以耐心资本推动新质生产力发展:特征意义、现状问题与培育路径

Fostering the Development of New Quality Productive Forces With Patient Capital:Characteristics,Significance,Development Status,and Cultivation Paths

科技创新是驱动新质生产力发展的核心引擎,而耐心资本作为科技创新和产业发展不可或缺的支撑力量,其发展壮大对推动中国经济高质量发展、培育新质生产力动能具有重要意义。本文阐释了耐心资本的定义及其与传统资本的差异,并深入探讨了耐心资本对推动新质生产力发展的重要意义。当前,中国的耐心资本由国有资本、民营资本和国际资本共同构成,面临着资本市场整体呈现出短期化倾向、各类资本的长期投资意愿不足、现有的“科技—产业—金融”循环体系中存在多个堵点,以及耐心资本的退出机制仍需进一步完善等问题与挑战。围绕耐心资本的培育路径,本文提出三条针对性政策建议:加强顶层设计,强化长期导向,以政策定力激发耐心资本活力;分类精准施策,培育类型多元的耐心资本;构建多层次科技金融服务体系,精准赋能关键技术领域科技企业。

The Patient capital is a critical pillar underpinning technological innovation and industrial development,and its growth holds profound strategic significance for driving high⁃quality economic development in China and fostering new quality productive forces.However,a universally accepted definition of patient capital remains elusive within academic and industrial fields,hindering its cultivation and development in China.Moreover,despite notable progress that has been made in recent years,China still lags considerably behind developed economies like the US and the EU in fostering patient capital.This paper commences by reviewing existing literature to establish a precise definition of patient capital and delineate its distinctive characteristics in contrast to traditional capital,which prioritizes short⁃term returns.Subsequently,the paper elucidates the profound significance of fostering patient capital in propelling the development of new quality productive forces.An examination of the current landscape reveals that China has actively championed the development of patient capital in recent years,with state⁃owned,private,and international capital constituting the cornerstones of its cultivation system and yielding noteworthy achievements in specific sectors.However,the development of patient capital in China continues to encounter obstacles,including a pervasive short⁃term focus within the capital market,a reluctance among various capital types to engage in long⁃term investments,multiple impediments within the“technology⁃industry⁃finance”cycle,and an inadequate exit mechanism for patient capital.To effectively address these challenges,this paper systematically synthesizes the macro⁃level experience of developed countries,particularly the US,in cultivating patient capital,alongside the micro⁃level practices of exemplary firms such as Baillie Gifford and Capital Group,to offer valuable insights for the formulation of relevant policies.This paper puts forth targeted policy recommendations aimed at fostering the growth of patient capital.Firstly,at the government level,top⁃level design should be enhanced,with an emphasis on fostering a long⁃term perspective and invigorating patient capital through steadfast policy implementation.Secondly,at the capital level,differentiated and meticulously tailored measures should be adopted to cultivate a diverse ecosystem of patient capital.Finally,at the enterprise level,the development of a multi⁃layered,sci⁃tech⁃focused financial service system should be expedited,to precisely empower technology enterprises operating in critical technological domains.Only through the synergistic collaboration of the government,capital,and enterprises can the cultivation and expansion of patient capital be effectively realized,thereby providing a powerful impetus for achieving high⁃level scientific and technological self⁃reliance and driving the development of new quality productive forces.