Effects and Mechanisms of Patient Capital on Corporate Technological Innovation

Innovation is the core driving force behind social progress, economic development, and enhanced national competitiveness. As a form of long-term capital characterized by a low emphasis on short-term profits and a high tolerance for risk, patient capital plays a crucial role in promoting technological innovation, industrial upgrading, and high-quality development. Using A-share listed companies from 2010 to 2024 as the research sample, this study empirically examines the impact of patient capital on corporate technological innovation. The results indicate that patient capital significantly promotes corporate technological innovation. Mechanism analyses indicate that patient capital promotes corporate technological innovation primarily through reputation effects, governance effects, and resource effects. Heterogeneity analyses further indicate that the impact of patient capital on corporate technological innovation is more pronounced among firms in the maturity stage, in markets with high levels of competition, and in cities with lower levels of financial development. The findings of this study hold significant theoretical and practical implications for promoting technological innovation and sustaining high-quality corporate development.