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Science and Technology Management and Innovation Managemen

Patient Capital, Intelligent Development, and Key Core Techno⁃ logical Innovation of Manufacturing Enterprises 

Guo Jinhua1, 2 , Guo Zidong1 , Liu Weiwei1

(1.School of Business Administration, Shanxi University of Finance and Economics, Taiyuan 030006, China; 2.School of Economics, Central University of Finance and Economics, Beijing 100098, China)

Abstract: Mastering key core technologies is an inevitable requirement for achieving highlevel self-reliance and self-strengthening in science and technology. Patient capital possesses  characteristics such as long-term strategic orientation and high risk tolerance. It aligns with the  research and development patterns of key core technologies, which are characterized by "long  cycle, high investment, and high risk". It holds significant practical significance for promoting  the innovation of key core technologies in the manufacturing industry. This paper, based on a  sample of manufacturing listed companies in Shanghai and Shenzhen A-shares from 2010 to  2023, uses a fixed effects model and a mediation effect model to explore the influence and  mechanism of patient capital and intelligent development on the key core technological innova⁃ tion of manufacturing enterprises. The research has found that: ①Patient capital has a signifi⁃ cant promoting effect on the key core technological innovations of manufacturing enterprises. Heterogeneity analysis shows that this promoting effect is more pronounced in enterprises with  high policy stability, high R&D intensity, and low government R&D support. ②Patient capital  can promote the key core technological innovation of manufacturing enterprises by enhancing  collaborative innovation capabilities, alleviating financing constraints, improving risk-bearing mechanisms, and optimizing the structure of human capital. ③The application of enterprise in⁃ telligent manufacturing and intelligent technologies has a significant positive regulatory effect on  the process of enabling key core technological innovation in manufacturing enterprises through  patient capital. Based on the research findings, in order to fully leverage the enabling role of pa⁃ tient capital in driving the key core technological innovations of manufacturing enterprises, this  paper puts forward the following countermeasures and suggestions: Firstly, enterprises should ac⁃ tively introduce and cultivate long-term patient capital, and strengthen the internal driving force  for technological innovation within the enterprises. Secondly, enterprises should enhance the re⁃ source network brought about by patient capital, strengthen collaborative innovation with univer⁃ sities, research institutions, and upstream and downstream enterprises, and establish an innova⁃ tion assessment mechanism that aligns with long-term value. Thirdly, enterprises should lever⁃ age patient capital support to increase the recruitment and incentives for high-end R&D talents, technical experts, and leading figures, thereby forming a stable and professional innovation hu⁃ man capital, which will facilitate the continuous breakthrough of key core technologies. Fourthly, enterprises should vigorously promote the intelligent transformation of manufacturing enter⁃ prises, and drive key core technological innovation through the dual forces of "patient capital"  and "intelligent empowerment". This study has constructed a long-term capital empowerment  theoretical framework that is tailored to key core technological innovations, thereby enriching the  existing research on the economic consequences of key core technological innovations enabled  by patient capital. Additionally, this paper provides policy references for manufacturing enter⁃ prises to attract patient capital and for the government to formulate relevant policies. 

Key words: patient capital; key core technological innovation; manufacturing enterprises; in⁃ telligent development; collaborative innovation; financing constraints; risk-bearing; human capital