的耐心资本,分析发现:稳定型股权占比和关系型债权占比的提高都能够显著提升企业新质生产力水平(其中稳定型股权占比的提升作用更大),且该影响趋于增强(2017—2022年比2011—2016年更强);耐心资本增加可以通过提高内部控制质量和降低信息不对称程度两条路径来促进企业新质生产力发展;耐心资本对新质生产力的提升作用在规模较大、股权集中度较高、市场竞争程度较低的企业中更强。因此,应加强政策支持和引导,不断壮大耐心资本,积极引导耐心资本前瞻布局新兴产业,并加强资本市场监管,有效助力企业新质生产力发展。Technological innovation is the core element of developing new quality productive forces.The advancement of new quality productive forces relies heavily on technological innovation.However,original and disruptive technological innovations require sustained financial investment and protracted innovation cycles,which dampen enterprises’motivation for technological breakthroughs,hindering the formation and development of new quality productive forces.Therefore,addressing the long-term financial needs faced during the formation and development of new quality productive forces is a critical issue for both government and enterprises.This paper leverages the CSMAR Database and Wind Database to study listed companies on the Shanghai and Shenzhen A-share markets from 2011 to 2022.Drawing on the research methodology of Zhang Xuelan et al.(2024)and incorporating President Xi Jinping’s keynote speeches on new quality productive forces,a new quality productive forces indicator system at the enterprise level is constructed.Utilizing the entropy method to compute the data of new quality productive forces,this study empirically examines the impact of patient capital on new quality productive forces and its underlying mechanisms.Research finds that patient capital,as a capital that pursues stable investment,strategic investment,and long-term investment,is a catalyst for promoting qualitative changes in laborers,labor materials,labor objects,and their optimized combinations,and can provide a strong impetus for the formation and development of new quality productive forces.At the mechanism level,patient capital can be divided into stable equity and relational debt,both of which can significantly improve the productivity of new quality productive forces,and the main path of action is to improve the internal control quality of the enterprise internally and reduce the degree of information asymmetry between the enterprise and external stakeholders externally.The heterogeneity results indicate that the effect of patient capital on

关 键 词：耐心资本 新质生产力 内部控制 信息不对称 稳定型股权 关系型债权 

分 类 号：F273.4[经济管理—企业管理] F270.7[经济管理—国民经济]