Cultivating and Strengthening Patient Capital to Promote the Development of New Quality Productive Forces

Introduction

引言

The meeting of the Political Bureau of the CPC Central Committee held on 30 April 2024 pointed out that "it is necessary to strengthen the layout of national strategic scientific and technological forces, cultivate and expand emerging industries, make forward-looking arrangements for the construction of future industries, and use advanced technology to empower the transformation and upgrading of traditional industries. It is necessary to actively develop venture capital and strengthen patient capital." [1]1 The ChiNext (创业板) is a NASDAQ-style board on the Shenzhen Stock Exchange for high-growth, innovative start-ups. The STAR Market (科创板) is a similar board on the Shanghai Stock Exchange, officially the Science and Technology Innovation Board, established in 2019. Subsequently, the "Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-Path Modernization" adopted by the Third Plenary Session of the 20th Central Committee of the Party further clearly stated, "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." [2]2 The Third Plenary Session of the 20th Central Committee of the CPC was held in July 2024, focusing on comprehensively deepening reform. The "Decision" is a key policy document from that session. This is a key measure to comprehensively promote China's scientific and technological innovation and high-quality economic development against the backdrop of profound changes in the domestic and international economic environment and landscape. The transformation of old and new economic drivers not only requires accelerating this process through new quality productive forces, but also needs the participation of patient capital, which possesses long-term investment concepts and the ability to discover long-term value, to play its long-lasting role in promoting the development of new quality productive forces, thereby further enhancing the resilience and vitality of China's economy.

2024年4月30日召开的中共中央政治局会议指出，“要加强国家战略科技力量布局，培育壮大新兴产业，超前布局建设未来产业，运用先进技术赋能传统产业转型升级。要积极发展风险投资，壮大耐心资本”。此后，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》进一步明确指出，“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”[2]。这是在国内外经济环境和格局发生深刻变化的背景下，全方位推进我国科技创新和经济高质量发展的关键举措。经济新旧动能的转换，不仅需要通过新质生产力加速这一进程，更需要具有长期投资理念和长期价值发现能力的耐心资本参与并发挥其推动新质生产力发展的长效作用，进一步提升我国经济的韧性和活力。

Since the term "patient capital" first appeared in official documents not long ago, there has been relatively little academic research on it. Reviewing the existing literature, theoretical research mainly includes: Li Sanxi et al. believe that the development and strengthening of patient capital is of great significance for promoting high-quality development of China's economy and cultivating the momentum of new quality productive forces, and they propose targeted policy recommendations for the multiple bottlenecks currently existing in China's development of patient capital [3]3 The People's Bank of China is the central bank of the People's Republic of China.; Fang Hanting believes that rapidly expanding the scale of patient capital requires coordinated efforts from the state, enterprises, and families [4]4 The "Statistical Report on Loan Directions of Financial Institutions" is an annual report published by the People's Bank of China detailing the allocation of loans by financial institutions across various sectors.; Guo Chuhan and Zhang Yan, by exploring the dialectical relationship among patient capital, smart money, and new quality productive forces, explain the operational mechanisms of patient capital and smart money, and propose paths for their cultivation and enhancement [5]. Empirical research mainly includes: Wen Lei and Li Sifei, based on data from China's A-share listed companies from 2011 to 2022, empirically test the impact of patient capital on enterprises' new quality productive forces, finding that patient capital can promote the improvement of enterprises' new quality productive forces [6]; Yang Fang et al., using data from Shanghai and Shenzhen A-share listed companies from 2011 to 2022, measure the patient capital owned by enterprises using the proportion of stable equity and the proportion of relational debt, finding that increases in both the proportion of stable equity and the proportion of relational debt can significantly enhance the level of enterprises' new quality productive forces [7]; Jiang Zhongyu and Wu Fuxiang, conducting an empirical test using data from manufacturing A-share listed companies from 2011 to 2022, show that patient capital effectively promotes the improvement of innovation efficiency in manufacturing enterprises [8].

由于耐心资本的表述首次见于官方文件至今不久，学界对其研究较少。梳理现有文献，理论研究方面主要有：李三希等认为耐心资本的发展壮大对推动中国经济高质量发展、培育新质生产力动能具有重要意义，并针对目前我国发展耐心资本存在的多个堵点问题，提出了针对性政策建议[3]；房汉廷认为快速壮大耐心资本规模需要国家、企业、家庭协同发力[4]；郭楚晗和张燕通过探讨耐心资本、聪明资金与新质生产力之间的辩证关系，阐释耐心资本和聪明资金的运作机制，并提出它们的培育和提升路径[5]。实证研究方面主要有：温磊和李思飞基于2011—2022年我国A股上市公司的数据，实证检验耐心资本对企业新质生产力的影响，发现耐心资本能够促进企业新质生产力提升[6]；杨芳等采用沪深A股上市公司2011—2022年的数据，以稳定型股权占比和关系型债权占比衡量企业拥有的耐心资本，发现稳定型股权占比和关系型债权占比的提高都能够显著提升企业新质生产力水平[7]；姜中裕和吴福象以制造业A股上市公司2011—2022年数据进行实证检验，结果表明耐心资本有效促进了制造业企业创新效率的提升。

In summary, it is found that existing research has not yet deeply explored the connotation of patient capital and its role and mechanism in the development of new quality productive forces, and the policy recommendations for currently cultivating and strengthening patient capital are still insufficient. In view of this, this paper attempts to remedy the shortcomings of existing research. On the basis of deeply exploring the connotation of patient capital, it focuses on elaborating the key points of comprehensive support from technology credit, venture capital, and stock market patient capital for the development of new quality productive forces, and proposes more comprehensive and specific policy recommendations.

综上所述发现，现有研究尚未深入探究耐心资本的内涵及其对新质生产力发展的作用与机制，且对于当前培育和壮大耐心资本的政策建议尚显不足。有鉴于此，本文试图弥补现有研究不足之处，在深挖耐心资本内涵的基础上，重点阐述科技信贷、风险投资和股票市场耐心资本全方位支持新质生产力发展的要点，并提出更为全面具体的政策建议。

