This paper constructs an endogenous economic growth model incorporating innovation efficiency and uncertainty perception,measuring patient capital from these dimensions:mainly focusing on long-term orientation,strong risk tolerance,and strategic and relational attributes.Using the data of A-share listed companies from 2009 to 2022,we examine the impact of patient capital on enterprises'total factor productivity(TFP).The paper finds that patient capital can enhance TFP and this process follows the law of diminishing marginal returns.This conclusion remains robust after a series of robustness checks and discussions on endogeneity.The heterogeneity analysis reveals that the positive impact of patient capital on TFP is more pronounced in state-owned enterprises and industries with lower levels of financialization.Further analysis reveals that patient capital enhances TFP by improving innovation efficiency and suppressing enterprises'uncertainty perception.Disruptive innovation strengthens the role of patient capital in enhancing TFP,while risk-taking level serves as a constraint on the development of patient capital.
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