Patient Capital and Value Creation in Corporate Long-term Technology Investment.
DOI:
https://doi.org/10.6981/FEM.202610_7(10).0011Keywords:
Patient Capital; Long-term Technology Investment; Value Creation; Financing Constraints; New Quality Productive Forces.Abstract
Against the backdrop of intensifying global technological competition and China’s accelerating economic transformation, enterprises face deep contradictions in long-term technology investment among financing constraints, short-term performance pressure, and high innovation risks. In recent years, the Central Economic Work Conference has continuously deployed "innovating scientific and technological financial services" and explicitly proposed to cultivate and expand patient capital, providing an institutional direction for resolving this contradiction. However, existing research lacks systematic theoretical interpretation and empirical testing on whether and through what mechanisms patient capital drives enterprises' long-term technology investment and ultimately translates into value creation. Taking Chinese A-share listed companies from 2018 to 2025 as the research sample, this paper constructs a theoretical analysis framework of "patient capital-long-term technology investment-value creation", and empirically examines the driving effect of patient capital on enterprises' long-term technology investment and its value transformation path using the two-way fixed effects model and mediation effect test method. The study finds that patient capital significantly promotes enterprises' long-term technology investment through three paths: alleviating financing constraints, strengthening management long-term incentives, and improving human capital levels, and this effect is more pronounced in regions with better market competition environments and higher levels of digital economy development. Furthermore, long-term technology investment has a positive impact on enterprises' total factor productivity, patent output and market value, with an effect release cycle of 2-3 years. Based on these findings, this paper puts forward policy recommendations such as improving the patient capital cultivation mechanism and optimizing the long-term investment assessment system.
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