I. The Connotation and Extension of Patient Capital

一、耐心资本的内涵与外延

The term "Patient Capital" as a conceptual term can be traced back to the United States in the 1980s. At that time, the U.S. government advocated that financiers should shoulder the responsibility of "leading" industry, calling on them to provide long-term investment funds for the upgrading of the industrial base. This long-term investment fund was the original meaning of patient capital. With the continuous advancement of economic development and financial deepening, patient capital, evolved from long-term investment funds, has become more diversified in form and its connotation has been continuously enriched and expanded. The "Study and Answering Questions on the 'Decision' of the Third Plenary Session of the 20th Central Committee of the Party" provides a definition of patient capital, stating that patient capital is a form of capital that focuses on long-term investment, does not take the pursuit of short-term returns as its primary goal, but 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 [9] 242. Compared with short-term capital that moves in and out quickly, patient capital refers to value investment and strategic investment capital with clear directionality, long-cycle growth potential, and overall profitability. It is long-term capital that is stably invested, exits in an orderly manner, can withstand higher risks, and traverses economic cycles. Patient capital focuses on value investment, values enterprise innovation and core development capabilities, and its role is to discover value, tap value, and participate in creating value. The term of patient capital should be determined based on the situation of the invested object, rather than setting a unified standard. The length of time is only one dimension for examining patient capital, not the sole criterion for measurement. Based on the above analysis, the connotation of patient capital is further explained as follows:

耐心资本（Patient Capital）作为概念术语，可追溯至20世纪80年代的美国，当时美国政府倡导金融家们担负起“引领”工业的责任，号召他们为工业基础升级提供长期投资资金，这种长期投资资金即为耐心资本的原初含义。随着经济发展和金融深化的不断推进，由长期投资资金演化而来的耐心资本，其形式愈加多样化，其内涵不断充实和丰富。《党的二十届三中全会〈决定〉学习辅导百问》对耐心资本给出了定义，即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，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[9]242。相对于快进快出的短期投资，耐心资本是指具有明确指向性、长周期成长性和总体收益性的价值投资和战略投资资本，是稳定投入、有序退出、可承受较高风险和穿越经济周期的长期资本。耐心资本注重价值投资，重视企业创新与发展核心能力，其作用是发现价值、挖掘价值并参与创造价值。耐心资本的期限应视被投资对象的情况而定，而非设定一个统一的标准，时间长短只是耐心资本的一个考察维度，并不是衡量的唯一标准。基于以上分析，进一步对耐心资本的内涵阐释如下：

First, patient capital is strategic investment capital with foresight. Patient capital is long-term investment made by investors with strategic investment vision, focusing on the major policies and national strategic deployments of the Party Central Committee. This kind of investment conforms to the national development direction and the direction of modern industrial development, and is a long-term tracking investment based on scientific judgment. This indicates that not all long-term investment capital is patient capital, nor are all long-term investors patient capital investors. Only those investors who harbor feelings for the country and the people, possess long-term strategic vision, and are well-versed in the laws of financial markets and the art of investment can possess long-term strategic investment capabilities and be called patient capital investors.

其一，耐心资本是高瞻远瞩的战略投资资本。耐心资本是具有战略投资眼光的投资家着眼于党中央大政方针政策和国家战略部署而进行的长期投资，这种投资符合国家发展导向，符合现代化产业发展方向，是基于科学判断的长期跟踪性投资。这说明不是所有的长期投资资本都是耐心资本，也不是所有的长期投资者都是耐心资本投资家。只有那些心怀家国情怀、具有长远战略眼光、深谙金融市场规律和投资之道的投资者，才具备长期的战略投资能力，才能被称为耐心资本投资家。

Second, patient capital is down-to-earth socially responsible investment capital. Socially responsible investment, also known as ethical investment, green investment, sustainable investment, etc., is a type of investment that, while aiming for financial returns, also focuses on and actively responds to issues related to environment, society, and corporate governance, emphasizing that enterprises should operate in a sustainable, responsible, and ethical manner to achieve long-term sustainable development. For patient capital to achieve long-term stable returns, it must be premised on the long-term sustainable development of the invested object, which is precisely the goal pursued by socially responsible investment. Therefore, patient capital is necessarily a type of socially responsible investment capital. The objects of investment are enterprises that have or can be transformed into socially responsible enterprises, and the direction of investment tends towards green industries, pension industries, and technology industries. These are precisely the objects targeted by the green finance, pension finance, and technology finance that the state encourages and supports.

其二，耐心资本是脚踏实地的社会责任投资资本。社会责任投资又称道德投资、绿色投资、可持续投资等，是一种旨在追求财务回报的同时，又着重考虑和积极应对环境、社会和公司治理等方面的问题，强调企业应以可持续、负责任和道德的方式运营，从而实现长期可持续发展。耐心资本欲实现长期稳定收益，必须以被投资对象长期可持续发展为前提，这正是社会责任投资所追求的目标。因此，耐心资本必然是一种社会责任投资资本，投资的对象是具有或可改造成为有社会责任的企业，投资的方向倾向于绿色产业、养老产业、科技产业，这也正是国家鼓励和支持的绿色金融、养老金融、科技金融所指向的对象。

Third, patient capital is proactive and dynamic investment capital. Dynamic investment capital refers to investment capital that can have a positive effect on invested enterprises and projects, promoting the incubation of knowledge achievements, the transformation of technological achievements, and the mass production of their products. Patient capital is not a passive investor who sits back and enjoys returns, but rather, on the basis of providing long-term stable financial support, establishes long-term cooperative partnerships with invested enterprises. Throughout the long cycle of technological innovation and industrial upgrading, it utilizes its own rich industry experience and professional knowledge to provide valuable advice and assistance to enterprises. Through means such as acting as a financial advisor, exerting positive incentives on management, constraining the short-sighted behavior of major shareholders, strengthening the independence of the board of directors, and enhancing the effectiveness of internal governance, it actively participates in the enterprise's operational management activities, promoting the enterprise's transformation, upgrading, and innovative development, and enhancing the enterprise's core competitiveness. Therefore, the "patience" of patient capital is not only reflected in the long investment cycle, but also in the meticulous cultivation of the invested enterprise and growing together with it in concert.

其三，耐心资本是积极作为的能动投资资本。能动投资资本是指能够对被投资企业和项目产生积极作用，促进知识成果孵化、技术成果转化及其产品量产化的投资资本。耐心资本不是被动投资并坐享收益的金主，而是在提供长期稳定资金支持的基础上，与被投资企业建立长期合作伙伴关系，在科技创新和产业升级的长周期中，利用自身丰富的行业经验和专业知识，为企业提供有价值的建议和帮助，并通过充当财务顾问、发挥管理层正向激励、约束大股东短视行为、强化董事会独立性、提升内部治理有效性等手段，积极参与企业经营管理活动，促进企业的转型升级和创新发展，增强企业核心竞争力。因此，耐心资本的“耐心”不仅体现为投资周期长，更体现为对被投资企业的精心培育，并与其同心成长。

Fourth, patient capital is rational investment capital that balances the relationship between risk and return. Rational investment is a prudent investment decision made on the basis of a comprehensive investigation and analysis of the invested enterprise, combined with global technological and economic development trends, and through comprehensive research and judgment. Unlike traditional short-term speculative capital, patient capital pays more attention to the long-term development potential and value creation ability of the enterprise, and focuses more on the balance between risk level and investment return. Patient capital pursues long-term investment objectives, adheres to long-cycle assessment, and can effectively transcend cyclical economic fluctuations and withstand the short-term setbacks of enterprises. This rational investment behavior enables patient capital to act as a stabilizer of the market, playing an irreplaceable and key role in maintaining financial market stability, promoting technological innovation and entrepreneurship, and driving the development of new quality productive forces.

