摘要
耐心资本是专注于长期投资的资本形式,是培育新质生产力的关键制度工具。本文归纳了耐心资本的五大特征矩阵:长期性、风险性、战略性、支撑性与宏观性,揭示了耐心资本通过要素引导、风险共担及政策协同机制,构建了对新质生产力的系统性支撑。在作用机制方面,本文论述了耐心资本通过推动创新型国家建设、促进产业升级转型、提高资本市场运行效率从而促进新质生产力的发展。目前,耐心资本的发展面临着长期投资激励不足与短期套利冲动、承担社会效益外溢与资本逐利性、战略目标引导与市场自发配置的错配等矛盾,基于此,本文提出“制度供给+生态培育”双轮驱动方案,一方面,要发挥新型举国体制优势,依靠政府投资基金的战略锚定引导与风险分担机制,使耐心资本植入国家现代化的治理中;另一方面,要加速要素市场化配置的改革,激发社会资本参与到长期价值创造的投资领域中。通过“有效市场”与“有为政府”的有机结合,为耐心资本的培育和发展提供坚实的制度保障和实践路径,从而助力新质生产力的发展。
The global economic landscape is undergoing profound changes,with the new round of technological and industrial revolutions accelerating.China’s economic development is transitioning from scale-driven to quality-driven growth,urgently requiring the cultivation of new quality productive forces centered on innovation.At the meeting of the Political Bureau of the CPC Central Committee held on April 30,2024,while emphasizing the need to“develop new quality productive forces in a manner suited to local conditions”,it proposed to“actively develop venture capital and strengthen patient capital”.Since then,“patient capital”has been mentioned multiple times in central government meet⁃ings.This series of policies marks a shift in China’s capital governance paradigm from short-term profit-driven capital to patient capital focused on long-term value creation.In reality,traditional capital tends to emphasize short-term profits and struggles to meet the investment needs of technological innovation,leading to significant funding gaps in areas such as breakthroughs in“chokepoint”technologies and basic research.Additionally,the cultivation of new quality productive forces requires breaking away from conventional factor allocation models and urgently needs long-term stable capital sup⁃port.In this context,analyzing the unique characteristics of patient capital that distinguish it from general capital,explor⁃ing its role in fostering new quality productive forces,examining the shortcomings in the development of patient capital,and proposing relevant recommendations to better leverage the role of patient capital in promoting new quality productive forces holds significant importance.This paper constructs a“time-risk-value”three-dimensional analytical framework to systematically distill the charac⁃teristic matrix of patient capital.In the time dimension,it manifests as long-term orientation,as patient capital breaks away from the short-term bias of traditional capital,achieving dynamic alignment between the innovation cycle and the capital return cycle.In the risk dimension,it exhibits risk-taking characteristics,breaking the negative cycle of“risk aver⁃sion–innovation suppression”in private capital through the synergy of government credit guarantees and market risk pric⁃ing.In the value dimension,it exhibits strategic,supportive,and macro characteristics,internalizing externalities such as technology spillover effects and ecological value increments through the construction of a modern measurement system,thereby reshaping the evaluation standards for capital value creation.Based on the above characteristics,patient capital has become the key link connecting technological innovation with industrial innovation,capable of fostering the develop⁃ment of new quality productive forces through three mechanisms:industrial structure transformation,the construction of an innovative nation,and the improvement of capital operational efficiency.Currently,the development of patient capital faces major contradictions,including insufficient long-term investment incentives and short-term arbitrage impulses,the mismatch between bearing social benefit spillovers and capital’s profitseeking nature,and the discrepancy between strategic goal guidance and market-driven allocation.To address this,this paper proposes a dual-drive solution of“institutional supply+ecological cultivation”.On one hand,it is necessary to le⁃verage the advantages of the new national system,relying on the strategic anchoring guidance and risk-sharing mecha⁃nisms of government investment funds to embed patient capital into the governance of national modernization.Addition⁃ally,through innovative risk governance and strengthened regulatory innovation,institutional safeguards should be pro⁃vided to cultivate patient capital.On the other hand,it is necessary to accelerate reforms in the market-based allocation of factors,stimulate the vitality of market entities,and deepen reforms in areas such as property rights incentives,value de⁃velopment,and ecological synergy,thereby forming the socialist market ecosystem required for cultivating patient capi⁃tal.Through the organic combination of an“efficient market”and an“active government”,this paper provides a practical path for strengthening patient capital and promoting the development of new quality productive forces.
作者
丁任重
麻潘婷
DING Renzhong;MA Panting(Southwestern University of Finance and Economics,Chengdu,China)
出处
《经济学动态》
北大核心
2025年第8期5-18,共14页
Economic Perspectives
基金
国家社会科学基金项目“政治经济学视角下数据要素参与收入分配的理论框架”(22XJL004)。
关键词
耐心资本
新质生产力
高质量发展
科技创新
产业升级
Patient Capital
New Quality Productive Forces
High-quality Development
Technological Innova⁃tion
Industrial Upgrading
