| 耐心资本如何重塑半导体产业链韧性？——复杂适应系统视角下的组态分析 |
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| 引用本文：潘为华1，侯雪玲1，潘红玉2.耐心资本如何重塑半导体产业链韧性？——复杂适应系统视角下的组态分析[J].财经理论与实践,2026,(2):27-34 |
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| 中文摘要:基于复杂适应系统（CAS）理论，运用模糊集定性比较分析（fsQCA）方法，以2010—2023年中国半导体产业链为研究对象，探究耐心资本重塑产业链韧性的组态路径。研究发现，半导体产业链韧性的形成是“主体适应—环境选择—组态涌现”的动态过程，表现为结构韧性、功能韧性、生态韧性三个维度。政府引导基金和市场主导基金构成半导体产业链强韧性的相对必要条件，但必须通过耐心资本强度、资本存续、治理参与、风险分担等异质属性与环境变量交互，形成政策锚定型、生态共生型与风险缓冲型三条强韧性组态路径。鉴于此，应建立耐心资本的分层支持机制，实施产业链韧性分类管理策略，深化数字技术与资本协同的制度设计，构建产业链安全应急响应体系。 |
| 中文关键词:耐心资本 产业链韧性 复杂适应系统 资本属性 组态分析 |
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| How Does Patient Capital Reshape Supply Chain Resilience? —A Configuration Analysis from the Perspective of Complex Adaptive Systems |
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| Abstract:Based on the theory of complex adaptive systems (CAS), this study employs fuzzy-set qualitative comparative analysis (fsQCA) to investigate the configurational pathways through which patient capital reshapes the resilience of China’s semiconductor industry chain from 2010 to 2023. The findings reveal that semiconductor industry chain resilience constitutes a dynamic process of “agent adaptation-environmental selection-configurational emergence”, manifesting across three dimensions: structural resilience, functional resilience, and ecological resilience. Government-guided funds and market-led funds are identified as relatively necessary conditions for strong resilience. However, its efficacy is contingent upon the interplay of its heterogeneous attributes-including capital intensity, duration, governance participation, and risk-sharing-with key contextual factors. This interplay crystallizes into three distinct, high-efficacy configurational pathways for enhancing resilience: the policy-anchored, ecology-symbiotic, and risk-buffering types. In light of these findings, this study proposes establishing a tiered support mechanism for patient capital, implementing differentiated resilience management strategies for industrial chains, deepening institutional designs that integrate digital technology with capital, and constructing an emergency response system for industrial chain security. |
| keywords:patient capital supply chain resilience complex adaptive systems capital attribute configuration analysis |
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