其四，耐心资本是平衡风险收益关系的理性投资资本。理性投资是建立在对被投资企业全面调查分析的基础上，结合全球科技和经济发展趋势，综合研判而做出的审慎投资决策。耐心资本不同于传统的短期投机资本，它更加关注企业的长期发展潜力和价值创造能力，更加注重风险水平与投资回报的平衡。耐心资本追求长期投资目标，坚持长周期考核，能有效跨越经济的周期性波动以及承受企业的短期挫折。这种理性投资行为使得耐心资本能够成为市场的稳定器，对维护金融市场稳定、促进科技创新创业和推动新质生产力发展，具有不可替代的关键作用。

Fifth, patient capital is scarce, high-quality risk capital. As a unique form of risk capital in the capital field, the scarcity of patient capital depends on a specific group of investors who possess strong financial strength, long-term strategic vision, and the ability to deeply tolerate long cycles, high risks, and capital lock-up. Such groups tend to be scarce in a market environment where short-term profit-seeking capital is the mainstream, and their primary focus on investing in emerging, high-risk, long-return-cycle fields further exacerbates this scarcity. The high quality of patient capital is reflected in its use of long-term, stable capital injections to help enterprises transcend development cycles, deeply participate in enterprise strategic planning and operational optimization, stimulate enterprise innovation vitality and growth potential, promote industrial transformation and upgrading, foster sustainable economic development, and ultimately achieve a virtuous cycle of multi-win outcomes for capital, enterprises, industries, and the economy.

其五，耐心资本是稀缺优质的风险资本。耐心资本作为资本领域中一种独具特质的风险资本形态，其稀缺性依赖于兼具雄厚资金实力、长远战略眼光且能深度忍受长周期高风险与资金沉淀的特定投资者群体，此类群体在资本逐利短期化为主流的市场环境中数量趋于稀少，且其主要专注于新兴与高风险长回报周期领域投资，进一步加剧了其稀缺程度。耐心资本的优质性体现为其以长期稳定的资金投入助力企业跨越发展周期，深度参与企业战略规划与运营优化，激发企业创新活力与成长潜力，推动产业转型升级，促进经济可持续发展，最终实现资本与企业、产业及经济多方共赢的良性循环。

It must be specifically pointed out that patient capital and long-term capital are both different and connected. Generally speaking, patient capital is a type of long-term capital, but long-term capital also contains non-patient components. Only long-term capital that possesses strategic investment vision and social investment responsibility, and actively participates in the operation and management of the invested enterprise as rational and dynamic investment capital, can be called patient capital. Therefore, patient capital includes not only objective characteristics such as long-term nature and stability, but also subjective characteristics such as initiative, vision, and mindset. It is a specific form of capital with multi-dimensional attributes.

需要特别指出的是，耐心资本与长期资本既有区别又有联系。一般而言，耐心资本是一种长期资本，但长期资本中也存在非耐心成分的资本。只有长期资本中具有战略投资眼光和社会投资责任，并积极参与被投资企业经营管理的理性能动投资资本，才称得上是耐心资本。因此，耐心资本不仅包含长期性、稳定性等客观特征，还包括主动性、格局、心态等主观特征，是兼具多维度考量的特定属性资本形式。

With the deepening development of finance, the forms of financial capital are becoming increasingly rich, and the scope of patient capital forms should also expand accordingly. That is, patient capital includes not only capital in the secondary stock market (such as pension funds, insurance funds, etc.), but also capital such as bank credit, venture capital[1]1 The ChiNext (创业板) is a NASDAQ-style board on the Shenzhen Stock Exchange for high-growth, innovative start-ups. The STAR Market (科创板) is a similar board on the Shanghai Stock Exchange, officially the Science and Technology Innovation Board, established in 2019., the primary stock market, corporate bonds, industrial investment funds, and government guidance funds. Treating patient capital as a broad form, rather than limiting it to a specific form or its source nature, greatly expands the scope and boundaries of patient capital, enabling it to better serve as the "ballast stone" and "booster" supporting the development of new quality productive forces. Furthermore, given that China is currently focusing on promoting the development of new quality productive forces, the concept of patient capital proposed at this time should have its investment scope defined; that is, patient capital focuses on investment in technological innovation and industrial innovation in the real economy, rather than investment in the virtual economy.

随着金融深化发展，金融资本的形式也越来越丰富，耐心资本的形式范畴也应随之扩展，即耐心资本不仅仅包括通常所说的股票二级市场的资本（如养老金、保险资金等），更涵盖银行信贷、风险投资①、股票一级市场、公司债券、产业投资基金、政府引导基金等资本。把耐心资本视为一种广义的形态，而不是将其限于某一具体形式，也不限于其来源的性质，这样就大大拓展了耐心资本的范围和边界，可以更好地成为支持新质生产力发展的“压舱石”和“助推器”；又鉴于我国当前正着力推动新质生产力发展，此时提出耐心资本的概念，应对其投资范围有所限定，即耐心资本着重于对实体经济科技创新和产业创新的投资，而不是投向虚拟经济。

II. The Mechanism by Which Patient Capital Promotes the Development of New Quality Productive Forces

二、耐心资本促进新质生产力发展的机制

The core element for developing new quality productive forces is technological innovation, and the main direction is industrial upgrading, with the foundation of industrial upgrading being technological innovation and technological progress. Technological innovation requires the discovery of new knowledge, ideas, and technological research and development. This process is inseparable from capital investment and support. In particular, the generation and transformation of leading, disruptive technologies consume large amounts of capital and represent a typical organic combination of knowledge intensity and capital intensity. As technology develops towards high-end and international frontiers, capital investment cannot be reduced but must instead be continuously increased. Especially the transformation and application of scientific and technological achievements, as well as later-stage market promotion and industrialization, require substantial capital support. This is just as Marx pointed out back then: "Just as man requires a lung to breathe, so he requires 'something created by human hand' to consume natural forces productively. To harness the power of water, one needs a water wheel; to harness the pressure of steam, one needs a steam engine. This applies to the use of natural forces, and it also applies to the use of science. Once the law of the deflection of a magnetic needle in a current field, or the law of the magnetization of iron by an electric current passing around it, has been discovered, it costs nothing. But to apply these laws in telegraphy, for example, extremely expensive and complex equipment is required."

