Patient Capital Empowering the Development of New Quality Productive Forces: Internal Logic and Realization Path

The Decision of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese-Style Modernization, adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China, proposes, from the perspective of improving the institutions and mechanisms for developing new quality productive forces in light of local conditions, to “encourage and regulate the development of angel investment, venture capital, and private equity investment, better leverage the role of government investment funds, and develop patient capital.” Given that patient capital is an important link in cultivating and developing new quality productive forces, and that this link is increasingly being neglected and misunderstood, we intend to explore the relationship between patient capital and new quality productive forces. We attempt to start from the theoretical connotation of patient capital, summarize its multi-dimensional nature of being oriented towards the long term, towards quality, towards innovation, and towards the real economy, and, combining the historical laws of capital and the transformation of productive forces, analyze the key role of patient capital in supporting enterprises to become bigger, stronger, better, and more enduring, as well as throughout the entire process of technological innovation breakthroughs, the transformation of scientific and technological achievements, and industrial transformation and upgrading. We seek to provide a theoretical explanation for the internal logic of cultivating new quality productive forces with patient capital.

党的二十届三中全会通过的《中共中央关于进一步全面深化改革 推进中国式现代化的决定》,从健全因地制宜发展新质生产力体制机制的角度，提出“鼓励和规范发展天使投资、风险投资、私募股权投资，更好发挥政府投资基金作用，发展耐心资本。”鉴于耐心资本是培育和发展新质生产力的重要环节，而且这一环节日益被忽视、被误解，我们拟就耐心资本与新质生产力的关系做一探讨，尝试从耐心资本的理论内涵出发，总结耐心资本向远、向质、向新、向实的多维性质，结合资本与生产力变革的历史规律，分析耐心资本在支持企业做大、做强、做优、做久以及在科技创新突破、科技成果转化和产业转型升级的全过程中的关键作用，试图为以耐心资本培育新质生产力的内在逻辑给出理论解释。

I. The Theoretical Connotation and Main Forms of Patient Capital

一、耐心资本的理论内涵与主要形态

(I) The Theoretical Connotation of Patient Capital

(一)耐心资本的理论内涵

It is generally believed that patient capital is a form of capital focused on long-term investment. It does not take the pursuit of short-term gains as its primary goal; instead, it places greater emphasis on projects or investment activities with long-term returns. It is usually not disturbed by short-term market fluctuations and is capital with a longer-term outlook on capital returns and a higher tolerance for risk. In 2016, American scholar Richard Deeg and others, based on long-term and short-term perspectives of decision-making, defined patient capital as a form of investment where enterprises do not sacrifice long-term gains for short-term financial benefits. With the support of patient capital, the management of non-financial enterprises can be insulated from the short-term pressures of financial markets and tend to make long-term decisions. In 2019, Ivashina and Lerner, in their book *Patient Capital*, pointed out from a cross-industry comparative perspective that in key industries such as electricity, transportation, and digital technology, solving long-term problems related to technological innovation, infrastructure, and national security requires the sustained follow-up of large amounts of capital, requiring institutional investors, private equity funds, and other actors to join the ranks of patient capital investment. Acumen, a non-profit impact investment fund that has long engaged in patient capital investment, defines patient capital, based on the public welfare nature of funds, as long-term risk-tolerant funds that fully utilize markets, philanthropy, and aid to invest in enterprises and organizations to solve poverty problems and focus on vulnerable groups. It is a form of capital that is both charitable and investment-oriented. Different from Western scholars who primarily analyze patient capital from a temporal perspective, domestic research often starts from the heterogeneity of capital, clarifying the nature and characteristics of patient capital through a comparison of “patient capital” and “impatient capital.” It holds that patient capital is a form of investment with a long-term orientation, targeting long-term, future returns, and centered on the development prospects of the investment project. On the basis of long-term holding and risk tolerance, patient capital demonstrates two properties: a high degree of strategic importance and a close relationship with the enterprise.

一般认为，耐心资本是一种专注于长期投资的资本形式，不以追求短期收益为首要目标，反而更重视长期回报的项目或投资活动，通常不受市场短期波动干扰，是对资本回报有较长期限展望且对风险有较高承受力的资本。2016年，美国学者Richard Deeg等基于决策的长期和短期视角，将耐心资本定义为企业针对短期财务利益做出的、不以牺牲长期收益为代价的投资形式。在耐心资本的支持下，非金融企业的管理能够免受金融市场的短期压力，倾向于做出长期决策。2019年，Ivashina和Lerner在其著作《耐心的资本》中，从行业比较的角度出发，指出在电力、交通、数字技术等重点行业，解决科技创新、基础设施和国家安全等长期问题需要大量资本的持续跟进，要求机构投资者、私募基金等角色加入耐心资本投资行列。长期从事耐心资本投资的非营利影响力投资基金Acumen基于资金的公益性质，将耐心资本定义为充分利用市场、慈善事业和援助，投资于企业和组织以解决贫困问题、关注弱势群体的长期风险容忍资金，是慈善性和投资性兼具的资本形式。与西方学者主要从时间视角切入分析耐心资本的思路不同，国内研究多以资本异质性为起点，在“耐心资本”和“非耐心资本”的比较中明确耐心资本的性质与特征，认为耐心资本是一种具有长期导向的投资形式，以长期、未来收益为目标，以投资项目的发展前景为中心；耐心资本在长期持有和风险容忍基础上，展示出高度的战略重要性以及与企业关系的密切性两种性质。

When Marx analyzed the general laws of capital and the specific laws of particular forms of capital, he clarified the movement characteristics of each form of capital through comparison. In the circuit of industrial capital, money capital, productive capital, and commodity capital undergo different form changes. “Capital, in performing this function of circulation capital, distinguishes itself from itself as productive capital.” [n1] Apart from the contrast between the production process and the circulation process, with the further refinement of the social division of labor, industrial capital, commercial capital, and loan capital separate, performing different functions and playing their respective roles in the circuit of capital. Within this analytical framework, patient capital shoulders the important responsibility of promoting technological research and development and diffusion, and boosting the development of emerging industries and future industries. It needs to participate in various links of production and circulation, achieving value multiplication in the long-term process of the circuit of industrial capital and the implementation of new technologies.

马克思在分析资本一般和资本特殊的运行规律时，在比较中明确了各资本形式的运动特征。产业资本循环过程中，货币资本、生产资本和商品资本具有不同的形态变化，“资本在它执行流通资本的这种职能时，同它作为生产资本的自身区别开来”。除了生产过程和流通过程的对比，经过社会分工的进一步细化，产业资本、商业资本和借贷资本分离，执行不同的职能，在资本循环过程中发挥各自作用。在这一分析框架之下，耐心资本肩负着促进技术研发与扩散、助推新兴产业和未来产业发展的重要职责，需要参与生产、流通各个环节，在产业资本循环和新技术落地的长期过程中实现价值倍增。

The length of the investment return period is the simplest and most direct way to distinguish patient capital from impatient capital. Besides the temporal perspective, patient capital also exhibits important attributes different from impatient capital in dimensions such as value, function, and orientation.

投资回报时限的长短是区分耐心资本和非耐心资本最简单、最直接的方式，除了时间视角，耐心资本在价值、功能和取向等维度均展现出不同于非耐心资本的重要属性。

First, the temporal dimension: oriented towards the long term. The Dow Jones Industrial Average is one of the oldest and most influential stock indices in the world. It is compiled based on the weighted average of the stock prices of selected companies and serves as a barometer of market fluctuations. Looking at the upward trend of the Dow Jones Industrial Average, in past investment history, long-term average returns have been significantly higher than short-term returns. In 1928, the Dow Jones Index first used data from 30 blue-chip companies to compile the index. If the 300 points in 1928 were taken as the base, 44 years later, in 1972, the Dow Jones Index broke through 1,000 points, with an average annual nominal return of about 5.30%. After another 23 years, it reached 5,000 points, and the average annual nominal return over the 67-year period rose to 23.4%. During this period, the Dow Jones Index doubled several times. In 2024, it reached a new historical high, breaking through 40,000 points, with an average annual nominal return of 137.8% over 96 years.

其一，时间维度：向远。道琼斯工业平均指数是世界范围内历史最为悠久、影响力最大的股票指数之一，其以所选企业的一股股票价格的加权平均为编制依据，是市场波动的风向标。根据道琼斯工业指数上升的趋势来看，在既往的投资历史中，长期平均收益率显著高于短期。1928年，道琼斯指数首次使用30家蓝筹公司的数据编制指数，若以1928年的300点作为基准计算，44年后，道琼斯指数突破1000点，年均名义收益率约为5.30%;又经23年达到5000点，67年间的年均名义收益率上升至23.4%。其间道琼斯指数几次翻番，2024年再创历史新高，突破40000点，96年年均名义收益率达到137.8%。

It can be seen that in world investment history, long-term returns are often higher than short-term returns. This law reflects the necessity and rationality of the long-term orientation of patient capital. Unlike short-term investments that focus on capital premiums and tend towards “quick in, quick out,” patient capital does not take the pursuit of short-term gains as its primary goal; instead, it focuses on long-cycle investments. This is the most prominent feature of patient capital and the direct embodiment of “patience.” Patient capital, with its clear long-term goals, relatively long or even indefinite investment cycles, and focus on the long-term development strategy of enterprises, is a “friend of time.” Compared to short-term capital premiums, patient capital is more inclined to provide full-cycle support to start-ups, from R&D innovation and achievement implementation to market expansion, and is more inclined to carry out multi-threaded long-term investment activities. In cultivating the long-term value of enterprises, it becomes an “intimate partner” accompanying hard technology, scientists, and entrepreneurs in their long-distance race.

可见，在世界投资史中，长期收益率往往高于短期，这一规律反映出耐心资本长期取向的必要性和合理性。与注重资本溢价、倾向于“快进快出”的短期投资不同，耐心资本不以追求短期收益为首要目标，反而聚焦长周期投资，这是耐心资本最显著的特点，也是“耐心”的直接体现。明确的长期目标、较长甚至无固定期限的投资周期、聚焦企业长期发展战略的耐心资本是“时间的朋友”。相较于短期的资本溢价，耐心资本更倾向于予以初创企业从研发创新、成果落地到市场扩展的全周期支持，倾向于开展多线程的长线投资活动，在企业长期价值的培育中成为陪伴硬科技、科学家和创业者长跑的“亲密搭档”。

Second, the value dimension: oriented towards quality. “Quality” in economic theory represents the use value contained in commodities that can satisfy consumer needs, as opposed to the value embodied in them, while “high quality” represents a higher level of satisfaction of human material and spiritual needs. During the stage of high-speed economic growth, the core focus of the market economy was the insufficient quantity of product and service supply. In the exchange process, the quantity of use value, as the substance of economic growth, is expressed through exchange value, i.e., the amount of money. Thus, virtual monetary figures somewhat obscure the essence of use value, becoming an important orientation for market investment, giving rise to a “quick in, quick out” quantitative investment perspective.

其二，价值维度：向质。“质”在经济理论中表示与蕴含在商品中的价值相对、能够满足消费者需求的使用价值，而“高质量”则代表对人类物质和精神需要更高层次的满足。在经济高速增长阶段，市场经济的核心关注点是产品和服务供给数量的不足。交换过程中，使用价值量作为经济增长的实质，以交换价值即货币的数量来表达，从而虚拟的货币数字一定程度上掩盖了使用价值的本质，成为市场投资的重要取向，由此产生了“快进快出”的数量投资观。

However, along with the transformation of China’s economy towards a stage of high-quality development, pursuing the quality of products and services has become an inevitable choice for consumers. Against this backdrop, patient capital pursues investment quality and efficiency rather than simple preservation and appreciation, becoming an important driving force for promoting the development of new quality productive forces and thereby achieving high-quality economic development. So-called investment quality and efficiency refers to the value system of patient capital investment projects, where the core capabilities of enterprise innovation and development, potential growth space, and long-term competitiveness are the focus of attention. In financial indicators, this is reflected in an orientation towards value maximization rather than profit maximization. The value maximization indicator, discounted to the present period, encompasses factors such as the enterprise’s future operating performance and risk, time value, and cash flow. This endows patient capital with the strategic determination to exclude short-term disturbances, enabling it to conduct investment activities centered on the enterprise’s core innovation and development capabilities in the process of discovering and tapping enterprise potential, and even to participate in the value creation process, becoming a long-term source of funds for technological innovation, the advanced deployment of future industries, and the transformation and upgrading of traditional industries.

