摘要
在全球经济转型升级背景下,耐心资本作为支持实体经济发展的重要金融形态,其价值创造机制与实践路径亟待系统性研究。本文基于国际比较视角,通过典型案例分析法,解构耐心资本“长期性、包容性、价值共创性”的核心特征,提炼出四类典型实践范式:黑石集团通过产投联动构建生物医药产业生态链,西班牙“政府-社会资本联盟”建立风险共担机制,非洲清洁能源项目依托数字技术实现精准投资,韩国则通过制度供给优化耐心资本发展环境。研究揭示,国际实践中普遍存在资金错配、新兴领域后续资金缺口大、区域投资失衡等结构性矛盾。据此提出构建“三维驱动”发展框架:制度维度须建立长期政策稳定预期;市场维度应打造产投联动网络,发展多元化资本生态体系;技术维度要深化金融科技赋能。研究结论为完善我国耐心资本支持体系提供理论依据,对推动实体经济高质量发展具有现实启示。
Patient capital has emerged as a critical financial mechanism for supporting the real economy.However,its value creation processes and practical pathways remain underexplored.This paper adopts an international comparative approach and utilizes case analysis to examine the core characteristics of patient capital-long-term orientation,inclusivity,and value co-creation.It identifies four key practical paradigms:Blackstone's integration of industrial and financial investments to build a biopharmaceutical ecosystem,Spain's"government-social capital alliance"for establishing a shared risk mechanism,African clean energy projects leveraging digital technology for precise investment,and South Korea's institutional efforts to optimize the environment for the development of patient capital.The study uncovers several structural challenges prevalent in international practices,including fund misallocation,funding gaps in emerging sectors,and regional investment imbalances.In response,the paper proposes a"three-dimensional"development framework:from the institutional perspective,ensuring long-term policy stability;from the market perspective,building networks that link industry and investment while fostering a diversified capital ecosystem;and from the technological perspective,enhancing the role of financial technology.The findings offer a theoretical foundation for improving China's patient capital support system and provide valuable insights for achieving high-quality development.
作者
尹天惠
李贺
YIN Tianhui;LI He(Postdoctoral Research Workstation of Beijing Stateowned Capital Operation and Management Company Limited,Beijing,China;Postdoctoral Research Station of the School of Social Sciences,Tsinghua University,Beijing,China)
出处
《政治经济学季刊》
2025年第1期108-125,共18页
Political Economy Quarterly
基金
国家社科基金重大项目“畅通国民经济循环的理论基础和制度设计研究”(项目批准号24ZDA014)的资助。
关键词
耐心资本
实体经济
国际经验
patient capital
real economy
international experience
