Abstract:
How to drive enterprises to consistently engage in innovative activities in the context of complex and ever-changing internal and external environments is an important research topic. The paper takes innovation resilience, which is defined as the ability of enterprises to defuse crises, return to the original state, and even surpass the past after their innovation activities are affected by external shocks, as the entry point. Using data of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges, the paper empirically examines the impact of patient capital, represented by relational debt and stable equity, on enterprises' sustainable innovation capability and the mechanism behind it. The findings show that patient capital can significantly improve enterprises' innovation resilience. The mechanisms are as follows. (1) Patient capital provides enterprises with sufficient and stable cash flow, alleviates financing constraints, and improves enterprises' survival ability under external shocks. (2) Patient capital alleviates principal–agent conflicts, prompts management to attach importance to research, development, and innovation, which improves enterprises' innovation recovery ability. (3) Patient capital shares risks with enterprises and builds resource networks in talent, information, and markets for enterprises, which improves enterprises' capability for technological breakthroughs. Further analysis shows that for enterprises receiving fewer government subsidies, engaging less in industry–university–research cooperation, and with weaker managerial equity incentives, patient capital can better perform the function of resource supplementation and strengthen monitoring and incentives, thereby more significantly improving enterprises' innovation resilience. By strengthening enterprises' innovation resilience, patient capital can help enterprises improve operating performance and market value, which provides a theoretical basis for patient capital to enter enterprises. The paper enriches the theory related to financial capital and innovation investment. In addition, the paper provides empirical evidence for developing patient capital and continuously strengthening enterprises' innovation momentum.
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