Research on the Impact of Patient Capital on New Quality Productivity of Manufacturing Enterprises——A Moderation Effect Based on the Business Environment
New quality productivity takes technological innovation as its core element and has distinct charac-teristics of high technology,high efficiency,and high quality.However,original and disruptive technological inno-vation activities face many uncertainties and require a long innovation cycle.Patient capital can withstand long-term investment risks and support the continuous development of technological innovation activities,which is cru-cial for promoting the formation and development of new quality productivity.Taking the manufacturing enterpris-es listed on the Shanghai and Shenzhen A-shares from 2011 to 2022 as the research object,based on the perspec-tive of the business environment,this study empirically tests the impact of patient capital on the new quality pro-ductivity of manufacturing enterprises.Research finds that patient capital can significantly improve the new quali-ty productivity of manufacturing enterprises,and optimizing the business environment can positively regulate the effect of patient capital on improving the new quality productivity of manufacturing enterprises.At the mechanism level,patient capital mainly enhances the new quality productivity of manufacturing enterprises by alleviating fi-nancing constraints and improving innovation levels.Heterogeneity results indicate that the effect of patient capi-tal on improving the new quality productivity of manufacturing enterprises is more pronounced in enterprises in the eastern region,those with higher internal control quality,and those with lower levels of information asymmetry.Therefore,it is necessary to strengthen patient capital by optimizing policy environment,guiding capital flow,and improving market risk management mechanisms,continuously optimizing market environment,legal environment,and foreign investment environment,and further promoting the formation and development of new quality produc-tivity in manufacturing enterprises.
patient capitallong-term investmentscience and technology financenew quality productivitymanufacturingfinancing constraintsscience and technology innovationbusiness environment
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