文献类型：期刊文献

中文题名：耐心资本与企业创新质量:基于中国微观专利大数据的经验证据

英文题名：Patience Capital and Enterprise Innovation Quality:Evidence from Chinese Micro Patent Big Data

作者：姚磊[1];吴冰[2];张志杰[3];向伟林[2]

机构：[1]华东理工大学中国式现代化研究院,200237;[2]华东理工大学商学院,200237;[3]复旦大学经济学院,200433

年份：2025

期号：4

起止页码：103

中文期刊名：上海经济研究

外文期刊名：Shanghai Journal of Economics

收录：;北大核心:【北大核心2023】；

基金：中央高校基本科研业务费专项资金资助,为国家社科基金一般项目“国际化解耦对企业母国竞争优势的影响研究”(项目编号:24JYB04723)阶段性成果之一。

语种：中文

中文关键词：耐心资本;专利质量;风险承担;创新质量;研发强度

外文关键词：Patience Capital;Patent Quality;Risk-taking;Innovation Quality;R&.D Intensity

摘要：高水平自主创新是实现中国式现代化的关键因素,如何提高企业创新质量成为社会公众关注的焦点。耐心资本则倡导长期投资理念,与创新活动的特征相契合,将成为促进企业创新质量提升的重要引擎。鉴于此,本文选取2010-2023年中国A股上市公司数据与微观专利大数据考察了耐心资本对企业创新质量的影响。本文研究发现,耐心资本可以显著提高企业创新质量,且这一促进效果在考虑各种稳健性检验后依然存在。机制分析结果表明,耐心资本会通过增加研发投入与提高风险承担水平两条路径提升企业创新质量。异质性分析结果表明,耐心资本对企业创新质量的提升作用在发明专利、高股票流通率企业以及内部治理机制薄弱企业中更加显著。本文的研究结论为培育与壮大耐心资本以及实现我国高水平科技自立自强提供了有益参考。
High-level independent innovation is a key factor in realizing Chinese-style modernization,and how to improve the quality of enterprise innovation has become a focal point of public concern.Patience capital advocates a long-term investment philosophy,which is consistent with the characteristics of innovation activities,and will become an important engine to promote the quality of enterprise innovation.In view of this,this paper uses the data of Chinese A-share listed companies from 2010 to 2023 and micro patent big data to examine the impact of patience capital on the quality of enterprise innovation.The research findings of this paper show that patience capital can significantly improve the patent quality,and this promoting effect still exists after considering various robustness tests.The results of mechanism analysis indicate that patience capital will enhance the quality of enterprise innovation through two paths:increasing R&D intensity and strengthening risk-taking level.The results of heterogeneity analysis show that the promoting effect of patience capital on the quality of enterprise innovation is more significant in invention patents,enterprises with high stock circulation rates,and enterprises with weak internal governance.The research conclusions of this paper provide useful references for cultivating and strengthening patience capital and achieving high-level self-reliance and self-improvement in science and technology in our country.