发展新质生产力的核心要素是科技创新，主要方向是产业升级，且产业升级的基础是科技创新和技术进步。科技创新需要新知识发现、创意和技术研发，这一过程离不开资金的投入和支持，特别是引领性、颠覆性科技的产生和成果转化，更是需要消耗大量资金，是典型的知识密集和资本密集有机结合。随着技术向高端化、国际前沿化方向发展，资金投入不但不能节省，反而会不断加大，尤其是科技成果转化和应用以及后期的市场推广和产业化，需要大量资本支撑。这正如马克思当年所指出的，“正像人呼吸需要肺一样，人要在生产上消费自然力，就需要一种‘人的手的创造物’。要利用水的动力，就要有水车，要利用蒸汽的压力，就要有蒸汽机。利用自然力是如此，利用科学也是如此。电流作用范围内的磁针偏离规律，或电流绕铁通过而使铁磁化的规律一经发现，就不费分文了。但要在电报等方面利用这些规律，就需要有极昂贵的和复杂的设备”。

In addition to direct financial support, finance, as a risk diversification system, can provide necessary risk diversification and sharing support for technological innovation, that is, providing risk management solutions for the development of new quality productive forces. Clearly, the entire chain of technological innovation is fraught with risk. Once failure occurs, previous investments are essentially lost. Especially in the technology research and development stage, there is the possibility of repeated trial and error ultimately ending in failure. Original, critical, and disruptive technological innovations carry even higher risks, inevitably requiring the search for risk diversification mechanisms and channels. The efficient risk diversification function of finance precisely meets the risk release needs of technological innovation.

除了直接的资金支持外，金融作为一种风险分散制度，能为技术创新提供必要的风险分散和分担支持，即为新质生产力的发展提供风险管理方案。显然，科技创新的整个链条均充满风险性，一旦失败，之前的投入基本上付诸东流，尤其是技术研发环节，存在多次反复试验但最终失败的可能，原创性、关键性、颠覆性技术创新则具有更高的风险性，必然需要寻求风险分散机制与渠道，而金融所具备的高效风险分散功能正好契合了科技创新的风险释放需求。

General Secretary Xi Jinping pointed out that new quality productive forces are "driven by revolutionary technological breakthroughs, innovative allocation of production factors, and deep industrial transformation and upgrading." The required innovation should be original and disruptive international frontier technology, and the required industries should be emerging industries with international competitiveness. This inevitably requires financial capital investment to align with the current direction of technological innovation and adapt to characteristics such as high uncertainty in technology breakthrough project output, large scale of R&D investment, and long investment return cycles. Therefore, it creates an urgent demand for patient capital. Investment practice has repeatedly shown that mismatches in financial capital investment methods, term mismatches, and risk mismatches usually do not promote the invested object, and sometimes even produce counterproductive effects. From this perspective, only the intervention of patient capital can provide long-term, stable capital support for technological innovation and industrial upgrading, and can maximize risk diversification. Therefore, patient capital is a key element of technological innovation and industrial innovation, and an important condition and driving force for developing new quality productive forces.

习近平总书记指出，新质生产力是“由技术革命性突破、生产要素创新性配置、产业深度转型升级而催生”，所需要的创新应是原创性和颠覆性的国际前沿科技，所需要的产业应是具有国际竞争力的新兴产业。这必然要求金融资本投资符合当前科技创新的方向，适应技术突破项目产出不确定性高、研发投入规模大、投资回报周期长等特征，因此对耐心资本提出了迫切需求。投资实践也屡屡表明了金融资本投资方式错配、期限错配、风险错配通常不会对被投资对象产生促进作用，甚至有时候会带来适得其反的效果。从这个角度上而言，只有耐心资本的介入，才能为科技创新和产业升级提供长期、稳定的资本支持，才能最大程度地分散风险。因此，耐心资本是科技创新和产业创新的关键要素，是发展新质生产力的重要条件和推动力。

Like the development process of all forms of productive forces in history, the development of new quality productive forces cannot be achieved overnight; it must inevitably undergo a long process of gradual growth. In accompanying the enhancement of new quality productive forces, patient capital can guide and promote the innovative allocation and synergy of other production factors, promote compatibility between new and traditional production factors and improve output efficiency, and realize the transformation and upgrading of traditional industries and the growth and expansion of emerging industries. Only patient capital can transcend cyclical economic fluctuations and ultimately achieve high investment returns. Throughout history, multiple rounds of venture capital and Watt's improvement of the steam engine, stock financing and the construction of canals, roads, and railways, and venture capital in Silicon Valley and the development of information technology are all historical facts and classic cases of patient capital supporting the development of advanced productive forces. From these, we find that financial capital has played a crucial role in promoting technological development and its market application. It can be said that the "fuel" driving the development of the steam engine was not coal, but capital, especially patient capital.

同历史上所有形式的生产力发展历程一样，新质生产力的发展不可能一蹴而就，必然要经历逐步壮大的长期过程。在同新质生产力提升的陪跑中，耐心资本能够引导和推动其他生产要素实现创新性配置和协同，促进新型生产要素与传统生产要素兼容和产出效率提升，实现传统产业转型升级和新兴产业发展壮大，也只有耐心资本才能够跨越经济周期波动，并最终实现高额的投资回报。纵观历史，多轮风投与瓦特改良蒸汽机，股票融资与运河、公路、铁路建设，美国硅谷风险投资与信息科技发展，均是耐心资本支持先进生产力发展的历史事实和经典案例，从中我们发现金融资本对科技发展及其市场化应用起到了至关重要的促进作用，可以说推动蒸汽机发展的“燃料”不是煤炭，而是资本，特别是耐心资本。

III. The Role of Various Forms of Patient Capital in Supporting the Development of New Quality Productive Forces

三、各种耐心资本形式在支持新质生产力发展中的作用

Patient capital is a type of financial capital with patience. In economic and financial operations, it can manifest in various specific forms, such as patient long-term bank credit, venture capital, government funds, long-term corporate bonds, perpetual bonds, etc. This article focuses on elaborating on the key points of innovative support for the development of new quality productive forces by patient capital instruments such as technology credit, venture capital, and stocks.

