熟女自慰

作者：Yu Zhang，Li Pan*

题名：Research on the Impact of Patient Capital on Enterprise Supply Chain Resilience

期刊：《Sustainability》.2026(8)

摘要：Amid growing external uncertainty, strengthening supply chain resilience has become vital for the long-term survival and development of enterprises. Drawing on the Resource-Based View and Dynamic Capabilities Theory, this study develops a “capital–capability–resilience” research framework using panel data of China’s A-share listed firms from 2009 to 2024, and examines the influence of patient capital on corporate supply chain resilience. The results indicate that patient capital is positively correlated with enterprise supply chain resilience, and this conclusion remains stable after a series of endogeneity tests and robustness checks. Mechanism analysis demonstrates that patient capital can enhance supply chain resilience by upgrading firms’ dynamic capabilities, which specifically include absorptive capacity, innovation capacity and adaptive capacity. Heterogeneity analysis shows that the positive effect of patient capital on supply chain resilience is more significant among non-state-owned enterprises, firms facing high financing constraints, and enterprises in high-tech industries. Patient capital is identified as a distinctive strategic resource that underpins supply chain resilience; its three core attributes—long-term orientation, strong risk-bearing capacity, and strategic nature—differentiate it from traditional long-term capital forms. This study adds to the existing literature by clarifying the unique properties of patient capital and empirically verifying its function in building supply chain resilience, and further provides practicable managerial insights for cultivating patient capital and improving supply chain stability.

在外部不确定性日益增加的情况下，加强供应链韧性对企业的长期生存和发展至关重要。本研究基于资源基础观与动态能力理论，利用 2009 年至 2024 年中国 A 股上市公司面板数据，构建“资本—能力—韧性”研究框架，并考察耐心资本对企业供应链韧性的影响。结果表明，耐心资本与企业供应链韧性呈正相关，经过一系列内生性检验和稳健性检验后，这一结论依旧保持稳定。机制分析表明，耐心资本可以通过提升企业的动态能力（具体包括吸收能力、创新能力和适应能力）来增强供应链韧性。异质性分析表明，耐心资本对供应链韧性的积极影响在非国有企业、融资约束高的企业和高科技行业企业中更为显著。耐心资本被认为是支撑供应链韧性的独特战略资源；其三个核心属性—长期导向、强劲的风险承受能力和战略性质—使其区别于传统的长期资本形式。本研究通过阐明耐心资本的独特性质和实证验证其在构建供应链韧性中的作用，补充了现有文献，并进一步为培养耐心资本和提高供应链稳定性提供了实用的管理见解。

关键词：patient capital; dynamic capabilities; supply chain resilience

耐心资本；动态能力；供应链韧性