Can Patient Capital Ownership Strengthen Corporate Digital Technology Risk Governance Capabilities?

Abstract

Abstract: Ensuring the steady and sustainable development of the digital economy requires coordinating digital economic development and security. Therefore, while fully tapping the value of digital technologies, firms should also enhance their capabilities to govern digital technology risks. Using Chinese A-share listed companies from 2008 to 2024 as the research sample, this study constructs an evaluation indicator of corporate digital technology risk governance capabilities by applying large language model-enabled textual analysis, and empirically examines the impact of patient capital ownership on corporate digital technology risk governance capabilities. The results show that patient capital ownership can encourage firms to appoint executives with digital expertise and enable them to concentrate investment in key digital technologies. Consequently, patient capital ownership strengthens corporate digital technology risk governance capabilities. Further analysis of economic consequences shows that, after patient capital ownership strengthens firms' digital technology risk governance capabilities, firms' market value increases and stock price crash risk decreases. Therefore, government departments should attach importance to the impact of digital technologies on overall national security, and regard optimizing the capital market policy system and cultivating and expanding patient capital as important levers for promoting the healthy development of the digital economy.

Key words: patient capital, digital technology risk, digital transformation, institutional investor, corporate governance

CLC Number:

F273.1

Zhang Si-han, Chen Zhi-bin, Wang Kong-wen, Zhang Chang-jiang. Can Patient Capital Ownership Strengthen Corporate Digital Technology Risk Governance Capabilities?[J]. Contemporary Finance & Economics, 2026, 0(8): 81-97.

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