耐心资本是金融资本中具有耐心性的一类资本，在经济和金融运行中，其可以表现为各种具体的形式，如具有耐心的银行长期信贷、风险投资、政府基金、长期公司债券、永续债券等。本文着重阐述科技信贷、风险投资、股票等耐心资本工具创新性支持新质生产力发展的要点。

(I) The Role of Technology Credit in Supporting the Development of New Quality Productive Forces

（一）科技信贷在支持新质生产力发展中的作用

China has a large-bank financial system. In the past, the credit lending targets of commercial banks were influenced by factors such as safety and prudence and debt risk. Moreover, each credit loan at the forefront of innovation is small and scattered, with high transaction costs and great uncertainty. Therefore, commercial banks are generally unwilling to directly engage in the field of scientific and technological innovation, leading to many ideas that could become future industries being difficult to break through and realize due to a lack of funds. According to the "Statistical Report on Loan Directions of Financial Institutions in 2023" released by the People's Bank of China [3]3 The People's Bank of China is the central bank of the People's Republic of China., as of the end of 2023, the balance of domestic and foreign currency loans to technology-based small and medium-sized enterprises in China was 2.45 trillion yuan, and the balance of loans to high-tech enterprises was 13.64 trillion yuan. The proportions of these two loan balances to the total loan balance were 1.01% and 5.63%, respectively [4]4 The "Statistical Report on Loan Directions of Financial Institutions" is an annual report published by the People's Bank of China detailing the allocation of loans by financial institutions across various sectors.. In comparison with developed countries in Europe and America, as of the end of 2022, the proportion of loans to the TMT industry by major US banks (i.e., the top four US banks by total assets) in total corporate loans was 9.48%, and the proportion of loans to the German computer industry in total corporate loans was 8.19% [13]13 TMT stands for Technology, Media, and Telecom.. It can be seen that, compared with the world's scientific and technological powers, China still needs to increase the intensity of science and technology credit lending to promote bank credit support for scientific and technological innovation and industrial innovation.

我国是大银行金融体制。以往商业银行信贷投放对象受到安全审慎、债务风险等因素的影响，再加上处于创新前端的每笔信贷规模小而散，交易成本高，不确定性大，因此商业银行一般不愿意直接涉入科技创新领域，由此导致许多可能成为未来产业的创意因缺少资金而难以突破和实现。根据中国人民银行发布的《2023年金融机构贷款投向统计报告》②,2023年末我国科技型中小企业本外币贷款余额为2.45万亿元，高新技术企业本外币贷款余额为13.64万亿元，这两项贷款的余额占总贷款余额的比重分别为1.01%和5.63%③。对比欧美发达国家情况，截至2022年底，美国主要银行（即美国总资产排名前四的银行）向TMT行业贷款投放在全部对公贷款投放中的占比为9.48%，德国计算机业贷款在全部企业贷款中的占比为8.19%[13]。可见，与世界科技强国相比，我国仍需提高科技信贷的投放力度，以推动银行信用支持科技创新和产业创新。

Although the proportion of science and technology credit in the total loans of commercial banks is not high, given that it is directly directed to the field of scientific and technological innovation, its role in promoting scientific and technological innovation should not be underestimated. It is the most important patient capital within the commercial banking system supporting the development of new quality productive forces. Therefore, the key to leveraging the main force role of patient capital in commercial banks is to develop and expand science and technology credit. The main directions of effort include encouraging commercial banks to increase the supply scale of science and technology credit, minimizing the interest rate on science and technology credit to the greatest extent, reasonably extending the term of science and technology credit, and improving the quality and efficiency of science and technology credit in supporting scientific and technological innovation.

尽管科技信贷在商业银行贷款总额中的占比不高，但鉴于其直接投向科技创新领域，对科技创新的促进作用不容小觑，它是商业银行系统支持新质生产力发展最为重要的耐心资本。因此，发挥商业银行耐心资本主力军作用的关键是发展和壮大科技信贷，主要努力方向包括鼓励商业银行加大科技信贷供给规模、最大限度降低科技信贷的利率、合理延长科技信贷期限、提升科技信贷支持科技创新的质量和效率。

First, increasing the supply scale of science and technology credit by commercial banks can be approached from the following aspects: one is to encourage commercial banks to set up specialized science and technology finance departments and science and technology (specialized) sub-branches to conduct professional operations in science and technology finance; the second is to provide corresponding insurance or guarantees for science and technology credit to share or diversify the credit risks of commercial banks; the third is to appropriately increase the risk tolerance for science and technology credit to prevent rigid regulatory policies from weakening the enthusiasm of commercial banks to intervene; the fourth is to consider shifting science and technology credit products from the production field to the consumption field.

首先，加大商业银行科技信贷供给规模可以从以下若干方面着手：一是鼓励商业银行设立科技金融专营部门和科技（特色）支行，对科技金融进行专业化经营；二是为科技信贷提供相应的保险或担保，分担或分散商业银行的科技信贷风险；三是适当提高科技信贷的风险容忍度，防止刚性监管政策弱化商业银行介入的积极性；四是考虑将科技信贷产品从生产领域转向消费领域。

Second, the interest rate on science and technology credit can be effectively reduced by starting from aspects such as credit product innovation and using financial technology and big data to reduce costs and increase efficiency. Commercial banks can develop and promote products such as deposit-loan combination products and products that allow borrowing and repayment at any time. When technology enterprises have idle funds, these can be converted into wealth management products with higher yields than ordinary deposits or repaid at any time; when funds are needed, they can be withdrawn immediately within the credit limit. This reduces the actual occupation time of funds and lowers borrowing costs. Through cooperation between banks and tax authorities, banks and government, banks and insurance companies, and banks and banks, information sharing and the classified management of technology enterprise lists can be strengthened. Using big data financial platforms and financial technology means can reduce the business development costs of commercial banks, such as pre-loan investigation and post-loan management, improve efficiency, and control and reduce the financing cost of science and technology credit from the source.

其次，可以从信贷产品创新、利用金融科技和大数据降本增效等方面着手，切实降低科技信贷利率。商业银行可开发和推广存贷组合产品、随借随还产品等，在科技企业资金闲置时转为比普通存款收益率更高的理财产品或随时归还，需要资金时可以在额度内立即提取，以此减少资金实际占用时间，降低借款成本。通过银税、银政、银保、银银合作，强化信息共享共用和科技企业名单分类管理，利用大数据金融平台和金融科技等手段降低商业银行贷前调查、贷后管理等展业成本，提高效率，从源头上控制和降低科技信贷融资成本。

Third, in addition to encouraging commercial banks to develop long-term science and technology credit products, measures such as rolling over loans without repayment of principal for high-quality technology enterprises, and linking term with interest rate (i.e., setting loan interest rates by year, with higher rates in later years) can be implemented to incentivize both lenders and borrowers to extend the term. Extending the term of science and technology credit helps technology enterprises make good plans for fund utilization, improve the efficiency of fund use, and increase the success rate of scientific and technological research and development.

