数字经济时代壮大耐心资本的理论基础与实现路径  

Theoretical Foundation and Realization Paths for Developing Patient Capital in the Era of Digital Economy

作　　者：齐昊[1] 韩博鸿 李钟瑾 QI Hao;HAN Bohong;LI Zhongjin(Department of Economics,School of Economics,Renmin University of China,Beijing,100872;Department of Economics,University of Missouri Kansas City,MO 64110)

机构地区：[1]中国人民大学经济学院 [2]密苏里大学堪萨斯城分校经济系

出　　处：《中国经济问题》2024年第6期16-28,共13页China Economic Studies

基　　金：国家社会科学基金重大项目(22ZDA003)。

摘　　要：壮大耐心资本是我国加快发展新质生产力的一项重要举措,对推动“科技—产业—金融”良性循环具有重要意义。耐心资本是一种面向高科技企业的长期金融投资,其投资者看重长远利益、不计较短期得失。从历史上看,耐心资本的形成是三个条件共同作用的结果:一是新一轮科技革命催生出科技企业对耐心资本的强烈需求;二是国家为产业创新降低了门槛和风险;三是金融制度改革为耐心资本提供了稳定的资金来源。耐心资本能促进生产力的发展,有助于实现多重政策目标,并通过提升一般利润率水平促进宏观经济的稳定,对我国经济将产生重要的积极作用。为了发展耐心资本,我国要积极创造产业创新的有利条件,动员政府基金、国有资本、民间资本等各方面力量,并注意盈利性风险资本的投机性,避免“以扩张促垄断、以垄断促估值”的企业增长模式。Enhancing patient capital is crucial for China to accelerate the development of high-quality productive forces and foster a positive cycle of"science and technology-industry-finance".Patient capital represents long-term financial investments in high-tech companies,where investors prioritize long-term benefits over short-term profits.From a historical perspective,the formation of patient capital is driven by three key factors:First,a new wave of technological innovation has created an urge demand for patient capital among tech firms.Second,the state has lowered the entrance barrier and risks for industrial innovations.Third,reforms of the financial system have supplied stable funding sources for patient capital.Patient capital will contribute significantly to the Chinese economy by driving the forces of production,achieving multiple policy objectives,and restoring the macroeconomy by promoting the general rate of profit.To develop patient capital,China should create favorable conditions for industrial innovations and mobilize various sources of funding from governments,state-owned enterprises to private capital.Also,it is essential to be mindful of the speculative nature of profit-driven venture capital.Caution should be exercised to prevent a firm growth model characterized by"Promote monopoly through expansion,and boost valuation through monopoly".

关 键 词：耐心资本 风险投资 数字经济时代 科技企业 政治经济学 

分 类 号：F83[经济管理—金融学]