Patient Capital, Innovation Performance, and Their Impact on Enterprise Resilience

Based on Data from A-Share Manufacturing Listed Companies in China

Abstract

In recent years, enterprise resilience has become a critical topic in management and economic research, particularly in the context of economic fluctuations, industry shocks, and unexpected events (e.g., pandemics, financial crises). This study examines the impact of patient capital on enterprise resilience using data from Chinese A-share manufacturing listed companies from 2013 to 2023. The findings reveal that patient capital significantly enhances enterprise resilience by providing long-term, stable financial support. Mediation analysis indicates that improved innovation efficiency and alleviated financing constraints are two key pathways, each contributing over 30%. Additionally, first-tier agency costs negatively moderate the effect of patient capital, with high agency costs weakening its positive impact. Heterogeneity tests show that patient capital has a more pronounced effect on non-digital core industries and non-high-tech enterprises. These findings provide empirical support for policymakers in designing differentiated capital guidance strategies, for enterprises in optimizing governance structures, and for investors in making long-term value-oriented decisions, thereby expanding the financial economics perspective on enterprise resilience research.