然而，伴随着我国经济向高质量发展阶段的转变，追求产品与服务的质量开始成为消费者的必然选择。在这一背景下，耐心资本追求投资质效而非简单的保值增值，成为推动新质生产力发展，继而实现经济高质量发展的重要推动力。所谓投资质效，是指在耐心资本投资项目的价值体系中，企业创新和发展的核心能力、潜在的成长空间和远期竞争力是其关注焦点，在财务指标中体现为价值最大化而非利润最大化的取向。折现到当期的价值最大化指标，将企业未来的经营表现与风险、时间价值和现金流等因素涵盖其中，这使得耐心资本具备排除短期扰动的战略定力，能够在发现、挖掘企业潜力过程中，围绕企业创新和发展核心能力开展投资活动，甚至参与价值创造过程，成为技术创新、未来产业超前部署和传统产业转型升级的长期资金来源。

Third, the functional dimension: investing in the new. Innovation leading the future is a law repeatedly verified by history. Schumpeter, the originator of innovation theory, argued that the economic evolution driven by "creative destruction" is the source of capitalist economic growth. Before the mid-18th century, the growth of productive forces in human society was sluggish. Against this backdrop emerged Ricardo's law of diminishing returns on land and Malthus's population theory. It was not until the First Industrial Revolution began that the vicious cycle of diminishing returns to scale and exponential population growth was broken. In the subsequent centuries of successive technological waves, the position of the world's strongest power changed hands several times; only countries with a stronger spirit of innovation and more core cutting-edge technologies could take the lead in new industrial revolutions and possess a "first-mover advantage."

其三，功能维度：向新。创新引领未来是历史反复验证的一个规律。创新理论鼻祖熊彼特认为“创造性破坏”驱动的经济演化是资本主义经济增长的源泉。18世纪中叶以前，人类社会的生产力增长滞缓。在这一背景下衍生出李嘉图的土地报酬递减论和马尔萨斯人口理论。直到第一次产业革命开启，规模报酬递减与人口指数增长的恶性循环才得以打破。在此后几百年间的历次技术浪潮中，世界第一强国的位置几经变换，只有创新精神更盛、拥有核心尖端技术更多的国家才能在新的产业革命中拔得头筹，拥有“先发优势”。

Innovation is the source of economic growth and the foundation of national competitive advantage. This important status determines the strategic role of patient capital in "investing in the new." "Hard technology" and emerging enterprises in the market often face practical difficulties such as long technology R&D cycles, high market risks, and strong uncertainty. Unlike traditional "impatient capital," which pursues rapid turnover to increase returns or seeks stability to ensure a base rate of return, patient capital tends to invest in hardcore technology and disruptive innovation fields, even including startups that are still in the stage between concept invention and prototype production. This "investing in the new" orientation can fill the investment gaps left by traditional "impatient capital," exerting force during the critical period of the implementation and transformation of scientific and technological achievements through means such as guiding funds, risk compensation, technology insurance, and loan interest subsidies, and sharing dividends in the growth and development of enterprises.

创新是经济增长的源泉和国家竞争优势的基底，这一重要地位决定了耐心资本“向新”投资的战略作用。市场中的“硬科技”和新兴企业往往面临技术研发周期长、市场风险高、不确定性强等现实困境。与传统“非耐心资本”追求快速周转提高收益率，或是追求平稳保证基础收益率有所不同，耐心资本倾向于投资硬核科技、颠覆性创新领域，即使是尚处于概念发明到产品原型生产之间的初创企业也在其投资区间之内。这一“向新”的投资取向能够弥补传统“非耐心资本”的投资空白，以引导基金、风险补偿、科技保险、贷款贴息等方式，在科技成果落地和转化的关键时期发力，在企业的成长和发展中共享红利。

Fourth, the orientation dimension: investing in the real. The real economy has always been the material foundation for the development of productive forces. New technologies and new models innovate the mode of realization of the real economy, rather than marking a sudden shift towards the virtual economy. In his comparative analysis of different forms of capital and their laws of motion, Marx pointed out that fictitious capital can be created "through the mere mechanism of circulation," presenting a state of seemingly having the capacity to create value and surplus value. Its nature of infinite self-expansion causes it to detach from the production process, often leading to excessive credit expansion and even economic crises. This law has been repeatedly manifested in major historical events such as the Great Depression of 1929 and the US subprime mortgage crisis of 2008.

其四，取向维度：向实。实体经济历来是生产力发展的物质基础，新技术、新模式革新了实体经济的实现方式，而非朝向虚拟经济骤然转变。马克思在对比分析不同形式的资本及其运行规律时，指出虚拟资本可以“通过单纯流通手段”来创造，呈现出表面上具有创造价值和剩余价值能力的状态。无限增殖的本性使其与生产过程相脱离，往往引发信用的过度膨胀，甚至导致经济危机。这一规律在1929年大萧条、2008年美国次贷危机等历次重大历史事件中反复得以体现。

Before the Great Depression occurred, the US stock market presented a thriving scene. From June to September 1929, within three months, the average stock prices of large enterprises such as Westinghouse Electric, General Electric, and US Steel rose by over 50%, with Westinghouse Electric's increase even exceeding 80%. However, opposite to the prosperity of the virtual economy was the widening gap between rich and poor, leading to insufficient effective demand constrained by consumption capacity, and the capital circulation of the real economy could not be completed smoothly.

大萧条发生之前，美国股票市场呈现欣欣向荣的景象。1929年6月到9月，三个月内西屋电气、通用电气和美国钢铁公司等大企业的股票平均上涨50%以上，西屋电气的涨幅甚至超过80%。然而与虚拟经济的繁荣相对的，是贫富差距拉大继而受消费能力限制的有效需求不足，实体经济的资本循环无法顺利完成。

A similar scenario recurred in the US subprime mortgage crisis of 2008. In the process of the two global-scale crises in human history, before the crises, the capital market displayed "unprecedented prosperity" in the cycle of the virtual economy, contrasted by the sluggish growth of the real economy. Eventually, the bubble burst in the dislocation of the real economy, finance, and their connection.[7]7 The authors cite a source here, likely referring to analyses of the 2008 financial crisis and the Great Depression. Patient capital investment is a form of investment closely centered around the production process. Its focus is on the R&D and transformation of emerging technologies, and its ultimate goal is to support the development of the real economy. Under the "investing in the real" orientation of patient capital, with hard technology as the foundation and patient capital as the support, emerging industries and future industries develop within the circulation process of the real economy, scientific and technological achievements are smoothly implemented, and new quality productive forces are unleashed in this process.

类似的场景在2008年美国次贷危机中重复出现。在人类历史上的两次全球范围大危机的发生过程之中，危机前资本市场在虚拟经济的循环中展现出“前所未有的繁荣”,与此相对的是实体经济增长的乏力，最终泡沫在实体经济、金融及其连接的错位中破裂(7)。耐心资本的投资是紧密围绕生产过程开展的投资形式，其目光聚焦于新兴技术的研发与转化，落脚点是支撑实体经济的发展。在耐心资本的向实取向之下，以硬科技为基底，以耐心资本为支撑，新兴产业与未来产业在实体经济的循环过程中发展，科技成果顺畅落地，新质生产力在这一过程中得以释放。

(II) Main Forms of Patient Capital

(二)耐心资本的主要形态

From the perspective of capital supply entities, patient capital can be divided into government-guided funds and market-led funds. Government-guided funds are a form of capital shouldering the role of strategic guidance, primarily playing the role of venture capital funds, "leading" patient capital to be the first to engage in "patient" investment. Market-led funds, with their sensitivity and professionalism regarding new growth points, possess the potential to become patient capital and are the main source of patient capital.

从资本供给主体看，耐心资本可以分为政府引导资金和市场主导资金。政府引导资金是肩负战略引领作用的资本形式，主要发挥创投基金的作用，“领衔”耐心资本率先开展“耐心”投资。市场主导资金对新增长点的敏锐性和专业度使其具备成为耐心资本的潜质，是耐心资本的主要来源。

On the one hand, government-guided funds shoulder strategic responsibilities. In *Capital*, Marx discussed the dual impact of capital's infinite pursuit of surplus value under the conditions of private ownership of the means of production. State-owned capital, as an important component of public capital, avoids the drawbacks of disorderly expansion and blind short-sightedness of private capital and possesses the ability to break free from the disorderliness of short-term capital proliferation and shoulder strategic responsibilities. In June 2024, the General Office of the State Council issued the "Several Policy Measures to Promote the High-Quality Development of Venture Capital Investment," stating that efforts should be made to further improve the policy environment and management system around the entire chain of "fundraising, investment, management, and exit" for venture capital, and actively support the growth and strengthening of venture capital. On the fundraising end, it is necessary to mobilize conditional social capital to act as "patient capital" to solve the industry's problems of "lacking long-term funds" and "having no rice to cook"; on the investment end, it is necessary to leverage the role of government-funded venture capital funds to support strategic emerging industries and future industries through methods such as "fund-of-funds + equity participation + direct investment." In July 2024, the State-owned Assets Supervision and Administration Commission of the State Council held a seminar for heads of local state-owned assets supervision and administration authorities on the deepening and upgrading action for the reform of state-owned enterprises, pointing out that state-owned capital should concentrate on forward-looking and strategic emerging industries, acting as "long-term capital," "patient capital," and "strategic capital."

一方面，政府引导资金肩负战略重任。马克思在《资本论》中论述了在生产资料私有制条件下，资本无限追求剩余价值造成的两重性影响。国有资本作为公有资本的重要组成部分，避免了私有资本无序扩张和盲目短视的弊端，具备摆脱短期资本增殖的无序性，担负战略重任的能力。2024年6月，国务院办公厅印发的《促进创业投资高质量发展的若干政策措施》指出，要围绕创业投资“募投管退”全链条，进一步完善政策环境和管理制度，积极支持创业投资做大做强。在募资端，要动员有条件的社会资本做“耐心资本”,解决行业“缺长钱”和“无米下锅”的问题；在投资端，要发挥政府出资的创业投资基金作用，通过“母基金+参股+直投”的方式支持战略性新兴产业和未来产业。2024年7月，国务院国资委举办地方国资委负责人国有企业改革深化提升行动研讨班，指出国有资本要向前瞻性、战略性新兴产业集中，当好“长期资本”、“耐心资本”和“战略资本”。

One reason government-guided funds are entrusted with the important task of being the "leading goose" of patient capital is that the technology-intensive characteristics of their investment targets are accelerating. In the past few years, a large number of government investment funds at various levels and state-owned venture capital funds have appeared among the contributors to funds. Government-guided funds, joining hands with listed companies, have become an important force for investing early, investing in the new, and cultivating emerging industries, successfully helping a batch of "specialized, refined, differentiated, and innovative" enterprises achieve sustainable development. For example, technology enterprises such as Aisen Stock, SmartSens-W, Injoinic, Xinxiangwei, Zhongke Feice, and Qizhong Technology, in which the National Integrated Circuit Industry Investment Fund Co., Ltd. participated in investment, all achieved A-share listings within three years; Yishitong, in which the National Science and Technology Achievement Transformation Guidance Fund and Anhui Anhui Investment Industry Investment Co., Ltd. participated, achieved the world's number one shipment volume and market share for lithium battery boehmite. Government-guided funds are becoming an important force in cultivating and strengthening patient capital.

政府引导资金被赋予耐心资本“领头雁”的重任，一个原因是其投资标的的技术密集特征正加速显现。在过去几年内，基金的出资主体中出现了大量各级政府投资基金和国资创投资金的身影。政府引导资金与上市公司携手，成为投早、投新，培育新兴产业的重要力量，并成功助力一批“专精特新”企业持续发展。如，国家集成电路产业投资基金股份有限公司参与投资的艾森股份、思特威-W、英集芯、新相微、中科飞测、颀中科技等科技企业，均在三年内实现了A股上市；国家科技成果转化引导基金、安徽皖投工业投资有限公司等参与投资的壹石通，实现了锂电用勃姆石出货量和市场占有率位列全球第一。政府引导资金正在成为培育和壮大耐心资本的重要力量。

At the same time, local governments are continuously deepening the reform of state-owned assets and state-owned enterprises, guiding state-owned capital to adapt to the needs of patient capital. In 2024, Guangdong Province passed the "Guangdong Province Science and Technology Innovation Regulations," announcing that state-owned venture capital funds will no longer take "preservation and appreciation of state-owned capital as the main assessment indicator," and introduced a series of reform measures such as extending the capital duration, differentiated assessment, and improving the exit mechanism, providing institutional support for building the patience of state-owned capital. In the future, long-cycle government-guided funds such as social security funds, enterprise annuities, and personal pensions are expected to join the ranks of patient capital with their natural "patient" attributes.

同时，地方政府不断深化国资国企改革，引导国有资本适应耐心资本的需要。2024年，广东省通过了《广东省科技创新条例》,宣布国有创投资金将不再以“国有资本保值增值作为主要考核指标”,推出了延长资本存续期、差异化考核、完善退出机制等一系列改革措施，为打造国有资本的耐心性提供制度支持。在未来，社保基金、企业年金和个人养老金等长周期的政府引导资金，有望以其天然的“耐心”属性加入耐心资本的行列。

On the other hand, market-led funds become the supporting force. The productivity of capital and its sociality are mutually presupposed; the productive forces of capital can only exist "within the scope of universal intercourse." Away from the market, the process of capital circulation and the release of productive forces within it are difficult to complete. Therefore, the types of investment cultivated by the market will play an important role in boosting the development of new quality productive forces.

