制造强国战略下企业价值链升级的长期资本培育——基于耐心资本视角

[57] Vial G. Understanding digital transformation: A review and a research agenda[J]. Journal of Strategic Information Systems, 2019,28(2):118-144.

摘要:

引导资本要素向企业长期价值创造领域集聚,是着力推动产业链供应链优化升级与加快建设制造强国的关键支撑。本文基于2008-2024年A股制造业企业数据,实证考察了耐心资本对制造业企业价值链升级的相关影响。研究发现,耐心资本能够显著促进制造业企业价值链升级,并通过抑制企业金融化、缓解融资约束以及提升创新投入水平实现机制赋能,同时,充裕的可调用资源可以强化耐心资本对制造业企业价值链升级的正向影响。异质性分析发现,耐心资本对制造业企业价值链升级的促进作用在非省会、低市场化水平城市,以及高数字化转型、低管理层激励的企业中更为显著。进一步分析发现,耐心资本能够通过促进制造业企业价值链升级推动制造业企业市场地位的提升。本文为优化耐心资本配置、推动制造业企业向价值链高附加值环节攀升提供了重要启示。

Abstract:

Guiding capital resources toward areas of long-term value creation within enterprises is a key pillar for driving the optimization and upgrading of industrial and supply chains and accelerating the development of a manufacturing powerhouse. Based on data from A-share listed manufacturing enterprises from 2008 to 2024, this paper empirically examines the impact of patient capital on the value chain upgrading of manufacturing enterprises. The study finds that patient capital significantly promotes value chain upgrading in manufacturing enterprises and enables this process by curbing financialization, alleviating financing constraints, and increasing innovation investment. Additionally, ample available resources can reinforce the positive impact of patient capital on value chain upgrading. Heterogeneity analysis reveals that the promotional effect of patient capital on value chain upgrading is more pronounced in non-provincial capital cities and cities with low levels of marketization, as well as in firms with high levels of digital transformation and low management incentives. Further analysis indicates that patient capital can enhance the market position of manufacturing firms by facilitating value chain upgrading. This study offers important insights for optimizing the allocation of patient capital and promoting the ascent of manufacturing firms toward high-value-added segments of the value chain.