耐心资本赋能供应链韧性了吗？——兼论有效市场与数字经济的调节效应

财经论丛 ›› 2026, Vol. 42 ›› Issue (7): 65-75.

耐心资本赋能供应链韧性了吗？——兼论有效市场与数字经济的调节效应

余怒涛¹, 成杭¹, 阮萍¹, 王蓬²

1.云南财经大学会计学院,云南昆明 650221;
2.云南财经大学金融学院,云南昆明 650221

收稿日期:2025-09-03 出版日期:2026-07-10 发布日期:2026-07-09
通讯作者: 王蓬(1993—),男,重庆市人,云南财经大学金融学院讲师。
作者简介:余怒涛(1975—),男,新疆昭苏人,云南财经大学会计学院教授;成杭(1996—),女,四川巴中人,云南财经大学会计学院博士生;阮萍(1965—),女,四川南充人,云南财经大学会计学院教授。
基金资助:
国家自然科学基金项目(72262034;72572147);云南财经大学科学研究基金项目(2024H17)

Can Patient Capital Empower Supply-Chain Resilience: The Moderating Effects of Efficient Market and Digital Economy

YU Nutao¹, CHENG Hang¹, RUAN Ping¹, WANG Peng²

1. School of Accounting, Yunnan University of Finance and Economics, Kunming 650221, China;
2. School of Finance, Yunnan University of Finance and Economics, Kunming 650221, China

Received:2025-09-03 Online:2026-07-10 Published:2026-07-09

摘要/Abstract

摘要： 深入探究耐心资本在提升供应链韧性中的有效性及其作用机制,对于增强供应链韧性和保障产业链稳定运行具有重要现实意义。文章以2010—2023年A股上市公司为样本,考察了耐心资本对供应链韧性的作用路径及影响效果。实证结果表明,耐心资本能够显著增强供应链韧性,该结论在通过多重稳健性检验后依然可靠。机制分析显示,耐心资本主要通过抑制供应链中断风险与减少供需协调成本两条渠道,促进了供应链韧性提升。耐心资本对供应链韧性的正向效应在产业链上游、供应链集中度较高以及所在地区金融发展水平较低的企业中尤为突出。进一步分析表明,有效市场、数字经济均有助于加强耐心资本对供应链韧性的积极影响。文章揭示了耐心资本提升供应链韧性的作用机制及其经济影响,为引导耐心资本有效配置、增强供应链抗风险能力提供了政策参考。

关键词: 耐心资本, 供应链韧性, 有效市场, 数字经济

Abstract: An in-depth investigation into the effectiveness and mechanisms of patient capital in enhancing supply-chain resilience is of great practical significance for strengthening the resilience of supply chains and ensuring the stable operation of industrial chains. Using A-share listed companies from 2010 to 2023 as samples, this paper examines the pathways through which patient capital affects supply-chain resilience and further verifies the impact. Empirical results show that patient capital significantly strengthens supply-chain resilience, and this conclusion remains robust after a battery of sensitivity tests. Mechanism analysis reveals that the effect operates mainly through two channels: mitigating the risk of supply-chain disruptions and lowering coordination costs between supply and demand. Heterogeneity tests indicate that the positive impact is especially pronounced for firms positioned upstream in the industrial chain, for those with highly-concentrated supply chains, and for those located in regions with less-developed financial markets. Further analysis finds that efficient markets and the digital economy amplify the positive influence of patient capital on supply-chain resilience. The study unveils the internal mechanisms by which patient capital bolsters supply-chain resilience, offering policy guidance for directing patient capital toward effective allocation and for promoting the risk resistance and sustainable development of supply chains.

Key words: Patient Capital, Supply-Chain Resilience, Efficient Market, Digital Economy

中图分类号:

F832.0

余怒涛, 成杭, 阮萍, 王蓬. 耐心资本赋能供应链韧性了吗？——兼论有效市场与数字经济的调节效应[J]. 财经论丛, 2026, 42(7): 65-75.

YU Nutao, CHENG Hang, RUAN Ping, WANG Peng. Can Patient Capital Empower Supply-Chain Resilience: The Moderating Effects of Efficient Market and Digital Economy[J]. Collected Essays on Finance and Economics, 2026, 42(7): 65-75.

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