另一方面，市场主导资金成为支撑力量。资本的生产性与它的社会性互为前提，资本的生产力必须“在普遍交往的范围里才存在”。离开市场，资本循环及其间生产力的释放过程难以完成，因此，由市场培育的投资类型将在助推新质生产力发展上发挥重要作用。

In the capital market, there are three important types of equity investment: angel investment, venture capital, and private equity investment. Angel investment targets "seed enterprises," providing start-up funds at the stage of the enterprise's business plan; venture capital mainly invests in emerging, rapidly developing enterprises with huge potential; private equity investment targets relatively mature enterprises preparing for listing. These three forms of investment exchange funds for partial equity at different stages of enterprise development, and can later obtain investment returns by selling equity or receiving dividends. In the practice of these three types of investment, funds that carry the function of information intermediaries, possess screening capabilities, and invest in innovative technologies and business concepts often target "giants in swaddling clothes"[9]9 "Giants in swaddling clothes" (襁褓中的巨人): A metaphor for start-up enterprises that possess the potential to become industry leaders., following a trajectory that intersects with entrepreneurial enterprises in an inverted "V" shape. In the start-up phase of an entrepreneurial enterprise, technology and talent flow rapidly driven by angel investment and venture capital[3]3 “Specialization, refinement, differentiation, and innovation” (专精特新) is a Chinese policy designation for SMEs that are specialized, refined, differentiated, and innovative.; after reaching the peak, capital exits in a timely manner; private equity investment provides financial and intellectual support for operational activities such as enterprise expansion and transfer during the growth period.

在资本市场中，有三种重要的股权投资：天使投资、风险投资和私募股权投资。天使投资投向“种子企业”,在企业的商业计划书阶段提供启动资金；风险投资主要投向新兴的、迅速发展的、具有巨大潜力的企业；私募股权投资则针对较为成熟的拟上市企业进行投资。三种投资形式在企业发展不同阶段投入资金换得部分股权，可在以后通过出售股权或者得到分红获取投资回报。在三类投资实践中，带有信息中介功能、兼备筛选能力、投资于创新科技和商业概念的资金，往往瞄准“襁褓中的巨人”(9),与创业企业呈现“人”字型交汇的轨迹。在创业企业起步阶段，技术、人才在天使投资和风险资本的驱动下快速流动③,到达顶点之后资本则适时退出；私募股权投资则在企业成长期为企业扩张和转让等经营活动提供资金和智力支持。

The investors acting as these three types of patient capital include corporate investors, high-net-worth individuals, wealth management institutions, and funds of funds (FOF). As early as the end of the 19th century, high-net-worth individual bankers investing in emerging industries such as steel and oil appeared in the U.S. market. In 1945, the first venture capital enterprise in Europe, the Industrial and Commercial Finance Corporation, was established in the United Kingdom. In 1946, the American Research and Development Corporation (AR&D) was established, and modern venture capital enterprises began to be active in the market. In 1957, AR&D invested $70,000 in Digital Equipment Corporation (DEC), famous for the UNIX operating system; by 1971, the value of the shares held by AR&D had increased more than five thousand times, rising to $355 million, and DEC had grown into a company comparable to the industry giant International Business Machines Corporation (IBM). Currently, the scale of U.S. venture capital, including corporate investors, high-net-worth individuals, wealth management institutions, and private equity FOFs, amounts to $60 billion, supporting over ten thousand high-tech projects annually. As the most sensitive source of capital, the foresight and high tolerance for risk and error of market-led funds provide a good living environment for the innovativeness of their investment targets, becoming a supporting force for patient capital.

充当这三种耐心资本投资人角色的，有企业投资者、高净值个人、财富管理机构和基金中的基金(FOF)。早在19世纪末期，美国市场中就出现了对钢铁、石油等新兴行业进行投资的高净值个人银行家。1945年，欧洲第一家风险投资企业工商金融公司在英国成立。1946年，美国研究发展公司(AR&D)成立，现代风险投资企业开始活跃于市场。AR&D公司1957年投资7万美元于以 UNIX操作系统闻名的数字设备公司(DEC),到1971年AR&D持有的股份价值增加了五千多倍，上升至3.55亿美元，DEC也成长为能与业界巨头国际商业机器公司(IBM)相媲美的公司。目前，包括企业投资者、高净值个人、财富管理机构和私募FOF基金在内的美国风险投资规模高达600亿美元，每年超过一万个高科技项目得到支持。作为最为敏锐的资本来源，市场主导资金的前瞻性和对风险与失误的高度容忍性为其投资对象的创新性提供了良好的生存环境，成为耐心资本的支撑力量。

II. The Internal Logic of Using Patient Capital to Facilitate the Development of New Quality Productive Forces

二、以耐心资本助力新质生产力发展的内在逻辑

In the history of the interactive movement of technology and capital, the entire process of technological innovation, transformation, and diffusion cannot be separated from the support of capital. The reason patient capital can demonstrate the positive side of capital movement in the process of releasing productive forces is that it aligns with the release conditions and development requirements of new quality productive forces at the micro, meso, and macro dimensions, enabling new quality productive forces to germinate and be released in the three-dimensional space of enterprise growth, industrial upgrading, and economic transformation.

在技术和资本交互运动的历史中，技术创新、转化和扩散的全过程都离不开资本的支持。耐心资本之所以能够在生产力释放过程中展示资本运动积极的一面，是由于它在微观、中观和宏观三个维度契合了新质生产力的释放条件和发展要求，使新质生产力在企业成长、产业升级和经济转型的三维空间中萌发、释放。

(I) Economic Historical Evidence of Patient Capital Facilitating the Transformation of Productive Forces

(一)耐心资本助力生产力变革的经济史证据

Evolutionary economist Carlota Perez, in her representative work *Technological Revolutions and Financial Capital*, takes technological change as the main thread, sorting out the five technological revolutions starting from the end of the 18th century and the subsequent historical cycle of "technological revolution – financial bubble – crash – golden age – turmoil," demonstrating the undeniable important role of financial capital in technological revolutions[10]10 Carlota Perez, *Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages* (2002).. However, if capital movement is taken as the research object, historical facts show that capital movement plays a role throughout the entire life cycle of the development, release, and maturation of "new productive forces" within the regular cycle of anchoring – differentiation – rebinding.

演化经济学家佩蕾丝在其代表作《技术革命与金融资本》一书中，以技术变革为主线，梳理了自18世纪末开始的五次技术革命以及随之出现的“技术革命—金融泡沫—崩溃—黄金时代—动乱”的历史循环，展示出金融资本在技术革命中不可忽视的重要作用(10)。然而若以资本运动为研究对象，历史事实则展现出资本运动在锚准—分化—再绑定的规律循环中，于“新生产力”发育、释放到成熟的全生命周期发挥作用。

First, the stage of technological initiation: venture capital drives technological innovation.

第一，技术发端阶段：风险资本驱动技术创新。

At the beginning of each historical technological revolution, capital has shown a "concentration on new technologies and contempt for old assets"[2]2 “Three innovations and four new” (三创四新) refers to innovation, creativity, and entrepreneurship (三创) and new industries, new business forms, new models, and new technologies (四新), a positioning standard for the ChiNext Board.. The strong transformative power of disruptive technologies on the economy and society attracted the attention of venture capital, and venture capitalists devoted themselves to emerging industries and cutting-edge technology sectors, providing support for the cultivation and development of disruptive technologies.

在历次技术革命爆发初期，资本都展现出对“新技术的集中和对旧资产的轻视”②,颠覆性技术对经济社会的强改造性吸引了风险资本的目光，风险投资家投身于新兴产业和尖端技术行业，为颠覆性技术的培育与发展提供支持。

Watt's improvement of the steam engine was the landmark invention of the First Industrial Revolution. During the process of improving the steam engine, the entrepreneur Roebuck played the role of a de facto "venture capitalist." Roebuck keenly sensed the future market prospects of the steam engine. Based on his investment, he suggested that Watt apply for a patent for "a new method for reducing steam and fuel consumption in fire engines," which was essentially the core invention of the improved steam engine – the separate condenser. Later, Roebuck withdrew from the cooperation project with Watt due to bankruptcy, and another entrepreneur, Boulton, took over and continued the "angel investment" in the improved steam engine. In addition to providing free workshops, equipment, and funds, Boulton introduced Watt into the "Lunar Society," founded by Darwin and gathering many scientists, providing crucial financial and intellectual support for the final implementation of the improved steam engine.

瓦特改良蒸汽机是第一次产业革命的标志性发明。在蒸汽机改良过程中，企业家罗巴克扮演了事实上的“风险投资家”。罗巴克敏锐地嗅到蒸汽机未来的市场前景，在投资基础上，他建议瓦特申请“在火力发动机中减少蒸汽和燃料消耗的新方法”的专利，其实质就是改良蒸汽机的核心发明——分离式冷凝器。后来罗巴克因破产退出了与瓦特的合作项目，另一企业家博尔顿接手，并继续了对改良蒸汽机的“天使投资”。在免费提供厂房、设备和资金之外，引进瓦特进入由达尔文创立、众多科学家汇聚的“月光社”,为改良蒸汽机最终的落地提供了重要的资金和智力支撑。

In the 1870s, the commencement of Carnegie's Bessemer steel plant operation marked the beginning of the Second Industrial Revolution. Electricity began to gradually replace steam as the main driving force of economic development. To create a device suitable for household lighting using electric current, Edison successfully invented the light bulb after thousands of experiments. J. Pierpont Morgan keenly perceived the significant importance and commercial value of the light bulb, actively supported the establishment of the Edison Electric Light Company, and injected $1 million into it. To promote the product, Morgan invited Edison to install lighting wires in his residence, becoming one of the first seed test users. Subsequently, the Morgan Group further promoted the merger of the company with its biggest competitor, Thomson-Houston Electric Company, ultimately facilitating the establishment of General Electric Company, a long-lasting giant in the U.S. industrial sector.

19世纪70年代，卡内基酸性转炉钢厂的开工拉开了第二次产业革命的序幕，电力开始逐渐取代蒸汽，成为经济发展的主要动力。为了能通过电流打造出适合家用照明的器具，爱迪生经过了上千次实验成功发明了电灯。皮尔庞特·摩根敏锐地洞察到了电灯的重要意义和商业价值，积极支持爱迪生电力照明公司的成立，并向其注资100万美元。为推广产品，摩根邀请爱迪生在住宅布置照明电线，成为首批种子测试用户。后续摩根集团进一步推动公司与最大竞争对手汤姆森—休斯顿电气公司合并，最终促成了美国工业领域的长青巨头通用电气公司的成立。

In the 1950s, the invention of computer technology and semiconductors brought the wave of the information revolution sweeping across the world. Among these, the sufficient supply of venture capital played an important supporting role in the explosive development of microelectronics, computers, and software. In 1957, the famous venture capitalist Arthur Rock gathered seven scientists in the field of transistors to found Fairchild Semiconductor. After its establishment, Fairchild Semiconductor's inventions, such as replacing germanium crystals with silicon crystals in manufacturing transistors and integrated circuits, transformed Silicon Valley from the "Valley of Microwaves" (for electron tubes and radio) into the true "Silicon Valley." As the "cradle of Silicon Valley talent," Fairchild cultivated a large number of top-tier technical, management, and investment talents for Silicon Valley. In 1967, Fairchild Semiconductor's Vice President of Sales, Valentine, and General Manager of Operations, Sporck, jumped to National Semiconductor, and later founded Sequoia Capital, which subsequently became an investor and co-founder of Apple and played an important role in the early financing of leading companies like Intel. Since 1980, in the development process of "Silicon Valley" becoming the world's center for innovation and entrepreneurship, the scale of venture capital investment has grown larger and larger, and the number of companies receiving venture capital investment has also increased. Therefore, venture capitalists are hailed as the "coaches" of Silicon Valley[11]11 "Coaches of Silicon Valley" (硅谷的教练): A common appellation for venture capitalists, highlighting their role in guiding and mentoring start-up companies beyond providing capital..

20世纪50年代，计算机技术和半导体的发明使信息革命的巨浪席卷而来。其中，风险资本的足量供给对微电子、计算机和软件的爆发式发展起到了重要的支持作用。1957年，著名风险投资家Arthur Rock集合七位晶体管领域的科学家，创办了仙童半导体。仙童半导体创办之后，用硅晶体替代锗晶体在制造晶体管和集成电路等方面的发明，使硅谷从电子管和无线电的“微波之谷”转变为真正的“硅谷”。作为“硅谷人才摇篮”,仙童为硅谷培养了大批顶尖的技术、管理和投资人才。1967年，仙童半导体销售副总裁瓦伦丁与运营总经理史波克跳槽到国民半导体公司，随后创办红杉资本，后来成为苹果的投资人和联合创始人，并对英特尔等领先企业的早期融资起到了重要作用。1980年以来，在“硅谷”成为世界创新创业中心的发展历程中，风险资本投资的规模越来越大，得到过风险资本投资的公司数量也越来越多，因此风险资本家被誉为硅谷的“教练”(11)。

Second, the stage of technological diffusion: capital differentiation leads to dual effects.

第二，技术扩散阶段：资本分化引致双重效应。

When discussing economic crises, Marx pointed out that "the split between purchase and sale in the exchange process... is the general possibility of commercial crisis." When the release of use-value and the recovery of value are inconsistent, the capital circuit cannot be completed, and potential crises begin to appear.

