联系我们

论文查询结果	返回搜索

论文编号：	16024
作者编号：	2120243802
上传时间：	2026/6/3 10:45:37
中文题目：	耐心资本、组织韧性与企业创新效率
英文题目：	Patient Capital, Organizational Resilience and Corporate Innovation Efficiency
指导老师：	程新生
中文关键字：	耐心资本；组织韧性；企业创新效率；公司治理
英文关键字：	Patient Capital;Organizational Resilience;Corporate Innovation Efficiency;Corporate Governance
中文摘要：	在我国经济迈向高质量发展和资本市场持续推进长钱长投制度建设的背景下，企业创新活动对长期、稳定资本供给的依赖不断增强。现有研究虽然已从融资约束缓解、公司治理改善等角度分析耐心资本的经济后果，但对于耐心资本如何通过企业内部组织能力影响创新效率的关注仍相对不足。基于此，本文从耐心资本视角出发，围绕“耐心资本—组织韧性—企业创新效率”构建理论分析框架，探讨耐心资本对企业创新效率的影响及其内在传导机制。 本文选取2010—2024年沪深A股上市公司为研究样本，采用熵值法测度耐心资本和组织韧性，以加权专利产出与研发投入的相对关系衡量企业创新效率，实证检验耐心资本对企业创新效率的影响，以及组织韧性的中介作用。研究发现：第一，耐心资本能够显著提升企业创新效率，说明长期导向、风险容忍度较高且关系稳定的资本有助于缓解企业短期业绩压力，提升创新投入产出转化效率；第二，组织韧性在耐心资本影响企业创新效率的过程中发挥显著中介作用，表明耐心资本能够通过增强企业适应冲击、整合资源和持续调整的能力，提升创新效率；第三，在异质性分析中，发现环境不确定性更强、知识产权保护水平更强、内部治理更有效、资本密集型企业中，耐心资本对企业创新的影响更强；第四，在进一步分析中发现，耐心资本还会影响创新行为的风险特征和创新产出结构，促进企业的颠覆性创新，与创新绩效期望落差存在倒Ｕ型关系，为理解长期资本支持企业创新活动提供了补充证据。基于以上结论，本文从监管机构、企业、投资者三个角度提出了相关建议。本文的研究一定程度上拓展了耐心资本影响企业创新的理论解释，也为培育长期资本、优化资本市场资源配置和提升企业创新质量提供了一定的经验证据与现实启示。
英文摘要：	Against the backdrop of China’s transition toward high-quality economic development and the continued institutional promotion of long-term capital investment in its capital market, corporate innovation has become increasingly dependent on stable and long-horizon capital. Although prior studies have examined the economic consequences of patient capital from the perspectives of financing-constraint alleviation and corporate governance improvement, insufficient attention has been paid to how patient capital affects innovation efficiency through firms’ internal organizational capabilities. To address this gap, this study develops an analytical framework centered on the nexus of patient capital, organizational resilience, and corporate innovation efficiency, and investigates both the effect of patient capital on innovation efficiency and the underlying transmission mechanism. Using a sample of A-share listed firms in Shanghai and Shenzhen from 2010 to 2024, this study measures patient capital and organizational resilience through the entropy-weighting method, and captures innovation efficiency by the relationship between weighted patent output and R&D input. The empirical results show that, first, patient capital significantly improves corporate innovation efficiency. This finding suggests that capital characterized by a long-term orientation, stronger risk tolerance, and stable investor-firm relationships helps alleviate short-term performance pressure and enhances the conversion efficiency of innovation inputs into outputs. Second, organizational resilience plays a significant mediating role in this relationship, indicating that patient capital improves innovation efficiency by strengthening firms’ capacity to absorb shocks, integrate resources, and adapt continuously. Third, the positive effect of patient capital is more pronounced among firms facing higher environmental uncertainty, operating in regions with stronger intellectual property protection, exhibiting more effective internal governance, and belonging to capital-intensive industries. Fourth, in the further analysis, this study finds that patient capital also affects the risk characteristics of firms’ innovation behavior and the structure of innovation outputs. Specifically, patient capital is associated with greater disruptive innovation and exhibits an inverted U-shaped relationship with the innovation performance aspiration gap, providing supplementary evidence for understanding how long-term capital supports corporate innovation activities. Based on these findings, this study proposes policy and managerial implications for regulators, firms, and investors. More broadly, it extends the theoretical understanding of how patient capital influences corporate innovation and provides empirical evidence for cultivating long-term capital, improving capital-market resource allocation, and enhancing the quality of corporate innovation.
查看全文：	预览  下载(下载需要进行登录)