耐心资本对企业韧性的影响研究

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中图分类号：F273.1；F832.51 文献标志码：A 文章编号：1007-8576（2025）04-0059-11

DOI：10.16716/j.cnki.65-1030/f.2025.04.006

On Influence of Patient Capital on Enterprise Resilience

LIJipeng，SHIJiaxiang

（Xinjiang University of Finance and Economics， Urumqi 83oo12， China）

Abstract：Againstthebackdropofincreasinglyferceglobalcompetitionandacomplex，volatileconomicenvironmentcorpo rateresiliencehasbcomethecoredriverenablingChinesefirms towithstandriskshocksandachievelong-termsustainable development.In China'srapidlydeveloping economic environment，corporateresilience has becomeakey element to meetthe challngesofglobalizationandachievelong-termgrowth.BasedonthedataofChina'sA-sharelistedcompaniesfrom2010to 2023，this paperempiricallexamines theimpactofpatientcapitaloncorporateresilienceanditsmechanism.Theresultsshow thatpatientcapitalcansignificantly enhance enterpriseresilience，the mechanismtestshows thatpatientcapitalenhancesfirm resiliencebyimprovinginnovationabilityandreputation.Heterogeneityanalysisshows thattheenhancementeffectofpatient capitalonenterpriseresiliene is more significant inenterprises withgrowthanddecline，high-techenterprisesandenterprises withbettercorporategovernane.Inthefuture，patientcapitalsouldbeactivelyfostered，capital-marketoversightstrengthened，androbustincentiveandestraintmechanismsforpatientcapitalinstitutionalized.Afullspectrumofpolicyinstruments includingtaxincentives and targeted subsidies，shouldbe deployed to comprehensivelyenhance corporateresilience. Key words： patient capital; enterprise resilience; innovation ability; corporate reputation

一、问题的提出

近年来，企业面临的经营环境日趋复杂多变，贸易摩擦、政策调整、自然灾害等因素都可能对企业供应链韧性产生巨大冲击。（剩余14060字）