马克思在论述经济危机时，指出“买和卖在交换过程中的分裂……是商业危机的一般可能性”,当使用价值的释放和价值的回收不一致时，资本循环无法完成，潜在的危机开始出现。

In the later stages of each technological revolution, when the growth trend of the real economy driven by technology slows down and struggles to match the investment boom caused by a flood of idle capital seeking high profits in the market, economic bubbles emerge. In the later period of the First Industrial Revolution, the successive arrival of "machine giants" caused a sharp rise in productive forces, followed by an exponential increase in product output, and the situation of oversupply of industrial goods accumulated continuously. In the spring of 1825, the huge divergence between the real economy and the monetary economy, and the rupture of the "dangerous leap" process of capital circulation, ultimately led to the collapse of the stock market and the arrival of an economic crisis. From October 1, 1825, to October 1, 1826, a total of 3,549 bankruptcies occurred in the United Kingdom. Speculative merchants and banks were the first to be impacted, and the crisis then swept through and spread to the major industrial sectors of the UK. From then on, economic bubbles and crises repeatedly appeared in the history of industrial revolutions. Similarly, during the Second Industrial Revolution, the debt of small borrowers such as American families and small enterprises grew sharply. A large amount of money flooded into the stock market, and the frenzied rise of stocks, far exceeding the growth rate of the real economy, caused the bubble to inflate increasingly, eventually bursting in 1929, subsequently leading to a global economic depression. In the wave of the Third Industrial Revolution, the broad prospects brought by new business models such as the internet and e-commerce triggered excessive investment in the stock market in the late 1990s, causing the growth of the NASDAQ index to diverge from the actual growth of GDP. The bubble burst in the early 21st century, and an economic crisis emerged once again.

在历次技术革命后期，当技术带来的实体经济增长趋势放缓，难以匹配大量闲置资本涌入市场寻求高利润导致的投资热潮之时，经济泡沫就会产生。第一次产业革命后期，“机器巨兽”的接踵而至使生产力陡然上升，随之而来的是产品产量的指数级增长，工业品供过于求的态势不断累积。1825年春，实体经济与货币经济之间的巨大分化、资本循环“惊险的跳跃”过程的断裂最终导致了股票市场的崩溃，经济危机到来。1825年10月1日至1826年10月1日，英国共发生3549起破产事件，投机商人和银行首先受到冲击，危机继而席卷和蔓延到英国主要工业部门。从此，经济泡沫和危机反复在产业革命历史中出现。与此类似的是第二次产业革命中，美国家庭和小企业等小额借款人债务急剧增长，大量资金涌入股票市场，远超实体经济增长速度的股票狂涨使泡沫日益膨胀，最终于1929年破裂，后续导致了全球性的经济大衰退。在第三次产业革命浪潮中，互联网和电子商务等新商业模式带来的广阔前景在20世纪90年代后期引发了股票市场的过度投资，导致纳斯达克指数增长与GDP的实际增长背离，泡沫于 21世纪初期破裂，经济危机再次出现。

After the "burst," the golden period of technology diffusion arrived. Financial capital began to "transfer power" to productive capital, and investment returned to the real economy. Actual growth in production, rather than numbers in the capital market, became the fundamental source of wealth. In the First Industrial Revolution, capital shifted from its old role of merely providing working capital or short-term financing to a new role of supporting long-term industrial investment. One important manifestation of this was investment in "social overhead capital" such as infrastructure. The emergence of joint-stock companies in the mid-to-late 18th century and the vigorous development of the banking system gathered sufficient private funds to cover the costs of large-scale railway construction. By around 1850, a nationwide modern transportation network of intertwined railways, roads, and canals had formed across the United Kingdom, through which the technological achievements of the Industrial Revolution diffused between regions.

“破裂”之后，迎来了技术扩散的黄金时期。金融资本开始向生产资本“移交权力”,投资向实体经济回归，生产中实际的增长而非资本市场中的数字成为财富的基本来源。第一次产业革命中，资本从仅仅提供周转资金或短期资金融通的旧定位转变为支持长期实业投资的新定位，其中一个重要的表现是对基础设施等“社会先行资本”的投资。18世纪中后期股份制企业的诞生和银行体系的蓬勃发展为弥补大规模铺设铁路的成本聚集了足够的民间资金，到1850年前后，英国全境形成了铁路、公路和运河线路交织的全国性现代交通网络，产业革命的技术成果经由这一网络在区域之间扩散。

During the Second Industrial Revolution, the United States ushered in a "golden age of development." The benefits brought by automobiles, electricity, and mass production entered thousands of households. By 1970, the proportion of households owning small appliances such as electric lights, mechanical refrigerators, and vacuum cleaners had all reached over 90%, compared to 35%, 8%, and 9% respectively in 1920.

第二次产业革命时期，美国迎来了“黄金发展年代”,汽车、电力和大规模生产带来的福利走入千家万户。到1970年，拥有电灯、机械冰箱和吸尘器等小家电的家庭比例均达90%以上，这一数据在1920年分别为35%、8%和9%。

During the period of synergy between finance and the real economy following the internet bubble, digital technology began to enter mass consumption, bringing about changes in lifestyles and production paradigms. Online interaction and content creation became widespread. The world's largest online encyclopedia platform, Wikipedia; China's largest Chinese forum, Baidu Tieba; and the world-famous social communication software Facebook and Tencent Qzone were successively established, influencing the lifestyles of billions of people. E-commerce gradually moved from niche to mainstream. Supporting industries such as online payment, warehousing, and logistics developed, and the "digital dividend" began to enter thousands of households. Especially with the emergence and development of mobile internet and the continuous expansion of 5G commercial use, new technologies, new industries, new business forms, and new models based on the consumer internet emerged endlessly, driving the rapid development of digital industrialization and greatly improving transaction efficiency and production efficiency.

互联网泡沫之后金融与实体经济的协同期，数字技术开始走入大众消费，带来了生活方式和生产范式的改变。在线互动和内容生产普及，全球最大的在线百科平台维基百科、国内最大的中文论坛百度贴吧、世界著名的社交通讯软件Facebook和腾讯QQ空间相继创立，影响了亿万人的生活方式。电子商务从小众逐渐走向大众，在线支付、仓储、物流等配套行业得以发展，“数字红利 ”开始走进千家万户。特别是随着移动互联网的产生发展和5G商用的不断扩大，基于消费互联网产生的新技术、新产业、新业态、新模式层出不穷，推动数字产业化迅猛发展，交易效率和生产效率得以极大提升。

Third, the technology maturity stage: capital migrates in search of new growth opportunities.

第三，技术成熟阶段：资本迁徙寻觅新增长机遇。

At the beginning of disruptive innovation, the monopoly of technology gives leading enterprises a competitive advantage. At this time, the performance and production efficiency of related products are relatively low. With technology diffusion, competition prompts enterprises to continuously improve productivity. At the same time, high profits cause more and more capital to flood into emerging industries, and the trend of "equalization of profit rates" appears [15]15 "Equalization of profit rates" (利润率平均化) refers to the tendency, described in Marxian economics, for capital to flow between sectors until profit rates converge, driven by competition and the search for the highest returns.. At this point, the nature of chasing appreciation prompts capitalists, especially venture capitalists, to actively seek the next round of disruptive technologies in the market, bringing about the cyclical interactive movement of the next round of capital and new technology.

在颠覆性创新伊始，技术的独占使领先企业具备竞争优势，此时相关产品的性能和生产效率相对较低。随着技术扩散，竞争促使各企业生产率不断提升，同时高额利润致使越来越多的资本涌入新兴产业，“利润率平均化”趋势显现(15)。此时，追逐增殖的本性促使资本家，尤其是风险投资家在市场上积极寻找新一轮的颠覆性技术，带来了下一轮资本与新技术周而复始的交互运动。

In recent years, the global consumer internet (C-end) has flourished, and a large number of world-renowned internet enterprises have emerged, but their incremental dividends are increasingly hitting a "ceiling." At the same time, digital technology achievements such as artificial intelligence, blockchain, cloud computing, and big data have gradually accumulated and accelerated diffusion. The industrial internet (B-end), especially the industrial internet, is emerging. Industrial digital transformation and intelligent upgrading based on the "integration of real and digital economies" have become the main theme of the times. Against this background, the capital market has started a new round of investment boom in technology-leading enterprises. Venture capital in the market has once again anchored on new growth opportunities. Digital enterprises such as Microsoft, Google, and Amazon have invested in numerous unicorn enterprises. Almost every AI startup has received substantial financing from venture capital. In October 2024, a new round of $6.6 billion in financing, led by the US venture capital firm Thrive Capital and followed by Microsoft, Nvidia, SoftBank, etc., brought OpenAI's post-investment valuation to $157 billion, making it the world's third-largest unicorn enterprise. The Hype Cycle proposed by the famous information technology research and advisory firm Gartner expresses a similar view. The capital market's "visibility" of disruptive technologies, or its expectation of their productivity-enhancing effects, begins in the technology trigger phase and fluctuates upward according to the evolution law of the Hype Cycle: technology trigger, peak of inflated expectations, trough of disillusionment, slope of enlightenment, and plateau of productivity.

近年来，全球消费互联网(C端)蓬勃发展，一大批世界知名互联网企业涌现，但其增量红利日趋“天花板”。与此同时，人工智能、区块链、云计算、大数据等数字技术成果逐步集聚并加速扩散，产业互联网(B端)特别是工业互联网呼之欲出，基于“实数融合”的产业数字化转型和智能化升级成为时代的主旋律。在这一背景下，资本市场对技术领先企业开启了新一轮投资热潮，市场中的风险资本再次锚定新的增长机遇，微软、谷歌、亚马逊等数字企业投资了众多独角兽企业，几乎每一家人工智能新创公司都获得了风险资本不菲的融资。2024年10月，由美国风投公司Thrive Capital领投，微软、英伟达、软银等跟投的新一轮66亿美元的融资，使OpenAI的投后估值达1570亿美元，成为世界第三大独角兽企业。著名信息技术研究和顾问公司Gartner提出的技术成熟度曲线表达了类似的观点，资本市场对颠覆性技术的“可见度”或者说对其生产力提升效应的期望，始于技术萌芽阶段，在技术成熟度曲线揭示的技术萌芽、期望膨胀、泡沫破裂、稳步爬升恢复和生产成熟的演进规律中波动上升。

(II) The Theoretical Mechanism of Assisting the Development of New Quality Productive Forces with Patient Capital

(二)以耐心资本助力新质生产力发展的理论机制

In 1987, the economist Solow proposed the famous "Solow Paradox": "You can see the computer age everywhere but in the productivity statistics" [16]16 Robert Solow, "We'd Better Watch Out," New York Times Book Review, July 12, 1987.. This means that new technologies have brought about changes in all aspects of the social economy but have not had a corresponding promoting effect on the level of productivity. Later, economists further condensed this into: for general-purpose technologies with broad potential application value, the more profound the impact they bring, the longer the time interval between the creation of the technology and its comprehensive impact on the economy and society. This is the lag in the "realization" of technological value. Historically, the effect of the achievements of each technological revolution in promoting a leap in productive forces has taken decades to manifest. The Solow Paradox precisely confirms that the development process of new quality productive forces particularly requires the coexistence of patient capital.

经济学家索洛1987年提出了著名的“索洛悖论”:“除了生产率统计数据，计算机无处不在”(16),意即新技术对社会经济产生了方方面面的变革，但没有对生产率水平产生相同的促进作用。后来经济学家进一步将之凝练为：对于具有广泛的潜在应用价值的通用目的技术，它所带来的影响越深远，技术创造与其对经济和社会带来全面影响的时间间隔就越长，这就是技术价值“变现”的滞后性。从历史上看，历次技术革命的成果推动生产力跃升的效应均需要几十年的时间才能显现。索洛悖论恰好印证了新质生产力发展过程中特别需要耐心资本的相伴相生。

First, the practical characteristics of new quality productive forces.

第一，新质生产力的实践特质。

At the enterprise level, revolutionary breakthroughs in technology drive the emergence of world-class enterprises. As the main participants in market economic activities and the main front for innovation activities, enterprises are the basic cells of economic operation. Their operating conditions and development vitality can effectively reflect the development level and nature of productive forces. The emergence of world-class enterprises with international competitiveness and sustained influence is a practical model of revolutionary breakthroughs in technology and innovative allocation of production factors, marking the transformation and renewal of productive forces. Among them, "new" is realized in the strategic choice of continuously creating value and pursuing long-term value around technological innovation. When an enterprise can abandon the short-term value differences of arbitrage, speculation, and zero-sum games, and instead carry out business activities from long-term structural value investment, it possesses the necessary conditions to "walk at the forefront." "Quality" is reflected in five aspects: economic competitiveness, innovation capability, control, influence, and risk resistance. Under the fluctuations of cross-economic cycles and the strong uncertainty of the entrepreneurial market, only enterprises that can disrupt themselves, reshape their business models, and then continuously create value for society can possess the ability to "traverse cycles," self-revolutionize, improve quality and efficiency in different business fluctuations, and achieve sustainable development. It can be said that the group of enterprises that walk at the forefront and achieve sustainable development emerging in the process of continuously pursuing long-term value is the basic unit and key medium for cultivating and developing new quality productive forces.

