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Science and Technology Management and Innovation Management

A Study on the Impact of Patient Capital on Enterprise Collabora⁃ tive Innovation —An Analysis Based on Moderating and Threshold Effects 

Zhao Yubo1, 2 , Xie Yichen3 , Xu Jiajia4 , Mu Yixin4 

(1.School of Business and Administration, Henan University of Economics and Law, Zhengzhou 450046, China; 2.Research Center for Technological Innovation-Driven Industrial Development, Henan University of Econom⁃ ics and Law, Zhengzhou 450046, China; 3.School of Accounting, Henan University of Economics and Law, Zhengzhou 450046, China; 4.International Business School, Henan University of Economics and Law, Zhengzhou 450046, China)

Abstract: The core principle of patient capital lies in promoting long-term investment and  emphasizing steady returns, and it has gradually become a new engine driving enterprise collab⁃ orative innovation. Based on a sample of A-share listed companies from 2008 to 2023, this pa⁃ per employs a fixed-effects model to construct an indicator system for enterprise collaborative in⁃ novation, focusing on the dimensions of integration and openness. It measures patient capital us⁃ ing the shareholding ratio of long-term institutional investors and empirically examines the im⁃ pact of patient capital on enterprise collaborative innovation, as well as its underlying mecha⁃ nisms. Research has found that: ①Patient capital can significantly enhance a company's level of  collaborative innovation; ②Mechanism analysis indicates that patient capital can empower enter⁃ prise collaborative innovation by alleviating financing constraints, enhancing competitive advan⁃ tages, and improving information transparency; ③ An analysis of moderation effects indicates  that media attention negatively moderates the promotional effect of patient capital on enterprise  collaborative innovation; ④An analysis of the threshold effect indicates that the promotional ef⁃ fect of patient capital on enterprise collaborative innovation exhibits distinct nonlinear character⁃ istics; as environmental uncertainty increases, the driving role of patient capital in enterprise col⁃ laborative innovation gradually strengthens; ⑤Heterogeneity analysis indicates that patient capi⁃ tal has a stronger incentive effect on enterprise collaborative innovation for state-owned enter⁃ prises, firms operating in industries with low levels of competition, and firms located in the east⁃ ern region. Based on these findings, this paper offers targeted policy recommendations in four ar⁃ eas. First, we must improve the mechanisms for protecting the interests of long-term institutional  investors. By introducing innovative preferential policies and developing promising projects, we  can attract more patient capital investors and integrate them into enterprise collaborative innova⁃ tion strategic plans. Second, we must fully leverage the benefits of media attention to attract more  partners through positive media coverage and expand the breadth and depth of the company's  collaborative innovation efforts. Finally, we must provide targeted support, increase patient capi⁃ tal support for enterprises in eastern regions and those in industries with low levels of competi⁃ tion, and—based on the unique innovation characteristics of different regions—help enterprises  with diverse characteristics connect with innovation partners to promote the coordinated develop⁃ ment of all regions and enterprises. 

Key words: patient capital; enterprise collaborative innovation; financing constraints; com⁃ petitive advantage; information transparency; media attention; technology transfer; threshold ef⁃ fect