超越短期主义：耐心资本赋能企业数字技术创新

湛泳; 胡嘉钰; 马从文

超越短期主义：耐心资本赋能企业数字技术创新

引用本文：湛泳，胡嘉钰，马从文.超越短期主义：耐心资本赋能企业数字技术创新[J].财经理论与实践,2026,(1):10-16

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作者	单位
湛泳，胡嘉钰，马从文	（湘潭大学商学院,湖南湘潭 411105）

中文摘要:基于2007—2022年沪深A股上市公司数据，考察耐心资本对企业数字技术创新的影响、作用机理及异质性影响。结果表明：耐心资本通过缓解融资约束和抑制企业金融化两个渠道，为企业数字技术创新提供有力支撑。异质性分析显示，耐心资本的促进作用在治理结构更具长期导向的家族企业、要素市场更完善的东部地区企业，以及资源需求更为迫切的成长期企业中更为突出。鉴于此，建议完善耐心资本引导机制、创新金融服务、放松金融监管枷锁和因地因企精准施策。

中文关键词:耐心资本数字技术创新融资约束企业金融化家族企业企业生命周期

Beyond Short-Termism: Patient Capital Empowers Digital Technology Innovation in Enterprises

Abstract:Using data from A-share listed companies in Shanghai and Shenzhen between 2007 and 2022, this paper examines the impact, mechanism and heterogeneity of patient capital on digital technology innovation. The results show that patient capital provides strong support for enterprise digital technology innovation by alleviating financing constraints and inhibiting enterprise financialization. Heterogeneity analysis shows that the promotion effect of patient capital is more prominent in family enterprises with more long-term governance structure, enterprises in the eastern region with better factor market, and growing enterprises with more urgent demand for resources. In view of this, it is suggested to improve the patient capital guidance mechanism, innovate financial services, relax the shackles of financial supervision, and implement precise policies according to local conditions and enterprises.

keywords:patient capital digital technology innovation financing constraints corporate financialization family business enterprise life cycle

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