企业层面，技术革命性突破催动一流企业涌现。作为市场经济活动的主要参与者和创新活动的主阵地，企业是经济运行的基本细胞，其经营状况、发展活力能够切实反映生产力的发展水平和性质。有国际竞争力和持续影响力的一流企业涌现，是技术革命性突破与生产要素创新性配置的实践典范，标志着生产力的蝶变焕新。其中，“新”在围绕技术创新，持续创造价值、追求长期价值的战略选择中实现。当企业能够舍弃套利、投机、零和博弈的短期价值差额，转而从长期结构性的价值投资中开展经营活动，就具备了“走在前列”的必要条件。而“质”则体现在经济竞争力、创新力、控制力、影响力、抗风险能力等五个方面。在跨经济周期的波动和创业市场的强不确定性下，能够颠覆自身、重塑商业模式，继而为社会持续创造价值的企业才能具备“穿越周期”的能力，在不同的商业波动中自我革命、提质增效，实现基业长青。可以说，在持续追求长期价值的进程中涌现的走在前列、基业长青的企业群，是培育和发展新质生产力的基本单元和关键媒介。

At the industrial level, the deep transformation and upgrading of industries drives the conversion from manufacturing to intelligent manufacturing. Industry is an important carrier for the release of productive forces. At the industrial level, new quality productive forces emerge in the process of the germination of new industries led by new technologies and the harmonious reconstruction of traditional industries penetrated by technology. In the iterative process of "new productive forces" in various historical stages, each has been accompanied by the conversion from manufacturing driven by old productive forces to industrial "intelligent manufacturing" driven by new technologies. Before the First Industrial Revolution, human and animal power were the main sources of power in production and daily life. The use of steam power liberated human power to a certain extent; the share of the cotton textile industry in industrial added value grew from 2.6% in 1770 to 17% in 1801. At the same time, the supply chain for cheap iron grew sharply, and emerging industries such as iron smelting and railway transport became important sectors in the national economy. During the Second Industrial Revolution, Carnegie's acid Bessemer converter steelworks began operations in Pittsburgh, Pennsylvania; steel materials gradually replaced cheap iron, and automated equipment such as mechanical arms further liberated human labor, ushering in the rapid development of heavy industry. Subsequently, the first Model T rolled off the Ford factory assembly line in Detroit, Michigan; the automobile industry developed rapidly from nothing, and at the same time household appliances entered ordinary homes widely, shifting the industrial structure from heavy to light. In the Third Industrial Revolution, the advent and iteration of microprocessors, especially intelligent chips, initiated transformations in fields such as information and remote communication, digital technology, bioengineering, and artificial intelligence. The degree of automation and intelligence in production processes became higher, and various new technologies, new industries, new business forms, new models, and new scenarios emerged in an endless stream, changing with each passing day. The flourishing industrial network is an important carrier for the conversion from manufacturing to intelligent manufacturing, building a bridge for technological innovation, the release of productive forces, and the improvement of consumer welfare.

产业层面，产业深度转型升级促使制造向智造转化。产业是生产力释放的重要载体。在产业层面，新质生产力在新技术主导的新兴产业萌发和科技渗透传统产业的和谐再造过程中显现。各个历史阶段“新生产力”的迭代过程中，均伴随着旧生产力的制造向新技术带动的产业“智造”的转化。第一次产业革命之前，人力、畜力是生产生活中的主要动力，蒸汽动力的使用使人力得到一定程度的解放，棉纺织业占工业增加值的份额从1770年的2.6%增长到1801年的17%。同时廉价铁的供应链急剧增长，冶铁业、铁路运输业等新兴产业成为国民经济中的重要行业；第二次产业革命时期，卡内基酸性转炉钢厂在宾西法尼亚的匹兹堡开工，钢材料逐步替代廉价铁，机械臂等自动化设备进一步解放人力，拉开了重工业快速发展的序幕。此后第一辆 T 型车从密歇根州底特律的福特工厂出产，汽车行业从无到有快速发展，与此同时家电广泛进入普通家庭，产业结构由重向轻转变；第三次产业革命中，微处理器特别是智能芯片的问世和迭代开启了信息和远程通讯、数字技术、生物工程、人工智能等领域的变革，生产过程的自动化和智能化程度更高，各种新技术、新产业、新业态、新模式、新场景层出不穷，日新月异。枝繁叶茂的产业网络是制造向智造转化的重要载体，搭建起技术创新、生产力释放和改进消费者福利的桥梁。

At the macro level, the innovative allocation of production factors drives the improvement of total factor productivity. In the process of the formation of productive forces, the allocation and combination of production factors entering the production function play a crucial role. The improvement of productive forces is manifested in a reduction in the input-output ratio, while the "new" and "quality" of new quality productive forces are embodied in the improvement of total factor productivity driven by the input of new factors and the re-combination and optimized allocation of factors they induce. Against the backdrop of the First Industrial Revolution, the economist Jean-Baptiste Say proposed that labor, capital, and land jointly created the value of products; the addition of capital multiplied total factor productivity. Under the wave of the Second Industrial Revolution, Fordism improved production efficiency through the division of labor and the assembly line; the emergence of Taylor's scientific management thought and the birth of lean production thought made the importance of production factors such as knowledge, technology, and management increasingly apparent, becoming important factors explaining economic growth. In the process of the Third Industrial Revolution, on the basis of existing production factors, data became a new production factor empowering all things, and its effect of releasing productive forces and multiplying productivity became prominent. In October 2019, the Fourth Plenary Session of the 19th Central Committee of the CPC [1]1 The STAR Market (科创板) is Shanghai’s Nasdaq-style board for tech firms; the SME Board (中小板) was for small and medium enterprises (merged into the Main Board in 2021); the New Third Board (新三板) is the National Equities Exchange and Quotations (NEEQ) for unlisted public companies; the New Fourth Board (新四板) refers to regional equity markets. listed data as a new type of production factor. In 2023, the National Data Administration and sixteen other departments issued the "Data Element ×" Three-Year Action Plan (2024–2026). As the multiplier effects of the data factor, such as amplification, superposition, and multiplication, continue to increase, the role of the data factor in promoting the innovative allocation of various production factors will become increasingly significant, becoming an important source for improving the total factor productivity of the national economy and promoting the development and growth of new quality productive forces.

宏观层面，生产要素创新性配置驱策全要素生产率提升。生产力的形成过程中，生产要素配置、组合加入生产函数起着至关重要的作用。生产力的提升体现为投入产出比的降低，而新质生产力的“新”与“质”,则体现为新要素的投入及其驱动的要素重新组合和优化配置驱策的全要素生产率提升。第一次产业革命背景下，经济学家萨伊提出劳动、资本、土地三种要素共同创造了产品价值，资本的加入使全要素生产率倍增；第二次产业革命浪潮之下，福特制通过分工和流水线提升生产效率、泰勒科学管理思想的迸发和精益生产思想的诞生，使知识、技术、管理等生产要素的重要性日益显现，成为解释经济增长的重要因素；第三次产业革命进程中，在已有生产要素的基础上，数据成为赋能万物的新生产要素，其生产力释放效应和生产率倍增作用凸显。2019年10月，党的十九届四中全会将数据列为新型生产要素；2023年国家数据局等十七部门印发《“数据要素×”三年行动计划(2024—2026年)》。随着数据要素的放大、叠加、倍增等乘数效应的不断提高，数据要素促进各类生产要素创新性配置的作用将会越来越大，成为提升国民经济全要素生产率、促进新质生产力发展壮大的重要来源。

Second, the three-dimensional logic of patient capital empowering the development of new quality productive forces.

第二，耐心资本助力新质生产力发展的三维逻辑。

From the micro-level logic, patient capital helps enterprises become bigger, stronger, better, and longer-lasting. In investment practice, patient capital plays the role of a "promoter" incentivizing technological breakthroughs. In the process of long-term support for original innovation enterprises, it finds the intersection between technological breakthroughs and enterprise production, providing start-ups with funding, information, and professional support, helping them become bigger and stronger [17]17 The superscript [17] in the source text refers to a footnote or reference in the original Chinese article; its content is not provided in the translation input.; in the long-term development process of enterprises, it deeply cultivates value investment, promoting enterprises to become better and longer-lasting.

从微观逻辑来看，耐心资本助力企业做大、做强、做优、做久。耐心资本在企业的投资实践中充当的角色是激励科技突破的“推动人”,在长期支持原发性创新企业的过程中使科技突破和企业生产找到交点，为初创企业提供资金、信息和专业支持，助其做大做强(17);在企业长期发展过程中深耕价值投资，促进企业做优做久。

On the one hand, the early support of patient capital leverages enterprises to become bigger and stronger. Patient capital, characterized by investing "early" and investing "small," plays two roles in the investment process: that of a capital provider and that of a companion in enterprise development. In addition to carrying out time and space allocation for the supply and demand of enterprise funds, considering the balance of assets and liabilities, payment and settlement, and risk control, patient capital provides start-ups with professional information support, assigns professional fund managers, and even participates in enterprise business decisions, offering comprehensive assistance for the early survival of start-ups. In 1993, Intel's Pentium series 80586, AMD's Am486, and the PowerPC jointly promoted by Apple and IBM formed a tripartite pattern in the central processing unit market. Nvidia, in its early days, chose to avoid this competition and focus on graphics chips as its core area. However, the uncertainty of technological foundation and breakthroughs, as well as long return cycles, caused many technology start-ups to face huge upfront investments, hindered transformation of results, and even the risk of failure. At this time, two angel investors, Don Valentine and Sutter Hill, after a detailed assessment of Nvidia's market potential and comprehensive prospects, jointly invested $2 million, with a post-investment valuation of $6 million. Valentine's early investment in Apple was less than $200,000. This venture capital fund not only helped Nvidia, which had just been founded and faced the risk of bankruptcy, to survive its early funding crisis but also provided strong support for the company's subsequent technology research and development and market expansion. It was the early foundation for Nvidia's growth into a global leading chip giant. In 2024, Nvidia's market value exceeded $3 trillion, making it the absolute leader in the global AI computing field. Furthermore, as a companion in enterprise development, patient capital assists enterprises in carrying out business operations. In the process of technology penetrating and transforming traditional industries, the long-term value-oriented investment strategy of patient capital determines that, in addition to capital financing, it is also accompanied by the provision of professional services such as talent, technology, and supply chain consulting.

一方面，耐心资本的早期支持借力企业做大做强。有投“早”、投“小”特征的耐心资本在投资过程中，扮演着资金提供者和企业发展的陪伴者两种角色。在为企业资金供求开展时间和空间配置、考量资产负债均衡、支付清算、进行风险控制之外，耐心资本为初创企业提供专业的信息支持、配备专业的基金经理人，甚至参与企业经营决策，为初创企业的早期生存提供全方位的帮助。1993年，英特尔的奔腾系列80586、AMD的 Am486和苹果与IBM全力推动的PowerPC形成了三分天下的中央处理器格局，初创时期的英伟达为避其锋芒选择以图形芯片为核心领域。但技术奠基和突破的不确定性以及长回报周期等原因使许多科技初创企业前期投入巨大、成果转化受阻，甚至面临夭折风险。此时，两位天使投资人唐·瓦伦丁和萨特·希尔在详细评估了英伟达的市场潜力和综合前景之后，联合投资200万美元，投后估值600万美元，而瓦伦丁早年在投资苹果公司时出资还不到20万美元。这笔风险投资基金不仅帮助当时刚成立就面临倒闭风险的英伟达渡过了初创期的资金危机，还为公司后续的技术研发和市场拓展提供了强有力的支持，是英伟达成长为全球领先芯片巨头的早期奠基者。2024年，英伟达市值已突破3万亿美元，成为全球AI计算领域的绝对领导者。此外，作为企业发展的陪伴者，耐心资本协助企业开展经营业务。在技术渗透、改造传统产业的过程中，以长期价值为导向的耐心资本投资策略决定了在资金融通之外，还伴随着人才、技术、供应链咨询等专业服务的提供。

On the other hand, the long-term value investment of patient capital helps promote enterprises to become better and longer-lasting. In *The Innovator's Dilemma*, Clayton Christensen describes that enterprises that establish competitive advantages in disruptive changes caused by innovation are prone to failure if they follow a linear approach to sustaining innovation and technological iteration. One reason is that new competitors break out of the established evolutionary order and better grasp industry pain points [18]18 The superscript [18] in the source text refers to a footnote or reference in the original Chinese article; its content is not provided in the translation input.. Guided by this theory, for an enterprise to achieve true development, it needs to continuously carry out self-transformation. Through continuous monitoring of market trends, analysis of consumer behavior, and assessment of technological progress, professional patient capital can quickly identify emerging market opportunities and potential risks, forming keen market insight.