再次，除了鼓励商业银行开发长期限的科技信贷产品外，还可以针对优质科技企业实行无还本续贷、期限和利率挂钩（即分年设置贷款利率，越往后利率越高）等，激励借贷双方延长期限。延长科技信贷期限，有助于科技企业做好资金利用规划，提升资金使用效率，提高科技研发的成功率。

Finally, to improve the quality and efficiency of science and technology credit in supporting scientific and technological innovation, the most important aspects are pre-loan enterprise (project) screening and post-loan fund usage supervision. The selection of loan targets directly determines whether the loan is truly science and technology credit. The enterprises to which science and technology credit is directed must be technology enterprises with a certain level of R&D capability and scientific and technological standards. The funds from science and technology credit must be used for scientific and technological R&D and the market-oriented transformation and promotion of scientific and technological achievements. Post-loan fund supervision must ensure that science and technology credit funds are used for new quality productive forces projects supported by the state, such as new technologies and new energy. Strengthening pre-loan screening and identification and post-loan fund supervision can effectively curb the phenomenon of science and technology credit alienation that occurs in practice, i.e., non-technology enterprises packaging themselves as technology enterprises, packaging non-technology projects as technology projects, or using technology projects to obtain science and technology credit funds but actually diverting and transferring the loans for other purposes such as real estate development. Science and technology credit alienation greatly reduces the quality of the supply of science and technology credit funds, which provides a possible explanation for why the efficiency of science and technology credit in supporting the development of new quality productive forces is lower than that of venture capital and stock market financing. Therefore, to enhance the intensity and efficiency of science and technology credit in supporting the development of new quality productive forces, it is necessary to strictly control the entry and exit points of credit lending, effectively ensuring that science and technology credit funds are used for genuine technology enterprises and technology projects.

最后，提升科技信贷支持科技创新的质量和效率，最为重要的是贷前的企业（项目）筛选和贷后的资金使用监管。对贷款对象的选择直接决定该笔贷款是否属于真正意义上的科技信贷。科技信贷投向的企业必须是具有一定研发实力和科技水准的科技企业，科技信贷资金必须用于科技研发及科技成果市场化转化、推广等相关方面。贷后资金监管须确保科技信贷资金用于国家支持的新科技、新能源等新质生产力项目上。强化贷前筛选识别和贷后资金监管，可以有效遏制实践中出现的科技信贷异化现象，即非科技型企业将自己包装成科技企业，将非科技项目包装成科技项目，或者利用科技项目承接科技信贷资金，实际上挪贷转用于房地产开发等其他项目。科技信贷异化大大降低了科技信贷资金供给质量，这为科技信贷支持新质生产力发展的效率低于风险投资和股票融资的作用提供了一个可能的解释。因此，提升科技信贷支持新质生产力发展的力度和效率，需要把好信贷投放的出入口关，切实将科技信贷资金用于真正的科技企业和科技项目上。

In leveraging the role of science and technology credit in supporting the development of new quality productive forces, increasing the supply scale of science and technology credit by commercial banks can alleviate the financing difficulties of technology enterprises, especially small, medium, and micro technology enterprises and start-up technology enterprises; minimizing the interest rate on science and technology credit to the greatest extent can alleviate the problem of expensive financing for technology enterprises; reasonably extending the term of science and technology credit is conducive to further strengthening the patient attribute of science and technology credit, more effectively matching the characteristics of the long cycle of scientific and technological innovation; improving the intensity and efficiency of science and technology credit in supporting scientific and technological innovation can further leverage the unique role of science and technology credit in supporting the development of new quality productive forces, highlighting the characteristics of China's financial system.

在发挥科技信贷支持新质生产力发展的作用上，加大商业银行科技信贷供给规模可以缓解科技企业尤其是中小微科技企业和初创科技企业融资难的问题；最大限度降低科技信贷的利率可以缓解科技企业融资贵的问题；合理延长科技信贷期限有利于进一步强化科技信贷的耐心属性，更加有效匹配科技创新长周期的特点；提升科技信贷支持科技创新的力度和效率可以进一步发挥科技信贷支持新质生产力发展独特作用，彰显我国金融体制特色。

(II) The Role of Venture Capital in Supporting the Development of New Quality Productive Forces

（二）风险投资在支持新质生产力发展中的作用

Theoretically, any investment carries risk and is a venture investment. However, the venture capital discussed in this article refers to its narrow concept: an investment method in which venture capital companies (institutions) make equity investments in science and innovation enterprises, expecting to obtain capital appreciation gains mainly through the transfer of equity after the invested enterprises mature or become relatively mature. Although there are also individual investors who directly invest in technology enterprises, in practice, it is mainly venture capital companies (institutions) that invest through fund forms, with individual investors becoming the capital contributors of the raised funds (generally as limited partners of the funds).

理论上，任何一项投资都具有风险性，都是风险投资。但本文所论述的风险投资是其狭义概念，指风险投资公司（机构）向科创企业进行股权投资，以期被投资企业发育成熟或相对成熟后主要通过转让股权获得资本增值收益的投资方式。虽然也存在个人投资者直接向科技企业进行投资，但实践中主要还是风险投资公司（机构）通过基金形式投资，个人投资者成为所募集成立基金的出资人（一般作为基金的有限合伙人）。

Compared with traditional bank credit and stock market financing, venture capital not only provides financial support for scientific and technological innovation and entrepreneurial activities but also uses its own professional advantages and resource integration capabilities to provide business support for innovation and entrepreneurial activities, effectively sharing the risks of these activities. The reason venture investors are willing to participate in the management and operation of enterprises is that the goals of technology entrepreneurs, enterprise operators, and venture capitalists are aligned; the reason venture investors are willing to bear risks is that as long as a few of the multiple projects they invest in succeed, it is enough to cover the costs of failures and obtain high returns. To develop patient capital in venture capital, the primary task is to encourage diversified entities to participate in the venture capital undertaking, and the prerequisite is to establish venture capital companies with multiple forms of ownership. The established venture capital companies and venture capital funds need to focus on overcoming two problems: first, venture capital companies must not become "risk-avoidance companies"; they must dare to invest in technology start-up enterprises, enabling them to enter more into incubating high-tech and the strategic emerging industries and future industries thereby spawned; second, venture capital companies must not become "hands-off bosses" that merely provide monetary funds; instead, they should rely on their own analysis and grasp of the market to actively provide market orientation for scientific and technological innovation and entrepreneurship, in order to select and determine technology incubation projects with commercial value and development prospects.

