文献类型：期刊文献

中文题名：被动型耐心资本的创新激励效应研究——基于ETF持股的发现

英文题名：Innovation Incentive Effect of Passive Patient Capital-Evidence from ETF Holdings

作者：于雪航[1];方军雄[2]

机构：[1]华东理工大学商学院,上海200237;[2]浙江财经大学会计学院,杭州310018

年份：2025

卷号：37

期号：4

起止页码：96

中文期刊名：研究与发展管理

外文期刊名：R&D Management

收录：;北大核心:【北大核心2023】；

基金：上海市哲学社会科学规划课题“被动型‘耐心资本’的治理效应:基于交易型开放式指数基金(ETF)的研究”(2024EJB002);国家自然科学基金项目“独立第三方平台线上销售数据的治理效应研究”(72272132);中央高校基本科研业务费专项资金(JKN02242204)。

语种：中文

中文关键词：交易型开放式指数基金(ETF);耐心资本;企业创新

外文关键词：exchange-traded fund(ETF);patient capital;firms’innovation

摘要：在全球经济转型与资本市场短期化矛盾凸显的背景下,耐心资本作为破解创新领域“期限错配”的关键制度安排,成为国家战略实施的核心支撑,对其作用效果的讨论引起理论界和实务界的空前关注。聚焦于近年迅速发展的被动型耐心资本——交易型开放式指数基金(ETF)的创新激励效应,研究发现ETF持股显著提升了企业的创新投入,机制检验显示ETF持股通过缓解融资和人力资源约束、提升企业治理水平促进企业创新,异质性分析表明ETF的创新激励效应主要集中于指数型ETF,以及创新需求度高、创新资源受限、外部监督不充分的公司样本。进一步研究发现绿色主题ETF持股显著促进了企业绿色创新。研究结论表明具有独特的交易模式和风格的ETF能够作为引导上市公司投资方向的重要金融工具,助力实体经济高质量发展,从而为中国资本市场培育和壮大耐心资本、大力发展ETF的改革提供了重要的理论支撑和经验证据。
In the context of global economic transformation and the growing contradiction of short-termism in capital markets,patient capital has emerged as a critical institutional arrangement to address the“maturity mismatch”in innovation-driven sectors,serving as a cornerstone of national strategic implementation.The discussion regarding its efficacy has garnered unprecedented attention from both the theoretical and practical spheres.Focusing on the the innovation incentive effect of Exchange-Traded Funds(ETFs),a rapidly expanding form of passive patient capital,it reveals that ETF holdings significantly increase firms’innovation investments.Mechanism tests demonstrate that ETF holdings promote innovation by alleviating financial and human resource constraints and improving corporate governance.The heterogeneity analysis shows that the innovation incentives of ETF holdings are primarily concentrated in index-based ETFs and in firms with high innovation demand,limited innovation resources,and inadequate external oversight.Further investigation finds that green-themed ETF holdings significantly boost firms’green innovation.Collectively,these findings highlight that ETFs’unique transactional structures and investment styles make them vital financial tools for guiding listed firms’investment directions,thereby fostering high-quality real-economy development.It provides essential theoretical support and empirical evidence for China’s capital market reforms aimed at cultivating patient capital and promoting ETF development.