另一方面，耐心资本的长期价值投资有助于推动企业做优做久。克里斯坦森在《创新者的窘境》中描述了在创新引发的颠覆性变革中确立竞争优势的企业，按照线性思路开展延续性创新、进行技术迭代容易遭受失败，原因之一是新的竞争者跳出了既定的演变秩序，更好地抓住了行业痛点(18)。在这一理论的指导之下，企业要想获得真正的发展，需要持续不断地开展自我变革。通过持续的市场趋势监测、消费者行为分析以及技术进展评估，专业的耐心资本能够迅速识别新兴市场机会和潜在风险，形成敏锐的市场洞察力。

Hillhouse is one of the most successful private equity funds in China. Its venture capital, aimed at "practicing long-term investment philosophy, transcending cycles, not being confined to stages, and creating value," provides comprehensive support for enterprises. Belle Shoes, founded in 1991, initially developed its sales network through a franchising model and established a self-operated retail network. Under a multi-brand strategy, it became an integrated footwear group encompassing merchandise planning, design and R&D, manufacturing, merchandise management, and DTC retail. In 2006, it became China's largest women's shoe retailer and was listed in 2007. However, with changes in the market consumption structure and the impact of digitalization, Belle's offline development encountered obstacles and its online transformation failed. In July 2017, as its stock price continued to decline, Belle chose to delist through privatization, and Hillhouse Capital took a stake, becoming Belle's largest shareholder. Leveraging its rich investment and operational experience, Hillhouse carried out bold reforms on the Belle Group. Through acquisitions and spin-offs, it conducted targeted transformations of various business segments, further expanded business operations, and created new growth points adapted to consumer demand. At the same time, it fully embraced digitalization, actively developed online retail business, and integrated digitalization throughout the entire process of merchandise planning, design and R&D, manufacturing, and retail operations. Under the leadership of Hillhouse Capital, a first-generation high-quality traditional manufacturing enterprise with comprehensive production and supply chains completed its transformation and upgrading. Belle's online channel revenue contribution increased from less than 7% in 2017 to approximately 28% in 2023. It can be seen that patient capital has played an important role in helping traditional enterprises connect with new technologies and develop optimally amidst unpredictable economic cycles. Sustained growth and prosperity are achieved through optimal development, and the long-term survival of the enterprise becomes a natural result.

高瓴是我国最成功的私募基金之一，其以“践行长期投资理念、穿越周期、不唯阶段、创造价值”为目标的风险投资为企业提供了全方位的支持。成立于1991年的百丽鞋业早期以特许经营的模式发展销售网络、建立自营零售网络，在多品牌策略指导下，成为集商品企划、设计研发、生产制造、商品管理、DTC零售为一体的综合鞋业集团，2006年开始成为中国最大的女鞋零售商，并于2007年上市。然而伴随着市场消费结构的变化和数字化的冲击，百丽的线下发展遇阻、线上转型失利，2017年7月，在股价不断下跌的情况下，百丽选择私有化退市，同时高瓴资本入驻，成为百丽的最大股东。高瓴凭借丰富的投资和运营经验对百丽集团进行了大刀阔斧的改革。通过收购、分拆，对各类业务板块开展针对性改造，进一步拓宽经营业务，打造适应消费者需求的新增长点。同时全面拥抱数字化，积极发展线上零售业务，使数字化贯穿商品企划、设计研发、生产制造及零售运营等的全流程。在高瓴资本的主导之下，拥有全面生产和供应链的一代优质传统制造业企业完成了转型升级。百丽线上渠道的收入贡献已由2017年的不足7%增加到2023年的大约28%。可见，耐心资本对帮助传统企业链接新技术、在起伏难料的经济周期中向优发展起到了重要作用。持续性的增长和繁荣在向优发展中得以实现，企业的长期存续成为自然的结果。

From a meso-level logic, patient capital assists in technological breakthroughs, transformation, and diffusion. The realization of new quality productive forces requires going through the entire process from technological breakthroughs from 0 to 1, followed by technological accumulation, and then technological diffusion, ultimately manifesting as industrial transformation and upgrading. The long-term nature and pro-real economy character of patient capital align with the needs of technological breakthroughs, transformation, and diffusion, enabling new quality productive forces to be unleashed amidst industrial change.

从中观逻辑来看，耐心资本助力科技突破、转化、扩散。新质生产力落地，需要历经从0到1 的技术突破和随后的技术积累，再到技术扩散的全过程，最终表现为产业的转型升级。耐心资本的长期性和亲实体经济性适配科技突破、转化和扩散的需要，使新质生产力在产业变革中得以释放。

The nature of patient capital, which is long-term investment rather than short-term profit-seeking, makes it focus on the 0-1 breakthrough in technology. In the past, the emergence of "new productive forces" has always been accompanied by the transformation from Galilean inventions to Schumpeterian destructive innovations. For example, the invention of the steam engine replaced human power with steam power, leading to a rapid increase in productive forces; the invention and widespread application of the internal combustion engine enabled electricity to break through the limitations of steam power, further liberating productive forces; the invention of the microprocessor laid the foundation for revolutionary breakthroughs in electronic technology and new energy technology; the emergence of technologies such as big data, blockchain, artificial intelligence, and cloud computing has driven productive forces to develop in depth from physical space to virtual space. The process from Galilean inventions to Schumpeterian destructive innovations and then to technological collaborative diffusion becoming real productive forces requires the accumulation of disruptive technologies. The stage with the highest time cost and trial-and-error cost is the process of disruptive innovation from 0 to 1. Further innovation based on this is continuous innovation built upon past experience and ideas. The 0-1 breakthrough process is a stage of concentrated uncertainty and risk, a critical period determining whether basic research results can cross the "valley of death" to achieve commercial transformation. This period directly determines the ultimate success or failure of disruptive innovation activities (20). Patient capital, which focuses on disruptive innovation, creates an environment highly "tolerant" of short-term failure by relaxing short-term financial indicators. Future market potential makes patient capital willing to accept failures "from 0 to 0" and assist innovation entities in continuously exploring disruptive innovation paths "from 0 to 1" (21). This process builds the technological foundation required for the release of new quality productive forces.

耐心资本长期投资而非短期逐利的性质，使其聚焦于科技的0—1突破。以往“新生产力”的产生均伴随着伽利略式的发明创造向熊彼特式破坏性创新的转变，如蒸汽机的发明使蒸汽动力替代人力促使生产力快速提升；内燃机的发明及广泛应用使电力突破了蒸汽动力的局限，生产力进一步解放；微处理器的发明为电子技术和新能源技术的革命性突破奠定了基础；大数据、区块链、人工智能、云计算等技术的出现，带动生产力从现实空间向虚拟空间纵深发展。从伽利略式的发明创造到熊彼特式的破坏性创新再到技术协同扩散成为真正的生产力过程，中间需要颠覆性技术的集聚。这一阶段时间成本、试错成本最高的时期是技术从0到1的颠覆性创新过程，在此基础上的进一步创新则是在既往经验与思路之上的延续性创新。0—1突破过程是不确定性和风险集中的阶段，是决定基础研究成果能否跨越“死亡之谷”实现商业转化的关键时期，这一时期直接决定了颠覆式创新活动的最终成败(20)。聚焦颠覆性创新的耐心资本，对短期财务指标的放松为创新活动打造出一个对短期失败高度“容忍”的环境，未来的市场潜力使耐心资本愿意接受“从0到0”的失败，并协助创新主体不断探索“从0到1” 的颠覆性创新路径(21),这一过程构筑了新质生产力释放所需的技术基底。

The main battlefield of patient capital is the real economy, not the virtual economy, and it is grounded in industrial transformation and upgrading. The pro-real economy character means that patient capital does not profit from the circulation of the virtual economy. When Marx analyzed capital and its laws of motion, he pointed out that the functional transformation process of industrial capital is accompanied by the capital movement "G—W…P…W'—G'." Through the production process combining laborers and means of labor, "the advanced value is not only preserved, but also increased." (22) In contrast, in the case of interest-bearing capital, the circulation of capital is simplified to a result without mediation, expressed in a concise form, namely "G—G'" (23), presenting the characteristic that interest is "the increment which capital itself begets" (24). Subsequently, after the separation of the right to use and ownership of capital, functional capitalists and loan capitalists further differentiated. Relying on banks and the credit system, share capital and securities such as stocks emerged, and the movement of fictitious capital appeared alongside the movement of real capital. At this point, fictitious capital can be created "through the mere means of circulation," breaking free from the constraint of productive capital as "value that produces surplus value." Marx pointed out sharply that the virtual economy, which aims at rapid appreciation and deviates from or is completely independent of the real economy to achieve self-circulation, seeks to skip the production link, causing "the mysterious and self-creative source of capital's own self-expansion" (25) to obscure the essence that only productive labor can create value. However, if the innovation of the financial system and the addition of capital are not based on the development of the real economy, they will not only fail to generate new quality productive forces but will instead become "weapons of mass destruction" for productive forces. To truly achieve a leap in productive forces, the combination of laborers, means of labor, and objects of labor is an indispensable process. Only in the production process can the enhancement of humanity's ability to transform nature be realized. Similarly, the reason why innovation-driven technological change can manifest as productive forces is that the driving role of innovation is demonstrated in industrial change and upgrading. Therefore, the foothold of patient capital investing in the real economy rather than the virtual economy allows the power of disruptive innovation to be manifested in the process of surplus value production, achieving a leap in productive forces through technological diffusion, that is, in the development of emerging industries and the transformation and upgrading of traditional industries.

耐心资本的主战场在实体经济而非虚拟经济，落脚于产业的转型升级。亲实体经济性意味着耐心资本不是在虚拟经济的循环中获利。马克思在分析资本及其运行规律时，指出产业资本的职能转换过程伴随着“G—W…P…W’ —G’”的资本运动。经过劳动者和劳动资料相结合的生产过程，“预付的价值不仅保存了，而且增长了”。(22)与此相对的，在生息资本的场合，资本的流通简化地表现为没有中介的结果，表现为一种简练的形式，即“G—G’”(23),呈现利息是资本“它自己所生出的增殖额”这一特征(24)。继而在资本的使用权与所有权分离之后，职能资本家和借贷资本家进一步分化，依托银行和信用体系，股份资本以及股票等有价证券出现，在现实的运动外出现了虚拟资本的运动。此时，虚拟资本可以“通过单纯流通手段”来创造，摆脱了生产资本“作为会生产出剩余价值的价值”的束缚。马克思一针见血地指出，以尽快增殖为目的、偏离或完全独立于实体经济实现自循环的虚拟经济追求跳过生产环节，使“资本自身增殖的神秘的和富有自我创造力的源泉”(25)掩盖了只有生产性劳动才能创造价值这一本质。然而，若金融体系的创新和资本的追加不以实体经济的发展为依据，非但不会产生新质生产力，反而会成为生产力的“大规模杀伤性武器”。要真正实现生产力的跃升，劳动者、劳动资料和劳动对象的结合是不可忽略的过程，只有在生产过程中才能实现人类改造自然能力的提升。同样地，由创新驱动的技术变革之所以能够体现为生产力，是由于创新的带动作用在产业变革和升级中展现。因此，耐心资本投资于实体经济而非虚拟经济的落脚点，使颠覆性创新的力量在剩余价值生产过程得以体现，在技术扩散亦即新兴产业发展与传统产业转型升级中实现生产力跃升。

From a macro-level logic, patient capital assists the economy in achieving high technology, high efficiency, and high quality. On the basis of revolutionary technological breakthroughs, the innovative allocation of production factors drives the transformation of the production function, ultimately affecting total factor productivity, thereby changing the development mode of the macroeconomy and improving the efficiency of economic operation.

从宏观逻辑来看，耐心资本助力经济高技术、高效能、高质量。在技术革命性突破的基础之上，生产要素的创新性配置推动生产函数嬗变，最终影响全要素生产率，使宏观经济的发展方式转变，经济运行效率得以提高。

The pioneering nature of patient capital is conducive to promoting the construction of a new production function. The "new" in new quality productive forces is reflected in its pioneering character, possessing the nature of "leading" rather than "following." In previous scientific and technological revolutions, changes in technology led to the successive introduction of factors such as capital, knowledge, management, and data into the production function, manifested as a compression of the input-output ratio, that is, an increase in productive forces. The reason why patient capital is suitable for the cultivation and development of new quality productive forces lies in its attitude of pioneering rather than maintaining the status quo when facing different investment targets in the capital market, based on national strategies to carry out tracking medium- and long-term investments, and exploring new growth points that can disrupt the existing production function.

耐心资本的开拓性质有利于推动构建新生产函数。新质生产力的“新”体现在其开拓性，具备“引领”而非“跟随”的性质。在历次科技革命中，技术的变迁使资本、知识、管理和数据等因素相继引入生产函数，表现为投入—产出比的压缩，也就是生产力的提升。耐心资本之所以适配新质生产力的培育和发展，在于其以开拓而非守成的心态面对资本市场中不同的投资对象，立足于国家战略开展跟踪性中长期投资，挖掘能够颠覆现有生产函数的新增长点。

The course of China’s digital economy development well reflects the tremendous changes brought about by pioneering technologies and the integration of new factors into the production function. Since the invention of internet technology, China has seized the opportunities of digital development, actively developing data elements with an open mindset, enabling them to coordinate and cooperate with traditional factors, releasing potential in digital labor. Between 2012 and 2023, the scale of China’s digital economy grew from 11 trillion yuan to 53.9 trillion yuan, with an average annual growth rate exceeding 15%. In the digital wave, including Alibaba, Tencent, Meituan, and Didi, almost all digital enterprises received early financial support from angel investment, venture capital, and private equity investment in their founding stages, objectively playing a positive role in promoting digital industrialization and industrial digitalization. Therefore, patient capital’s pioneering nature of investing in “small,” “early,” “new,” and “technology,” rather than the conservative nature of chasing “big,” “hot,” “fast,” and “high turnover,” makes it easier for it, compared to “non-patient capital,” to seize new market opportunities and play a role in the cultivation and release of new quality productive forces.

