发展壮大耐心资本的多维目标与行动路径  

Multidimensional Goals and Action Pathways for Developing and Strengthening Patient Capital

作　　者：戚聿东 沈天洋 QI Yu-dong;SHEN Tian-yang

机构地区：[1]北京师范大学经济与工商管理学院

出　　处：《改革》2025年第4期16-30,共15页Reform

基　　金：国家社会科学基金重大项目“技术标准与知识产权协同推进数字产业创新的机理与路径研究”(19ZDA077)。

摘　　要：历史上历次技术革命浪潮都离不开金融资本的支持。在以智能化为主要特征的第六次技术革命浪潮下,专注于价值投资和长周期投资的耐心资本成为赋能技术创新和应用的新资本形态,耐心资本的培育壮大成为我国实施创新驱动发展战略的重要举措。耐心资本功能与做好金融“五篇大文章”的目标相适配,加快实现耐心资本“做大”“做强”“做优”“做久”的目标,有利于通过壮大耐心资本做好金融“五篇大文章”。耐心资本的培育壮大需以新发展理念为导向,面对创业投资市场规模收缩、创业投资出资人结构性失衡、绿色投融资风险高、外资吸引受阻与对外投资面临制约、长期资金积累速度较慢等耐心资本发展困境,应以耐心资本的创新发展、协调发展、绿色发展、开放发展和共享发展为导向,构建创业投资的全周期支持体系,培育多元化投资主体,多措并举降低绿色投资风险,打造国际化耐心资本体系,为“投资于人”提供市场支持和机制支持。Every wave of technological revolution in history cannot be separated from the support of financial capital.Under the wave of the sixth technological revolution characterized by intelligence,patient capital focusing on value investment and long-term investment has become a new capital form that enables technological innovation and application,and the cultivation and expansion of patient capital has become an important measure for China to implement the innovation-driven development strategy.The function of patient capital is compatible with the goal of doing the"Five Major articles"of finance,accelerating the realization of the four goals of becoming bigger,stronger,better and longer of patient capital is also conducive to doing the"Five Major Articles"of finance by strengthening patient capital.The cultivation and expansion of patient capital should be guided by the new development concept.In the face of the development difficulties of patient capital,such as the shrinkage of the venture capital market scale,the structural imbalance of venture capital investors,the high risk of green investment and financing,the hindrance of foreign capital attraction and foreign investment,and the slow speed of long-term capital accumulation.Guided by the innovative,coordinated,green,open and shared development of patient capital,it is necessary to build a full-cycle support system for venture capital,cultivate diversified investors,take multiple measures to reduce green investment risks,build an international patient capital system,and provide market and institutional support for"using funds and resources to serve the people".

关 键 词：耐心资本 新发展理念 创新驱动 价值投资 

分 类 号：F124[经济管理—世界经济]