关键词: 耐心资本, 持续性创新低迷, 企业创新, 企业战略稳定性

Abstract: Unlike traditional capital, which is primarily driven by short-term profit maximization, patient capital is characterized by a long-term orientation, high risk tolerance, and strong strategic stability, making it particularly important for mitigating innovation uncertainty and supporting long-term innovative activities. Using a panel of Chinese A-share listed firms over the period 2012-2023, this paper examines the impact of patient capital on continuous innovation slump. The results show that patient capital significantly reduces both the likelihood of continuous innovation slump and the duration of consecutive periods of innovation stagnation. Heterogeneity analysis indicates that this effect is more pronounced for firms in the growth stage, firms operating in highly competitive industries, and firms located in regions with more favorable business environments. Further analysis suggests that patient capital mitigates continuous innovation slump by enhancing firms’ strategic stability and strengthening corporate reputation. These findings highlight the importance of fostering the development of patient capital, broadening long-term funding sources, promoting differentiated capital allocation across firms, industries, and regions, and improving corporate governance and property rights protection to help firms overcome continuous innovation slump.

Key words: patient capital, continuous innovation slump, corporate innovation, strategic stability