我国的数字经济发展历程很好地体现了开拓性技术和新要素融入生产函数带来的巨变。自互联网技术发明以来，我国紧抓数字化发展机遇，以开放的心态积极发展数据要素，使其与传统要素协调配合，在数字化劳动中释放潜力。2012—2023年间，我国数字经济规模从11万亿元达到 53.9 万亿元，年均增速超过15%。在数字化浪潮中，包括阿里巴巴、腾讯、美团、滴滴在内，几乎所有数字企业在创始阶段都得到了天使投资、风险投资和私募股权投资的早期资金支持，客观上对数字产业化和产业数字化进程起到积极推动作用。因此，耐心资本投“小”、投“早”、投“新”、投“科技”的开拓性，而不是追“大”、追“热”、追“快”、追“高周转”的守成性，使其相较于“非耐心资本”更容易抓住新的市场机会，在新质生产力的培育和释放过程中发挥作用。

Patient capital is conducive to driving the agglomeration and allocation of various factors, spurring the enhancement of total factor productivity. Capital is an important link driving the agglomeration and allocation of various production factors, and thus is an important force promoting the development of social productive forces. The characteristics of capital determine the nature of the economy it drives. Specifically, if capital pursues “fast in, fast out,” then the economy it drives exhibits extensive development trends; if capital is “patient” and technology-friendly, the economic development mode it drives displays characteristics of high technology, high efficiency, and high quality.

耐心资本有利于驱动各类要素集聚配置，催动全要素生产率提升。资本是带动各类生产要素集聚配置的重要纽带，因而是促进社会生产力发展的重要力量。资本的特征决定了它所驱动的经济性质，具体而言，如果资本追求“快进快出”,那么由它驱动的经济呈粗放发展态势；如果资本是“耐心”的、技术友好的，由它驱动的经济发展方式则展现出高技术、高效能、高质量特征。

In the 1970s, the United States faced a series of difficulties in economic development, among which stagflation was typical. Lacking endogenous impetus, economic growth driven by the accumulation of traditional factors was weak, while the problems of high pollution and high energy consumption in production increasingly drew attention. At this time, deregulation reforms provided assistance for the improvement of the investment market. In 1971, the United States established the National Association of Securities Dealers Automated Quotations system, namely the NASDAQ market. The establishment of this market provided a financing platform for small and medium-sized enterprises, especially technology enterprises, while also building a convenient exit channel for venture capital. Subsequently, the National Venture Capital Association was established in 1973, becoming the first national self-regulatory organization for the venture capital industry in the United States. Around 1980, private equity buyout funds began to emerge. The continuous improvement of the investment market provided a venue for patient capital to play its role. In the Third Industrial Revolution, the development processes of numerous first-class enterprises such as Apple, Amazon, and IBM all received financial support from patient capital. Driven by patient capital, new production factors such as entrepreneurship and technological innovation combined and agglomerated with traditional factor combinations, helping the United States gradually emerge from the stagflation situation and continue to lead the innovation trend in the Third Industrial Revolution. According to estimates, between 1973 and 1989, the average annual growth rate of total factor productivity in the U.S. non-farm sector was only 0.39%. It began to rise after 1989, and during the decade from 1995 to 2005, the average annual growth rate of total factor productivity reached 1.46%. In the new round of technological revolution and industrial transformation, the new production function driven by technology and utilizing data elements promotes the enhancement of total factor productivity, while simultaneously possessing intelligent and green characteristics. Therefore, patient capital oriented towards the long-term, quality, innovation, and the real economy will accelerate the optimization of the combination of production factors, steering China’s economy towards a direction of high technology, high efficiency, and high quality.

20世纪70年代，美国在经济发展中面临一系列困境，其中较为典型的是经济滞胀。缺乏内生动力，靠传统要素积累驱动的经济增长乏力，同时生产的高污染和高能耗问题日益受到关注。此时，放松规制改革为投资市场的完善提供了助力。1971年，美国成立了全美证券交易商协会自动报价系统，即纳斯达克市场。这一市场的建立为中小企业尤其是科技企业提供了融资平台，同时搭建起便利的风险投资退出渠道。随后，美国风险投资协会于1973年成立，成为美国第一家全国性的风险投资业自律组织。1980年前后，私募股权并购基金开始出现。投资市场的不断完善为耐心资本发挥作用提供了场所。在第三次产业革命中，苹果、亚马逊、IBM等众多一流企业的发展过程均有耐心资本的资金支持。经过耐心资本的驱动，企业家精神和技术创新等新生产要素与传统要素组合集聚，带动美国逐渐走出经济滞胀局面，在第三次产业革命中继续引领创新风潮。据测算，1973—1989年间，美国非农部门全要素生产率的年均增长率仅为0.39%,1989年后开始上升，在1995年到2005年的十年间，全要素生产率的平均年增长达到1.46%。在新一轮科技革命和产业变革之中，由技术驱动、数据要素发挥作用的新生产函数带动全要素生产率提升，同时兼具智能和绿色特征。因此，向远、向质、向新、向实的耐心资本将加速推动生产要素组合优化，使我国经济朝向高技术、高效能、高质量方向转变。

III. Realization Path for Assisting the Development of New Quality Productive Forces with Patient Capital

三、以耐心资本助力新质生产力发展的实现路径

Against the backdrop of increasingly fierce competition for technological sovereignty, facing the “bottleneck” problems in key core technology fields, China urgently needs to cultivate technological innovation, making new quality productive forces a new driving force for economic development. Facing this major national strategic need, China currently has problems such as “uneven distribution of funds” [19]19 “Uneven distribution of funds” (资金苦乐不均): A Chinese economic idiom describing the situation where some sectors or enterprises have abundant funds while others face severe shortages, leading to inefficient allocation of financial resources., “more money, less capital” [20]20 “More money, less capital” (钱多本少): A Chinese economic term referring to a situation where there is a large amount of monetary funds (money) in the economy, but insufficient equity capital (资本) willing to bear long-term risks and support innovation and实体经济 (real economy) development., and insufficient patient capital. Therefore, it is necessary to rely on a well-developed capital market, expand the patient capital team, create a “patient” environment, and solidify the “patient” foundation, providing institutional guarantees for cultivating new quality productive forces with patient capital.

在当今技术主权竞争愈演愈烈的时代背景下，面对关键核心技术领域的“卡脖子”难题，我国亟待培育技术创新，使新质生产力成为经济发展的新动能。面对这一国家重大战略需求，当前我国存在资金“苦乐不均”、“钱多本少”和耐心资本不足等问题。因此，需要完善的资本市场作为依托，壮大耐心资本队伍、打造“耐心”环境、筑牢“耐心”根基，为以耐心资本培育新质生产力提供制度保障。

(I) Improve the Capital Market, Expand Patient Capital

(一)完善资本市场，壮大耐心资本

As the core of the modern financial system, the operation of the capital market is an important carrier determining the efficiency of resource allocation, and is also a core element affecting the innovation vitality of market entities. To develop and expand patient capital, we must start by establishing a standardized, transparent, open, vibrant, and resilient capital market.

作为现代金融体系的核心，资本市场的运行是决定资源配置效率的重要载体，同时也是影响市场主体创新活力的核心要素。要发展壮大耐心资本，必须从建立规范、透明、开放、有活力、有韧性的资本市场开始。

On the one hand, it is necessary to improve the “fundraising, investment, management, and exit” ecosystem. A reasonable and effective capital flow system is the soil for boosting patient capital. The State Council executive meeting held on September 18, 2024, pointed out the need to promptly unblock the blockages and bottlenecks existing in each link of “fundraising, investment, management, and exit,” and optimize support policies around the entire chain of “fundraising, investment, management, and exit” to enhance the functions of the capital market and create a good capital ecosystem. In the fundraising stage, continuously optimize the fundraising environment, simplify the establishment and filing procedures for private funds, and encourage naturally patient capital such as pension funds and insurance funds to engage in venture investment; in the investment stage, establish and improve the docking mechanism between venture capital and innovation projects, guiding social capital towards key areas such as national strategic emerging industries and high-tech industries through market-oriented operation methods; in the management stage, implement the regulatory responsibilities of all parties, enhance the effectiveness of coordinated supervision, and guide the capital market towards innovation and the real economy; in the exit stage, strengthen market-oriented, legalized, and systematic exit mechanisms [26]26 Market-oriented, legalized, and systematic exit mechanisms: Refers to the need for exit channels for venture capital and private equity investments (such as IPOs, mergers, and trade sales) to be governed by market principles, operate within a clear legal framework, and form a coherent, systematic process rather than being ad hoc., establish diversified exit mechanisms such as IPOs, mergers and acquisitions, and equity transfers, and broaden exit channels. By improving the entire “fundraising, investment, management, and exit” ecosystem, unblocking the capital flow system, ensuring the market’s survival-of-the-fittest mechanism functions, and promoting the long-term healthy development of the capital market.

一方面，要完善“募投管退”生态。合理、有效的资本流动制度是提振耐心资本的土壤。2024年9月18日召开的国务院常务会议指出，要尽快疏通“募投管退”各环节存在的堵点卡点，围绕“募投管退”全链条优化支持政策，以增强资本市场功能，打造良好的资本生态。在募集阶段，持续优化募资环境，简化私募基金设立和备案流程，鼓励养老金、保险资金等天然的耐心资本开展创业投资；在投资阶段，建立健全创业投资与创新项目的对接机制，通过市场化运作方式，引导社会资本投向国家战略性新兴产业、高技术产业等关键领域；在管理阶段，落实各方主体监管责任，增进协同监管质效，引导资本市场向新向实发展；在退出阶段，要加强市场化、法制化、系统化退出机制(26),建立IPO、并购、股权转让等多样化的退出机制，拓宽退出渠道。通过完善“募投管退”全生态，畅通资本流动体制，保证市场的优胜劣汰机制发挥作用，促进资本市场的长期健康发展。

On the other hand, it is necessary to broaden the sources of patient capital. Simultaneously leverage the roles of an effective market and a proactive government, actively guiding and introducing various medium and long-term funds, such as insurance funds, bank funds, state-owned capital, and government investment funds. For insurance funds, appropriately raise the upper limit of the concentration ratio for venture capital funds, providing medium and long-term financial support to the market and assisting the development of emerging enterprises. For bank funds, support asset management institutions in increasing investment in venture projects, appropriately issue long-term asset management products to match venture capital needs, and promote the transformation of funds from short-term savings to long-term investment. For state-owned capital and government investment funds, play a strategic guiding role, providing greater support to central enterprise venture capital funds. Government-established industrial investment funds are currently an important source of patient capital, but in the long run, the participation of market-led capital is an important factor for the sustainability of patient capital. Therefore, it is necessary to leverage the guiding role of state-owned venture capital, achieving state capital leading investment and institutions following investment, leveraging more social capital to transform into patient capital, and actively guiding market-led capital to deeply participate in the transformation of hard technology achievements.

另一方面，要拓宽耐心资本来源。同时发挥有效市场和有为政府的作用，积极引导和引入各方中长期资金，如保险资金、银行资金、国资和政府投资基金等。对于保险资金，适度提高创业投资基金集中度的比例上限，给予市场中长期资金支持，助力新兴企业发展。对于银行资金，支持资产管理机构加大对创业项目的投入，适度发行长期资管产品匹配创投需求，促进资金从短期储蓄向长期投资转化。对于国资和政府投资基金，发挥战略引导作用，给予中央企业创投基金更大的支持。政府设立的产业投资基金是当下耐心资本的重要来源，但长期来看，市场主导资本的参与是耐心资本可持续的重要因素。因此要发挥国资创投的引导作用，实现国资领投，机构跟投，撬动更多社会资本转化为耐心资本，积极引导市场主导资本深度参与硬科技成果转化。

(II) Deepen Institutional Reform, Shape a “Patient” Environment

(二)深化体制改革，形塑“耐心”环境

The investment environment directly affects the investment behavior of market entities. A “patient” investment environment is conducive to the full play of the role and healthy development of patient capital already in the field, thereby creating a demonstration effect, attracting various types of capital to continuously enter the market and make follow-up investments. Therefore, starting from the three aspects of the evaluation system, fault-tolerance mechanism, and incentive mechanism, we should create a patient environment suitable for the sustainable development of patient capital, providing guarantees for promoting the development of new quality productive forces with patient capital.

投资环境直接影响市场主体的投资行为。“耐心”的投资环境有利于已在场耐心资本作用的充分发挥、良性发展，从而形成示范效应，吸引各类资本持续入场、接续投资。因此，应从评价体系、容错机制和激励机制三个方面出发，打造适宜耐心资本可持续发展的耐心环境，为以耐心资本推动新质生产力发展提供保障。

First, reform the evaluation system.

