培育壮大耐心资本:内涵、意义、举措  

Cultivating and Strengthening Patient Capital:Connotation,Significance and Measures

作　　者：胡海峰[1] Hu Haifeng

机构地区：[1]北京师范大学经济与工商管理学院金融系

出　　处：《学术前沿》2025年第2期96-107,共12页Frontiers

基　　金：国家社会科学基金重点项目“中国资本市场韧性的影响因素、测度与提升路径研究”和国家社会科学基金重大项目“新发展格局下提高直接融资比重优化金融结构与经济高质量发展研究”的阶段性研究成果,项目编号分别为:21AJL012、21&ZD111。

摘　　要：耐心资本是一种投资者愿意放弃短期回报,在不期望快速盈利的情况下对企业进行主动、长期的金融投资,具有强调长期导向、关注社会效益、风险承受能力更强及对失败包容度更高等特征。发展耐心资本可以为我国经济发展注入新的活力和动力,为实现高水平科技自立自强、塑造发展新动能新优势、引导更多优质生产要素向发展新质生产力集聚提供有力支撑。发展耐心资本是一项复杂的系统工程,一方面要积极培育耐心理念,培育容忍失败的文化,通过优化政策体系,营造公平、透明和有序的耐心市场环境;另一方面要建立完善的创业创新生态系统,积极构建创业“栖息地”,不断塑造和完善我国的耐心资本供给和配置架构体系。Patient capital is a kind of investment by investors who are willing to give up short-term returns and make active and long-term financial investment in enterprises without expecting quick profits.It has the characteristics of emphasizing long-term orientation,paying attention to social benefits,stronger risk tolerance and higher tolerance for failure.The development of patient capital can inject new vitality and impetus into China's economic development,and provide strong support for achieving high-level sci-tech self-reliance,shaping new driving forces and new advantages for development,and guiding more high-quality factors to the agglomeration of developing new quality productive forces.The development of patient capital is a complex and systematic project.On the one hand,efforts should be made to actively cultivate the concept of patience,cultivate the culture of tolerance for failure,and create a fair,transparent and orderly patient market environment by optimizing the policy system;on the other hand,it is necessary to establish a sound entrepreneurial innovation ecosystem,actively build entrepreneurial"habitat",and constantly shape and improve China's patient capital supply and allocation framework system.

关 键 词：耐心资本 新质生产力 风险投资 长期资本 

分 类 号：F832.51[经济管理—金融学]