耐心资本、数字经济与创新效率——基于制造业A股上市公司的经验证据

在创新活动与融资活动联系日益紧密的背景下,资本的特征与属性成为构建“科技-产业-金融”高水平循环的重要因素。理论层面,将具有长期导向和治理作用的股权与债权置于“耐心资本”框架下,分析其对制造业企业创新效率的影响效应与内在机制,提出“耐心”是长期的合作关系与监督治理作用,而“效率”是对创新资源的有效利用,两者能够兼容,即长期导向能够促进效率提升。实证层面,基于制造业A股上市公司2011—2022年数据进行实证检验结果表明:首先,耐心资本有效促进了制造业企业创新效率的提升,其中关系型债权的促进作用更为明显,并且相较于建构创新,耐心资本更能促进高价值、高风险的模块创新。其次,耐心资本能够缓解信息不对称、缓解委托代理冲突,进而促进制造业企业提升创新效率。再次,数字经济在耐心资本促进制造业企业创新效率提升的过程中具有正向的调节作用,其中城市数字经济水平的提高显著增强了关系型债权的促进作用,而企业数字化转型程度的提升更能增强战略型股权的促进作用。最后,耐心资本更能促进市场势力较弱、处于成长期和成熟期的制造业企业提升创新效率。基于研究结论,政策建议如下:积极培育耐心资本,充分发挥耐心资本在降低信息摩擦、优化公司治理方面的优势；全面发展数字经济,为耐心资本参与制造业企业创新治理提供有利的条件和有效的工具；引导不同类型的耐心资本与处在不同发展阶段、面临不同市场结构的制造业企业有效匹配。

Patient Capital, Digital Economy and Innovation Efficiency: Empirical Evidence Based on A-Share Listed Companies in Manufacturing Industry

Under the background of the increasingly close connection between innovation activities and financing activities, the characteristics and attributes of capital have become an important factor in building a high-level cycle of “technology, industry and finance”. From a theoretical perspective, this article analyzes the impact and internal mechanisms of equity and debt, which have long-term guidance and governance roles, on the innovation efficiency of manufacturing enterprises under the framework of “patient capital”. It proposes that “patience” refers to long-term cooperation relationships and supervisory governance roles, while “efficiency” represents the effective utilization of innovation resources. The two are compatible, which means that long-term orientation can promote efficiency improvement. At the empirical level, based on data from A-share listed manufacturing companies from 2011 to 2022, the research findings are as follows. Firstly, patient capital effectively promotes the enhancement of innovation efficiency in manufacturing enterprises, with relational debt exhibiting a more pronounced promotional effect. In comparison to constructive innovation, patient capital is more conducive to promoting high-value and high-risk modular innovation. Secondly, patient capital can alleviate information asymmetry and mitigate principal-agent conflicts, thereby further enhancing the innovation efficiency of manufacturing enterprises. Thirdly, the digital economy plays a positive role in facilitating the improvement of innovation efficiency in manufacturing enterprises through patient capital. Specifically, the improvement of urban digital economy significantly enhances the promotional effect of relational debt, while the enhancement of corporate digital transformation is more conducive to strengthening the promotional effect of strategic equity. Finally, patient capital is more effective in promoting the improvement of innovation efficiency in manufacturing enterprises with weaker market power, as well as those in the growth and maturity stages. Based on the research findings, the policy recommendations are as follows. We should actively cultivate patient capital and fully leverage its advantages in reducing information friction and optimizing corporate governance, comprehensively develop the digital economy to provide favorable conditions and effective tools for patient capital to participate in the innovation governance of manufacturing enterprises, and guide the effective matching of different types of patient capital with manufacturing enterprises at different stages of development and facing different market structures.