Patient capital and supply chain resilience in manufacturing enterprises: An analysis from the perspectives of funding, governance, and innovation
研究2011-2023年中国A股上市制造企业，发现耐心资本通过缓解融资约束、提升ESG表现和促进技术创新来增强供应链韧性，对非国企、中小企业、高技企业等效果更显著。
Against the backdrop of rising uncertainties such as de-globalization, trade frictions, and geopolitical tensions, enhancing supply chain resilience has become a key strategic imperative for China's transformation from a “manufacturing giant” to a “manufacturing power.” This paper investigates the impact and underlying mechanisms of patient capital on the supply chain resilience of Chinese A-share listed manufacturing firms from 2011 to 2023. The findings show that Patient capital has a positive effect on the supply chain resilience of manufacturing enterprises, and this conclusion remains robust after addressing endogeneity concerns and conducting multiple robustness checks. Mechanism analyses reveal that patient capital strengthens resilience by alleviating financing constraints, enhancing ESG performance, and promoting technological innovation—thus contributing from the perspectives of funding, governance, and innovation. Heterogeneity analyses indicate that the positive effect of patient capital on supply chain resilience is more pronounced under the following conditions: (1) Internal factors—non-state-owned enterprises (non-SOEs), small and medium-sized enterprises (SMEs), and high-tech enterprises; (2) External factors—firms located in eastern regions, with higher marketization levels and stronger intellectual property protection;(3) Supply chain factors—firms with diversified supplier structures, stable customer relationships, higher supply chain transparency, and better supply chain operating environments. Further analysis indicates that the digital economy and trade friction risks enhance the positive effect of patient capital on supply chain resilience. Additionally, patient capital creates sustainable long-term financial value for companies.