摘要
耐心资本凭借长期导向、风险容忍与价值投资特征,成为优化资源配置、驱动全要素生产率提升的重要支点。本文以2010—2023年我国A股上市企业为研究样本,从微观层面考察耐心资本对企业全要素生产率的影响。研究发现,耐心资本能够通过三种作用机制显著提升企业全要素生产率,具体包括改善资源配置效率、提升技术创新水平及优化内部治理效能。异质性分析表明,耐心资本对处于市场竞争程度较低地区的企业,以及融资约束较强企业的全要素生产率的促进效果更加显著。研究结论为理解耐心资本与企业全要素生产率的关系提供了新证据,同时对完善资本生态体系、促进企业高质量发展具有政策启示意义。
Patient capital,with its long-term orientation,risk tolerance and value investment characteristics,has become an important fulcrum for optimizing resource allocation and driving the improvement of total factor productivity.This paper selects Chinese A-share listed companies from 2010 to 2023 as the research sample and examines the impact of patient capital on the total factor productivity of enterprises from a micro perspective.The research finds that patient capital can significantly enhance the total factor productivity of enterprises through three mechanisms,specifically including improving the efficiency of resource allocation,enhancing technological innovation capabilities and optimizing internal governance effectiveness.Heterogeneity analysis shows that in the context of lower market competition and stronger financing constraints,the promoting effect of patient capital on total factor productivity is more significant.The research conclusion provides new evidence for understanding the relationship between capital patience and enterprise productivity,and has policy implications for improving the capital ecosystem and promoting high-quality enterprise development.
作者
柳江
李慧敏
LIU Jiang;LI Huimin(School of Finance and Taxation,Lanzhou University of Finance and Economics;School of Economics,Lanzhou University of Finance and Economics)
出处
《金融经济》
2025年第4期53-64,共12页
Finance Economy
基金
国家社会科学基金资助项目“生态系统健康-风险-服务互馈下粮食主产区耕地生态安全评估与格局优化”(23BJY198)
2025年甘肃省高校研究生“创新之星”项目“耐心资本对企业全要素生产率的影响研究”(2025CXZX-898)。
关键词
耐心资本
全要素生产率
新质生产力
高质量发展
Patient capital
Total factor productivity
New quality productivity
High-quality development