与传统的银行信贷和股票市场融资相比，风险投资不仅给科技创新和创业活动提供资金支持，更是运用自身专业优势和资源整合能力，为创新创业活动提供业务支持，有效分担了创新创业活动的风险。风险投资者之所以愿意参与企业的经营管理活动，是因为科技企业家、企业经营者和风险投资家三者目标具有契合性；风险投资者之所以愿意承担风险，原因是只要其投资的多个项目中有少数项目成功，就足够弥补失败的成本，并能获取高额收益。发展风险投资耐心资本，首要任务是鼓励多元化主体参与风险投资事业，前提是建立多种所有制形式的风险投资公司。建立的风险投资公司和风险投资基金需要着重克服两个问题：一是风险投资公司不能成为“避险公司”，要敢于向科技创业企业投资，使其更多地进入孵化高新技术以及由此催生的战略性新兴产业和未来产业；二是风险投资公司不能变成仅仅提供货币资金的“甩手掌柜”，而应依托自身对市场的分析与把握，主动对科技创新创业进行市场导向，以选择和确定有商业价值和发展前景的技术孵化项目。

To further strengthen the patient attribute of venture capital and leverage its long-term role in supporting the development of new quality productive forces, special attention must be paid to the following four points in the areas of venture capital fund raising and establishment, fund operation period, fund maturity conversion and liquidation: First, make every effort to attract long-term capital based on asset allocation concepts as a source of funding for venture capital funds; second, the scale of a single fund must match the capabilities and quantity of fund managers, and must be premised on effective investment and operation; third, the fund’s duration should be appropriately extended, preferably to effectively cover the entire process from project incubation to success; fourth, when a fund matures but the invested project has not achieved the originally expected results or still requires additional investment, planning and arrangements should be made in advance to ensure a smooth and orderly transition between old and new funds.

为进一步强化风险投资资本的耐心属性，发挥其支持新质生产力发展的长效作用，在风险投资基金募集设立、基金运行期限、基金到期转换及清盘等方面要特别关注以下四点：第一，着力吸收以资产配置为理念的长期资本成为风险投资基金的出资来源；第二，单一基金规模要与基金管理人员能力、数量相匹配，并且要以有效投资和运作为前提；第三，基金存续期限要适当延长，尤其以有效覆盖项目孵化到成功全过程为优；第四，基金到期而被投资项目未达原期望结果或还需追加投资，应提前做好规划和安排，确保新旧基金转化平稳有序。

(III) The Role of the Stock Market in Supporting the Development of New Quality Productive Forces

（三）股票市场在支持新质生产力发展中的作用

The core function of the stock market in supporting the development of new quality productive forces is reflected in raising long-term social capital for science and innovation enterprises and incentivizing technology entrepreneurs to achieve wealth appreciation through technological innovation and entrepreneurial activities. For venture capital institutions, the stock market is an important “transfer station” for the exit of their initial investments; venture capital exits in stages, with new social capital (such as individual investors, securities investment funds, etc.) stepping in. After exiting, venture capital has achieved appreciation and proceeds to develop new investment projects. For science and innovation enterprises, listing enables them to raise larger-scale equity capital, which can further support R&D investment and market expansion expenditures. For stock investors, by investing in high-tech companies with long-term development prospects, they can share in the dividends brought by their growth and achieve wealth appreciation. In particular, patient capital investors adhere to the concept of value investing, can obtain stable returns by holding stocks long-term and riding out economic cycles, and maintain the stability of the capital market. For commercial banks, the equity funds obtained by science and innovation enterprises after listing can replace original loans; after listing, the liquidity of stocks is greatly enhanced, and shareholders can pledge their held stocks to obtain new loans at lower interest rates for reinvestment in the enterprise. It can be seen that developing the stock market well can smooth the entire operational pathway of the financial system, enabling all participants in the financial market to benefit. Cultivating and strengthening patient capital in the stock market plays an important role and has significant meaning for stabilizing and developing the stock market.

股票市场支持新质生产力发展的核心功能体现在为科创类企业募集长期社会资本和激励科技企业家通过科技创新创业活动实现财富增值。对于风险投资机构而言，股票市场是其先期投资退出的重要“换乘站”，风险投资阶段性退出，由新的社会资本（如个人投资者、证券投资资金等）介入；退出后的风险投资实现了增值，并着手开发新的投资项目。对于科创企业而言，通过上市募集到更大规模的股权资本，可以进一步支持研发投入和市场拓展支出。对于股票投资者而言，通过投资具有长期发展前景的高新科技公司，可以分享其成长带来的红利，实现财富增长。尤其是耐心资本投资者坚守价值投资理念，能通过长期持有股票并跨越经济周期波动，获得稳健回报，维护资本市场稳定。对于商业银行而言，科创企业上市后获得的股本资金可以替换原先的贷款，股票上市后其流动性大大增强，股东可质押手中持有的股票获取利率更低的新借款再投入企业。可见，发展好股票市场，可以顺畅整个金融系统的运行通路，使金融市场参与各方均能获益。而培育和壮大股票市场耐心资本，对于稳定和发展股票市场具有重要作用和意义。

To attract more patient capital to enter and remain in the stock market, forming a combined capital force to support technological innovation and promote the development of the technology industry, financial regulatory authorities and stock exchanges need to strictly manage the two major gateways of enterprise listing and delisting: First, for enterprises intending to list on the stock market, entry conditions should be clearly defined and standardized, and strictly reviewed; the relevant review and approval procedures should be open, transparent, and efficient, and a bilateral accountability and responsibility system should be established, with increased penalties and punishment, to minimize the space for rent-seeking by enterprises preparing to list; second, for listed enterprises that no longer meet listing conditions or have serious dishonest behavior, they should be delisted as soon as possible, strictly in accordance with rules and procedures, achieving “delisting when delisting is due,” rather than using stock market rules for long-term trading suspensions in hopes of conducting “shell resource” transactions.

为吸引更多耐心资本进入并留在股票市场，形成支持科技创新、推动科技产业发展的资本合力，金融监管部门和证券交易所需要把好企业入市和退市两大关口：第一，对想进入股票市场挂牌的拟上市企业应明确和规范准入条件，并严格审查，相关审查审核程序应公开、透明、高效，且建立双边问责追责制度，加大惩罚处罚力度，最大程度压缩拟上市企业权力寻租的空间；第二，对不再符合上市条件或有严重不诚信行为的上市企业，应尽快退市，并严格按规则和程序执行，做到“应退尽退”，而不是利用股市规则长期停牌，以期进行“壳资源”交易。

The stock market is the core of the capital market and also an important venue for supporting the development of new quality productive forces. Therefore, policy preferences should be given to enterprises applying for listing that align with the development direction of new quality productive forces, such as simplifying review processes, shortening review times, and appropriately relaxing listing conditions. In particular, the strategic platform role of the Science and Technology Innovation Board (STAR Market) and the ChiNext Board in accelerating the formation of new quality productive forces should be fully utilized. As the development of new quality productive forces deepens, new economic forms will inevitably emerge, requiring stock exchanges and financial management departments to continuously optimize listing systems, modify listing conditions, enrich listing methods, and accelerate the listing process to meet the diversified listing needs of new economy enterprises.

