耐心资本与企业供应链稳定性

Patience capital and the stability of enterprise supply chains

摘要:

基于2010—2024年沪深A股上市公司数据,探讨耐心资本对企业供应链稳定性的影响。结果表明,耐心资本对企业供应链上下游的稳定性均具有显著的提升作用。作用渠道分析表明,耐心资本能够通过缓解融资约束、降低经营风险以及优化内部治理三条路径提升企业供应链稳定性。异质性分析表明,企业所处行业的竞争水平以及自身数字技术的应用程度均会对耐心资本提升企业供应链稳定性产生差异化影响。具体而言,企业所处的行业竞争越激烈,耐心资本提升供应链下游稳定性的作用越弱；企业数字技术应用水平越高,则会强化耐心资本提升供应链上游稳定性的效能。此外,耐心资本提升企业供应链稳定性表现出深层次的经济价值,一方面耐心资本能够通过提升企业供应链稳定性,促进供应链专业化程度的提高；另一方面企业供应链稳定性亦是耐心资本提升企业全要素生产率的关键路径。鉴于此,应进一步培育和壮大耐心资本供给规模,充分释放其“稳链、强链”的优势效能,持续提升企业供应链稳定性,以此加速推进现代化产业体系建设。

Abstract:

Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2024, this paper explores the impact of patient capital on the stability of enterprise supply chains. The results show that patient capital has a significant positive effect on the stability of both the upstream and downstream of enterprise supply chains. The channel analysis indicates that patient capital can enhance the stability of enterprise supply chains through three paths: alleviating financing constraints, reducing operational risks, and optimizing internal governance. The heterogeneity analysis reveals that the competitive level of the industry in which the enterprise is located and the degree of application of digital technology by the enterprise itself will have differentiated impacts on the effect of patient capital in enhancing the stability of enterprise supply chains. Specifically, the more intense the competition in the industry where the enterprise is located, the weaker the effect of patient capital in enhancing the stability of the downstream of the supply chain; while the higher the level of application of digital technology by the enterprise, the stronger the effect of patient capital in enhancing the stability of the upstream of the supply chain. In addition, the enhancement of enterprise supply chain stability by patient capital demonstrates profound economic value. On the one hand, patient capital can promote the improvement of supply chain specialization by enhancing the stability of enterprise supply chains; on the other hand, the stability of enterprise supply chains is also a key path for patient capital to enhance the total factor productivity of enterprises. In view of this, efforts should be made to further cultivate and expand the supply scale of patient capital, fully release its advantages in "stabilizing and strengthening the chain", continuously enhance the stability of enterprise supply chains, and thereby accelerate the construction of a modern industrial system.