Study on the Influence of Patient Capital on Stock Price Fluctuation
DOI:
https://doi.org/10.54097/rb9ep321Keywords:
Patient capital, stock price volatility, relational debt, stable equity, ESG performance.Abstract
Based on the data of Chinese A-share listed companies from 2010 to 2023, this paper studies the impact of patient capital on the stock price volatility of enterprises. Through empirical analysis, it is found that patient capital can significantly reduce the stock price volatility of enterprises. This conclusion still exists after a series of robustness tests. Mechanism test showed that patient capital can ease maturity mismatch of enterprises, improve enterprise ESG performance to significantly reduce stock price volatility. Heterogeneity analysis shows that patient capital has a more significant easing effect on stock price volatility in non-state-owned enterprises and enterprises with high analyst attention. This study provides an important basis for the government, enterprises and investors to understand patient capital, and provides important reference and enlightenment for all market parties. Future research should further deepen the mechanism and expand the scope of research, so as to provide strong support for promoting the stable development of China's capital market.
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