第一，改革评价体系。

First, explore the establishment of a long-cycle investment evaluation system. The medium- to long-term investment nature of patient capital and the long-cycle characteristics of innovative investment projects mean that the traditional annual evaluation mechanism may interfere with patient capital’s long-term investment decisions. Therefore, to avoid the impact of short-term assessments on patient capital, relevant uncertain factors such as markets and technologies closely linked to venture capital should be comprehensively considered, the evaluation cycle should be appropriately extended, and room for development should be given to innovation entities and investment entities. Second, reform the single short-term evaluation standard centered on financial indicators. The investment targets of patient capital are often highly innovative, strategically significant high-tech fields and emerging industries, and a single financial evaluation indicator is difficult to capture its long-term, value-oriented characteristics. Especially in the field of state-owned venture capital, an assessment that centers on preserving and increasing the value of state-owned capital and emphasizes financial indicators is not suited to the characteristics of patient capital. A personalized comprehensive evaluation mechanism of “one policy for one industry, one policy for one enterprise” should be established, along with a multi-level dynamic evaluation system for different investment decision-making stages, to encourage high-risk, high-value basic research and provide sufficient support for scientific and technological innovation activities.

首先，探索建立长周期投资评价体系。耐心资本的中长期投资性质以及创新性投资项目的长周期特征，使基于年度的传统评价机制可能干扰耐心资本的长期投资决策。因此，为避免短期考核对耐心资本的影响，应综合考虑与风险投资有密切联系的相关市场、技术等不确定性因素，适度延长评价周期，给予创新主体、投资主体发展空间。其次，变革以财务指标为中心的单一短期评价标准。耐心资本的投资对象往往是创新性强、具有战略意义的高新技术领域和新兴产业，单一财务评价指标难以表现其长期、价值特征。尤其是在国资创投领域，国有资本以保值增值为中心、偏重财务指标的考核不适应耐心资本的特征。应搭建“一业一策、一企一策”的个性化综合评价机制，同时建立不同投资决策阶段的多层次动态评价体系，鼓励开展高风险、高价值基础研究，对科技创新活动给予足够支持。

Second, establish a fault-tolerance mechanism.

第二，建立容错机制。

The famous American entrepreneur Musk, when summarizing the experience of past innovation practices, pointed out that failure is a necessary component of innovation; behind any great innovation, there are often countless attempts and failures. Therefore, a well-established fault-tolerance mechanism is a necessary condition for the gestation of innovation activities and is also the foundation for the growth and expansion of patient capital. To this end, exploring the establishment of a fault-tolerance and exemption mechanism should be explored, taking into account factors such as project innovativeness, development potential, and strategic significance, and clarifying the boundaries of “acceptable errors.” Through a highly transparent fault-tolerance mechanism, normal investment risks should be prevented from being used as a basis for accountability, alleviating the ideological burden of venture capital funds that “want to invest but dare not”; in addition, according to the different stages of funds such as seed, angel, venture capital, industrial investment, and M&A funds, and the different characteristics of the entire process of seed fund raising, investment, management, and exit, the specific circumstances for mitigating or exempting the responsibility of relevant responsible persons should be refined, a scientifically reasonable loss tolerance rate should be set, and a systematic and inclusive investment environment should be created for patient capital.

美国著名企业家马斯克在总结历次创新实践的经验时指出，失败是创新的必要组成部分，任何伟大的创新背后，往往伴随着无数次的尝试与失败。因此，完善的容错机制是创新活动孕育的必要条件，也是耐心资本发展壮大的基础。为此，应探索建立容错免责机制，将项目创新性、发展潜力和战略意义等考虑在内，明确“可接受错误”的边界。通过高度透明的容错机制，防止将正常的投资风险作为追责依据，缓解创投基金“想投不敢投”的思想包袱；另外，根据种子、天使、创投、产投、并购等基金的不同阶段，种子基金募集、投资、管理、退出全环节全流程的不同特征，细化相关负责人免责或减轻定责的具体情形，设置科学合理的容亏率，为耐心资本打造系统性的包容投资环境。

Third, optimize the incentive mechanism.

第三，优化激励机制。

Patient capital needs to function within the capital cycle of the market, not be driven by administrative orders. Excessive administrative intervention and “campaign-style” protection for related investment projects are not conducive to the sustainable development of patient capital, and may even disrupt the normal laws of cultivating new quality productive forces, producing counterproductive policy effects. Therefore, establishing a long-term-oriented incentive mechanism with appropriate rewards and penalties is necessary to guide the healthy circulation of patient capital. On the one hand, improve the equity incentive system. Clarify the implementation procedures, grant, and vesting optimization links of equity incentives, and encourage patient capital to actively adopt equity incentives to achieve incentive alignment between investors and enterprises. On the other hand, improve the precision of incentives. Implement tiered and categorized precise policy application targeting founding teams, core business, and technical backbone personnel, study and optimize the arrangement of reserved equity for incentives, so that incentivized personnel voluntarily extend the lock-up period of shares, allowing patient capital to continue to exert force.

耐心资本需要在市场的资本循环中发挥作用，而不是靠行政命令推动。过度的行政干预以及针对相关投资项目的“运动式”保护不利于耐心资本的可持续性发展，甚至可能打乱新质生产力培育的正常规律，产生相反的政策效果。因此，建立长期取向、奖罚有度的激励机制，才能引导耐心资本健康循环。一方面，完善股权激励制度。明确股权激励实施程序、授予与归属优化等环节，鼓励耐心资本积极采取股权激励，实现投资者与企业的激励相容。另一方面，提高激励精准性。针对创始团队、核心业务和技术骨干实施分层分类的精准施策，研究优化股权激励预留权益的安排，使被激励人员自愿延长股份锁定期限，让耐心资本能够持续发力。

(III) Focus on Technology Implementation, Consolidate the Foundation of “Patience”

(三)聚焦技术落地，筑牢“耐心”根基

To cultivate and develop new quality productive forces, scientific and technological innovation is the starting point, and the key is that scientific and technological achievements can be implemented and transformed; similarly, the foundation of patient capital’s “patience” lies in the high profitability and broad prospects brought about by the implementation and diffusion process of scientific and technological achievements. Discussing “patience” divorced from profitability does not conform to objective laws. Therefore, to cultivate new quality productive forces with patient capital, it is necessary, on the basis of cultivating scientific and technological innovation, to focus on the process of transforming and diffusing scientific and technological innovation into technology implementation, thereby consolidating the foundation for patient capital.

培育和发展新质生产力，科技创新是起点，关键是科技成果能够落地转化；同样地，耐心资本“耐心”的根基在于科技成果落地及扩散过程带来的高盈利能力和广阔前景，脱离了盈利能力谈“耐心”并不符合客观规律。因此，以耐心资本培育新质生产力，需要在培育科技创新的基础上，聚焦科技创新转化和扩散的技术落地过程，为耐心资本筑牢根基。

First, build a multi-level capital market to serve scientific and technological innovation. Considering the long-cycle nature and strong uncertainty of scientific and technological innovation, as well as the characteristics of science and technology enterprises, which are primarily based on intellectual assets and have fewer collateral, the capital market needs to provide more targeted multi-dimensional incentives and guidance for scientific and technological innovation, enhancing the service coverage and precision of the multi-level capital market. Currently, China’s capital market system includes two major categories: exchange markets and over-the-counter markets. The exchange markets include the STAR Market, the SME Board, and the Main Board, while the over-the-counter markets include the New Third Board and the New Fourth Board. [1]1 The STAR Market (科创板) is Shanghai’s Nasdaq-style board for tech firms; the SME Board (中小板) was for small and medium enterprises (merged into the Main Board in 2021); the New Third Board (新三板) is the National Equities Exchange and Quotations (NEEQ) for unlisted public companies; the New Fourth Board (新四板) refers to regional equity markets. On the basis of the Main Board’s fundamental function as a “blue-chip market for large caps,” strengthen the positioning check of each board in the stages of coaching acceptance, acceptance, review, and registration, and strive to create a benign pattern where the STAR Market, the ChiNext Board, and the Beijing Stock Exchange each have their own focus, coordinate, and complement each other’s development. To enable patient capital to have a clear target, guide the STAR Market to highlight its “hard technology” characteristics, so that enterprises with key core technologies and large market potential receive support; guide the ChiNext Board to highlight its “three innovations and four new” features, [2]2 “Three innovations and four new” (三创四新) refers to innovation, creativity, and entrepreneurship (三创) and new industries, new business forms, new models, and new technologies (四新), a positioning standard for the ChiNext Board. strengthen anti-risk capability and growth requirements, and better serve growth-oriented innovative and entrepreneurial enterprises; position the Beijing Stock Exchange for “specialization, refinement, differentiation, and innovation,” [3]3 “Specialization, refinement, differentiation, and innovation” (专精特新) is a Chinese policy designation for SMEs that are specialized, refined, differentiated, and innovative. cooperate with the National Equities Exchange and Quotations system, and jointly build a main front for serving innovative small and medium-sized enterprises. At the same time, set up a transfer mechanism between the STAR Market and the ChiNext Board, smooth the connections between the boards, so that enterprises can smoothly switch as needed, better leveraging the financing function of the multi-level capital market to support the development of enterprise scientific and technological innovation activities.

一是构建多层次资本市场，服务科技创新。考虑到科技创新的长周期性和强不确定性以及科技企业智力资产为主、抵押物较少的特点，资本市场需更具针对性地为科技创新提供多维度的激励引导，提升多层次资本市场的服务覆盖面和精准度。目前我国的资本市场体系包含交易所市场和场外市场两大类，其中交易所市场包含科创板、中小板和主板，场外市场则包含新三板和新四板。在主板“大盘蓝筹”本位功能基础上，加强辅导验收、受理、审核、注册各环节对板块的定位把关，着力打造科创板、创业板和北交所各有侧重、协调互补发展的良性格局。为使耐心资本有的放矢，应引导科创板突出“硬科技”特色，使具有关键核心技术、市场潜力大的企业得到支持；创业板突出“三创四新”特征，强化抗风险能力和成长性要求，更好地服务于成长型创新创业企业；北交所定位“专精特新”,与全国股转系统相配合，共同打造服务创新型中小企业的主阵地。同时，设置科创板、创业板的转板机制，畅通板块之间的连接，使企业能够根据需要顺畅转换，更好地发挥多层次资本市场的融资功能，支持企业科技创新活动的开展。

Second, improve the “green channel” to assist in the transformation of scientific and technological achievements. To achieve “one step ahead” in the transformation of scientific and technological achievements, policy coordination among relevant departments should be strengthened, science and technology enterprises should be accurately identified, and priority support should be given to science and technology enterprises that have achieved breakthroughs in key core technologies in their financing in the capital market. On the one hand, innovate financial technology products to assist in the transformation of innovation achievements. For example, support bond financing for strategic emerging industries and high-tech enterprises, encourage policy institutions and market institutions to provide credit enhancement support for private science and technology enterprises issuing science and technology innovation bonds; by restructuring the rules for directional convertible bonds, optimize the small-sum rapid review mechanism, appropriately increase the inclusiveness of restructuring valuations for asset-light science and technology enterprises, support science and technology enterprises in improving quality and efficiency; in accordance with laws and regulations, support high-quality unprofitable science and technology enterprises with key core technologies, large market potential, and prominent scientific and technological innovation attributes in listing domestically or overseas, optimize the financing environment for science and technology enterprises to go public, etc. On the other hand, precisely support strategic emerging industries, and support and cultivate innovative industries with long-term continuous capital investment. Reshape and extend the financial service system, build an innovation investment alliance targeting industry leaders, guide banking institutions and the capital market to provide more precise new-type financial services to science and technology enterprises, especially guide medium- and long-term funds to carry out systematic capital supply along the technological evolution path of the industry chain, providing an inexhaustible source for laying out strategic emerging industries.

二是健全“绿色通道”,助力科技成果转化。为实现科技成果转化“快人一步”,应加强相关部门的政策协同，精准识别科技型企业，优先支持实现关键核心技术突破的科技型企业在资本市场的融资。一方面，创新金融科技产品助力创新成果转化。比如，支持战略性新兴产业和高新技术企业的债券融资，鼓励政策性机构和市场机构为民营科技型企业发行科创债券提供增信支持；通过重构定向可转债重组规则，优化小额快速审核机制，适当提高轻资产科技型企业重组估值的包容性，支持科技型企业提质增效；依法依规支持具有关键核心技术、市场潜力大、科创属性突出的优质未盈利科技型企业在境内外上市，优化科技型企业上市融资环境等。另一方面，精准支持战略性新兴产业，以长效接续的资本投入支持和培育创新产业。重塑和延伸金融服务体系，搭建针对产业龙头的创新投资联盟，引导银行机构和资本市场对科技型企业提供更为精准的新型金融服务，特别是引导中长期资金沿着产业链的技术演进路径开展系统性资金供给，为布局战略性新兴产业提供不竭的源泉。

Online Editor: Paul

网络编辑：保罗