摘要
在我国经济发展新动能转换阶段,研究耐心资本如何支持高质量发展,是正确把握培育发展耐心资本方向、真正推动实体企业高质量发展的关键所在。本文在分析耐心资本对企业高质量发展影响效应与内在机制的基础上,以2013-2023年我国A股上市公司数据为基础进行实证检验,研究发现:战略性股权的增加会促进企业高质量发展,而关系型债权的增加会抑制企业高质量发展;资产流动性在耐心资本与企业高质量发展之间起中介效应;进一步从行业、要素与机构投资者性质角度进行异质性分析,结果表明,战略性股权对高技术企业、技术密集型企业的高质量发展有显著促进作用,且来自压力承担型机构投资者的耐心资本与企业高质量发展显著正相关。因此,应从推动耐心资本增量入场及场内高效循环、为耐心资本的培育提供良好的外部发展环境、为企业高质量发展提供稳定的内部环境入手,培育壮大耐心资本,切实推动企业高质量发展。
During the stage of transformation of new growth drivers in China's economic development,studying how patient capital supports high-quality development is crucial for accurately grasping the direction of cultivating patient capital and truly promoting the high-quality development of real enterprises.Based on the analysis of the impact effect and internal mechanism of patient capital on the high-quality development of enterprises,this paper conducts an empirical test using the data of A-share listed companies in China from 2013 to 2023.The research findings show that the increase in strategic equity promotes the high-quality development of enterprises,while the increase in relational debt inhibits it.Asset liquidity plays a mediating role between patient capital and the high-quality development of enterprises.Further heterogeneity analysis from the perspectives of industry,elements,and the nature of institutional investors indicates that strategic equity significantly promotes the high-quality development of high-tech and technology-intensive enterprises,and patient capital from pressure-bearing institutional investors is significantly positively correlated with the high-quality development of enterprises.Therefore,to cultivate and expand patient capital and effectively promote the high-quality development of enterprises,efforts should be made to increase the entry of patient capital and its efficient circulation within the market,provide a favorable external development en-vironment for the cultivation of patient capital,and offer a stable internal environment for the high-quality development of enterprises.
作者
刘溪
陈守忠
LIU Xi;CHEN Shouzhong(Guangxi Vocational Normal University,Nanning 530007;Central University of Finance and Economics,Beijing 100081)
出处
《价格理论与实践》
北大核心
2025年第5期178-184,共7页
Price:Theory & Practice
基金
国家社会科学基金一般项目“乡村振兴背景下小农户对接电商市场的整合式赋能”(22BGL258)
2023年度广西哲学社会科学规划研究课题“习近平法治思想的‘法治经济’理论研究”(23BFX001)
2024年广西哲学社会科学研究课题“数字经济赋能广西县域高质量发展的驱动机制、实现路径与政策保障研究”(24JYF017)。
关键词
耐心资本
资产流动性
资本结构
全要素生产率
patient capital
asset liquidity
capital structure
total factor productivity
