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

Long-term Capital Cultivation for Enterprise Value Chain Upgrading under the Manufacturing Power Strategy: A Perspective from Patient Capital

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。基于 2008—2024 年 A 股制造业企业数据,实证考察耐心资本对制造业企业价值链升级的影响及其作用机制。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和缓解融资约束两条独立路径,以及两者链式中介效应实现机制赋能。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,以及劳动密集型、低管理层激励的企业中更为显著,说明在外部制度环境较弱或内部治理不足的情境下,耐心资本发挥了更强的作用。 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进而推动制造业企业市场地位的提升。本文研究从资本要素配置视角揭示了耐心资本驱动制造业企业向价值链高附加值环节攀升的内在逻辑,为优化耐心资本结构、完善长期投资引导政策、助力制造强国建设提供了重要的经验证据与政策启示。

Abstract:

Guiding capital factors to gather in the field of long-term value creation of enterprises is the key support for promoting the optimization and upgrading of the industrial chain supply chain and accelerating the construction of a powerful manufacturing country. Based on the data of A share manufacturing enterprises from 2008 to 2024, the impact of patient capital on the upgrading of the value chain of manufacturing enterprises and its mechanism of action was empirically examined. The results found that patient capital can significantly promote the upgrading of the value chain of manufacturing enterprises, and realize the mechanism empowerment by suppressing the two independent paths of enterprise financialization and alleviating financing constraints and the two chain intermediary effects. At the same time, abundant callable resources can strengthen the positive impact of patient capital on the value chain upgrading of manufacturing enterprises. Sound. Heterogeneity analysis found that the role of patient capital in promoting the upgrading of the value chain of manufacturing enterprises is more prominent in non-provincial capitals, low-market cities, and enterprises with labor-intensive and low-management incentives, indicating that patient capital plays a stronger role in the context of weak external institutional environment or insufficient internal governance. Further analysis shows that patient capital can promote the improvement of the market position of manufacturing enterprises by promoting the upgrading of the value chain of manufacturing enterprises. From the perspective of capital factor allocation, this article reveals the inherent logic of patient capital-driven manufacturing enterprises to climb to high value-added links in the value chain. It provides important empirical evidence and policy inspiration for optimizing the patient capital structure, improving long-term investment guidance policies, and helping to build a powerful manufacturing country.