关键词: 机构投资者, 竞争优势, 投资者行为, 信息网络

Abstract: In an information asymmetric environment, patient capital is crucial to reinforce a firm’s information advantage in its supplier network. On the basis of theoretical analysis by using the game theory, this paper takes China’s listed companies in non-financial industries from 2007 to 2023 as samples to study the impact of patient capital on the network information advantages of corporate suppliers. The findings show that patient capital can improve the information advantage of a company on its supplier network. The mechanism analysis shows that patient capital can reduce the uncertainty of corporate strategy and improve the quality of corporate internal control. Therefore, patient capital can improve the company’s information advantage in the supplier network. The heterogeneity analysis reveals that the patient capital from matching and mission-oriented institutional investors can better improve the company’s supplier network information advantage. Further research found that patient capital can enhance the company’s customer network information advantage and rectify the imbalance in information governance between upstream and downstream enterprises in the supply chain. Moreover, the information advantages of enterprises in both the upstream and downstream directions of the supply chain can help improve the company’s voice in the supply chain. To this end, it is necessary to give full play to the governance role of patient capital and guide institutional investors to help enterprises enhance the information advantages of the supply chain network.

Key words: institutional investors, competitive advantage, investor behavior, information network