耐心资本驱动新质生产力:理论逻辑、现实困境和实践路径  

Patience Capital Drives New Quality Productive Forces:Theoretical Logic,Practical Dilemma and Practical Path

作　　者：蒋永强 张青兰 Jiang Yongqiang;Zhang Qinglan

机构地区：[1]华南师范大学马克思主义学院

出　　处：《经济学家》2025年第3期15-23,共9页Economist

基　　金：华南师范大学哲学社会科学重大培育项目“中国式现代化的生态文明建设研究”(ZDPY2301)。

摘　　要：发展新质生产力需要长期的资本支持,培育和壮大具有长期投资属性的耐心资本具有重要意义。从理论逻辑看,发展新质生产力的核心在于原创性、颠覆性科技创新,而科技创新往往伴随着高风险性和不确定性,需要长期稳定的资金支持。与之相契合,耐心资本所坚持的长期投资理念能够引导资金流向事关国家发展的重大科创项目,为科创企业提供持续且稳定的资金支持,有助于推动科技成果涌现并不断提升劳动者素质、创新劳动资料和丰富劳动对象,驱动新质生产力发展。当前,中国耐心资本的投入和积累面临着投资主体的长期投资意愿与风险识别能力不足、金融体系和资本市场的短期化逐利化问题凸显、低科技成果转化率降低耐心资本投入的积极性、政策法规的不确定性和退出机制的不完善问题等现实困境。因此,必须重视加强人才培养、完善资本市场、促进成果转化、强化长期导向,不断提升耐心资本驱动新质生产力的主体力量、市场活力、成果转化率和政策耐心。The development of new quality productive forces requires long-term capital support.It is of great significance to cultivate and strengthen patient capital with long-term investment attributes.From the perspective of theoretical logic,the core of developing new quality productive forces lies in original and subversive scientific and technological innovation,which is often accompanied by high risks and uncertainties and requires long-term and stable financial support.In line with this,the long-term investment concept adhered to by patient capital can guide the flow of funds to major scientific and technological projects related to national development,provide continuous and stable financial support for scientific and technological enterprises,help promote the emergence of scientific and technological achievements,continuously improve the quality of workers,innovate labor materials and enrich labor objects,and drive the development of new quality productive forces.At present,the investment and accumulation of China's patient capital are faced with the lack of long-term investment willingness and risk identification ability of investors,the short-term profit-seeking problems of the financial system and capital market,the low conversion rate of scientific and technological achievements,the enthusiasm of patient capital investment,the uncertainty of policies and regulations and the imperfect exit mechanism.Therefore,we must pay attention to strengthening personnel training,improving the capital market,promoting the transformation of achievements,strengthening long-term orientation,and constantly improving the main force,market vitality,achievement conversion rate and policy patience of patient capital driving new quality productive forces.

关 键 词：耐心资本 新质生产力 科技创新 

分 类 号：F124[经济管理—世界经济]