我国发展壮大耐心资本的突出梗阻及破解思路  

The Prominent Obstacles and Solutions to the Development and Growth of Patient Capital in China

作　　者：王源辛 董岩[2] 郑新悦 Wang Yuanxin;Dong Yan;Zheng Xinyue

机构地区：[1]浙江大学中国特色社会主义研究中心,浙江杭州310058 [2]中国石油大学(华东)文法学院,山东青岛266580 [3]天津财经大学财税与公共管理学院,天津300222

出　　处：《西南金融》2025年第3期18-30,共13页Southwest Finance

基　　金：国家社会科学基金一般项目“高质量发展视域下的中国直接税间接税体系改革研究”(项目编号:21BJY076)阶段性研究成果。

摘　　要：耐心资本不仅是培育新兴产业和未来产业、助力新质生产力发展的重要支撑,也是金融市场稳定及资本市场长期健康发展的核心力量。但是,当下我国发展壮大耐心资本面临一些突出梗阻:一是创业投资资本价值链中缺失早期投资和专业投资基金;二是多重因素致使民间资本进入创业投资领域的意愿不高;三是政府引导基金到期刚性退出进一步阻碍耐心资本发展;四是二级市场低迷导致耐心资本投资科创企业信心受挫;五是大股东诚信缺失与频繁减持加剧了资本的信任危机;六是现有投资评价体系难以适应耐心资本的长远发展。美国、日本和德国等发达国家在发展耐心资本方面积累了丰富经验,如美国发达的资本市场和多元化的退出机制、日本的“适正利润”发展理念、德国将关系型融资与耐心资本相结合等。我国应充分审视自身发展实际,同时借鉴发达国家发展经验,从培育多层次长期资本供应体系、鼓励社会资本长期参与创业投资、积极发展风险资本、拓宽耐心资本退出渠道、完善大股东行为监管、建立长周期投资评价体系等方面入手,突破耐心资本发展困境。Patient capital is not only an important support for cultivating emerging and future industries and promoting the development of new quality productivity,but also a core force for the stability of financial markets and the long-term healthy development of capital markets.However,the current development and growth of pa⁃tient capital in China are facing some prominent obstacles:first,there is a lack of early investment and profession⁃al investment funds in the value chain of venture capital.Second,multiple factors have led to a low willingness of private capital to enter the field of venture capital.Third,the government's guidance of rigid fund exit upon maturi⁃ty further hinders the development of patient capital.Fourth,the sluggish secondary market has led to a setback in the confidence of patient capital investment in science and technology innovation enterprises.Fifth,the lack of in⁃tegrity and frequent reduction of holdings by major shareholders have exacerbated the trust crisis of capital.Sixth,the existing investment evaluation system is difficult to adapt to the long-term development of patient capital.De⁃veloped countries such as the United States,Japan,and Germany have accumulated rich experience in developing patient capital,such as the developed capital market and diversified exit mechanisms in the United States,Japan's development concept of"appropriate profit",and Germany's combination of relationship financing and patient cap⁃ital.China should fully examine its own development reality and draw on the development experience of developed countries.Starting from cultivating a multi-level long-term capital supply system,encouraging social capital to participate in venture capital for a long time,actively developing venture capital,expanding channels for patient capital exit,improving the supervision of major shareholder behavior,and establishing a long-term investment evaluation system,we can break through the development dilemma of patient capital.

关 键 词：耐心资本 资本市场 创业投资 风险投资 大股东行为监管 新质生产力 科技创新 高质量发展 

分 类 号：F832[经济管理—金融学] F124