关键词: 耐心资本, 企业韧性, 创新能力, 企业声誉

Abstract:

Against the backdrop of increasingly fierce global competition and a complex, volatile economic environment, corporate resilience has become the core driver enabling Chinese firms to withstand risk shocks and achieve long-term sustainable development. In China's rapidly developing economic environment, corporate resilience has become a key element to meet the challenges of globalization and achieve long-term growth. Based on the data of China's A-share listed companies from 2010 to 2023, this paper empirically examines the impact of patient capital on corporate resilience and its mechanism. The results show that patient capital can significantly enhance enterprise resilience, the mechanism test shows that patient capital enhances firm resilience by improving innovation ability and reputation. Heterogeneity analysis shows that the enhancement effect of patient capital on enterprise resilience is more significant in enterprises with growth and decline, high-tech enterprises and enterprises with better corporate governance. In the future, patient capital should be actively fostered, capital-market oversight strengthened, and robust incentive and restraint mechanisms for patient capital institutionalized. A full spectrum of policy instruments including tax incentives and targeted subsidies, should be deployed to comprehensively enhance corporate resilience.

Key words: patient capital, enterprise resilience, innovation ability, corporate reputation