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

摘要：

在全球化竞争日趋激烈与经济环境复杂多变的背景下，企业韧性已成为中国企业抵御风险冲击、实现长期可持续发展的核心动能。文章基于2010—2023年我国A股上市公司数据，实证检验耐心资本对企业韧性的影响及其作用机制。研究结果显示：耐心资本能够显著提升企业韧性；机制检验表明，耐心资本可通过提高企业创新能力与企业声誉来提升企业韧性；异质性分析发现，耐心资本对企业韧性提升的促进作用在高科技企业、公司治理水平较高的企业、处于成长期与衰退期的企业中更显著。今后应积极发展耐心资本投资，加强对资本市场的监管，建立健全耐心资本的激励与约束机制，通过税收优惠、政策补贴等政策工具全方位推动企业韧性提升。

关键词: 耐心资本, 企业韧性, 创新能力, 企业声誉