耐心资本投资对供应链韧性的影响研究

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中图分类号：F832.51；F274 文献标识码：A 文章编号：1007-5097（2026）01-0050-13

Abstract：Cultivatingandgrowing patientcapitalandenhancingthecapacityoffinancialservices totherealeconomyare important means toachieve enterprisechainstability，chain expansion，and chain strength under thecurrentcomplex economic situation.Based on the dataof China's A- sharelisted companies from2Oo9 to 2023，we empirically examine the impactof patientcapitalinvestmentonsupplychainresilienceand its mechanism.Theconclusionof thestudyshows that patientcapital investmentcan significantly enhance supplychainresilience，which is mainlyreflected inthe expansion andstrengthening of thechain.Mechanism testing has found that patient capital investment improves supplychain resiliencethroughthreepathways：supplier networkoptimizationefect，reputationefect，andcorporate governance effect. Heterogeneity analysis shows thatthe impactof patientcapitalinvestment onsupplychain resilience is more significant in state-owned enterprises，large-scaleenterprises，non-leading-chainenterprises，high-tech industriesandlower environmentalindustries.Basedonthis，theessayofers cultivatingand strengthening patientcapital to enhancecorporate resilience，with the goal of improving supply chainresilience by bolstering enterprises‘risk-bearing capacity.

Key words： patientcapital investment;supplychainresilience; network optimization efect;reputation efect;corporate governance effect

一、引言及文献综述

产业链供应链安全是构建新发展格局、推动经济高质量发展、保障实体经济稳定运行的重要支撑，也是国家经济安全的重要构成部分[1]。（剩余16761字）