股票市场是资本市场的核心，同时也是支持新质生产力发展的重要场所。因此，对符合新质生产力发展方向的企业申请上市应给予政策倾斜，如简化审核流程、缩短审核时间、适当放宽上市条件等，尤其要充分发挥科创板、创业板在加快形成新质生产力方面的战略性平台作用。随着新质生产力深化发展，必然会出现新经济形态，需要证券交易所和金融管理部门不断优化上市制度、修改上市条件、丰富上市方式、加快上市进程，以满足新经济企业多元化上市需求。

IV. Several Policy Recommendations for Cultivating and Strengthening Patient Capital

四、培育和壮大耐心资本的若干政策建议

As the primary source of new quality productive forces, revolutionary and disruptive breakthroughs in technology carry enormous risks. Traditional forms of investment chasing short-term returns can no longer match or adapt to this, whereas patient capital can provide long-term stable financial support for science and innovation projects and financial markets, offering strong guarantees for technological innovation and industrial innovation. Patient capital can adapt to the new requirements of large investment, long cycles, and high risk, and is an important support and driving force for developing new quality productive forces. Although China’s financial system is currently large in scale, problems such as an unreasonable financing structure and insufficient supply of patient capital are relatively prominent. “Plenty of money, little capital” leads to relatively low efficiency and quality in financial support for technological innovation and the development of new quality productive forces. Therefore, making efforts to cultivate and expand the scale of patient capital, guiding patient capital into the field of technological innovation, encouraging investment in early-stage, small-scale, long-term, and hard-tech projects, and focusing on supporting strategic emerging industries and future industries are important contents and pathways for achieving the mutually reinforcing development of patient capital and new quality productive forces.

作为新质生产力的首要来源，技术的革命性颠覆性突破具有巨大的风险性，追逐短期收益的传统投资形式已经不能与之相匹配和适应，而耐心资本能为科创项目和金融市场提供长期稳定的资金支持，为科技创新和产业创新提供有力保障。耐心资本能适应大投入、长周期、高风险的新要求，是发展新质生产力的重要支撑和推动力。尽管目前我国金融体系规模庞大，但融资结构不合理、耐心资本供给不足等问题较为突出，“钱多本少”导致金融支持科技创新和新质生产力发展的效率和质量相对不高。为此，着力培育和壮大耐心资本规模，引导耐心资本进入科技创新领域，鼓励投早、投小、投长期、投硬科技，重点支持战略性新兴产业和未来产业，是实现耐心资本和新质生产力两者良性互动发展的重要内容和途径。

(I) Simultaneously Promoting the Linked Development of Venture Capital and the Stock Market

（一）同步推进风险投资和股票市场联动发展

Venture capital and stock financing have more direct intrinsic incentive effects than indirect finance, can more efficiently play the core function of finance in allocating and optimizing economic resources, and can more effectively drive the innovative development of technology enterprises. Because the connection between venture capital and the stock market is very close, the stock market provides the most attractive venue for the staged exit of venture capital (i.e., the returns from venture capital exiting via IPO are far higher than those from negotiated transfers, corporate buybacks, etc.). Venture capital that exits with high returns can invest in the next project on a larger scale. It can be said that without the stock market, there would be no venture capital; without an efficient stock market, there would be no sustainable development of venture capital. Only by simultaneously promoting the linked development of venture capital and the stock market can the efficiency and effectiveness of technology finance in supporting the development of new quality productive forces be enhanced, and more patient capital be attracted to enter and remain in the technology finance ecosystem.

风险投资和股票融资具有比间接金融更直接的内在激励效应，能够更加高效地发挥配置和优化经济资源这一金融核心功能的作用，能更加有效地驱动科技企业创新发展。由于风险投资和股票市场的联系十分紧密，股票市场为风险投资阶段性退出提供了最具吸引力的场所（即通过IPO方式退出的风险投资，其收益水平远高于协议转让、企业回购等方式），获得高回报退出的风险投资可以以更大的规模投资下一个项目。可以说没有股票市场就没有风险投资，没有高效的股票市场就没有持续发展的风险投资。只有同步推进风险投资和股票市场联动发展，才能提升科技金融支持新质生产力发展的效率和效能，才能吸引更多的耐心资本进入和驻留在科技金融生态圈。

Developing venture capital and the stock market complements cultivating patient capital. One of the key points in developing venture capital and the stock market is to optimize the proportional relationship between short-term capital and patient capital, solving the problem of insufficient sources of patient capital; conversely, the growth of patient capital will inevitably effectively promote the development of venture capital and the stock market. To increase the proportion of patient capital in the sources of venture capital and the stock market, efforts should be made in the following areas:

发展风险投资和股票市场同培育耐心资本相辅相成。发展风险投资和股票市场，重点之一就是要优化短期资本和耐心资本的比例关系，解决耐心资本来源不足的问题；而耐心资本的壮大必然会有效推动风险投资和股票市场发展。提升耐心资本在风险投资和股票市场中的来源比重，需要从以下方面着力：

First, guide the transformation of existing short-term capital into patient capital. Currently, China’s venture capital generally focuses on enterprises that have developed to a certain scale, are relatively mature, and are expected to successfully go public in the short term, with the main purpose of exiting through the investee company’s IPO as soon as possible. The cycle of venture capital funds is mainly 3–5 years, which is too short, providing insufficient support for enterprise innovation and may even have a counterproductive inhibitory effect. Funds in the stock market also tend towards speculative trading with rapid entry and exit, easily causing large short-term fluctuations in the market and affecting its long-term healthy development. In response to the above phenomena, regulatory authorities and industry associations should strengthen investor education, establish a scientific evaluation system for long-term investment by institutional investors, encourage institutional investors to focus on the growth potential and long-term value of investee companies, understand the long-term impact of patient capital on enterprises and the market, and guide investors to form a long-term investment philosophy, so as to quickly increase the proportion of patient capital in financial capital.

第一，引导存量短期资本向耐心资本转化。目前我国风险投资普遍关注已发展至一定规模、相对成熟并在短期内有望成功上市的企业，以尽早通过被投资企业IPO退出为主要目的，且风险投资基金的周期以3—5年为主，期限偏短，对企业创新支持不足，甚至可能产生反向抑制作用。股票市场的资金也趋于快进快出的投机型交易，易造成市场短期内大幅波动，影响其长期健康发展。针对上述现象，监管部门和行业协会要加强投资者教育，并对机构投资者建立长期投资的科学评价体系，鼓励机构投资者关注被投资企业的增长潜力和长期价值，理解耐心资本对企业和市场的长远影响，引导投资者形成长期投资理念，以尽快提高金融资本中耐心资本的比重。

Second, promote the entry of incremental patient capital into the market. Incremental patient capital is an important force for continuously supporting technological innovation and the development of new quality productive forces. Efforts should be made around major national strategic deployments, focusing on the development needs of the technology industry, actively promoting long-term funds such as social security funds, pension funds, insurance funds, and enterprise annuities to enter the venture capital and stock markets, expanding the pilot scope of direct equity investment by financial asset investment companies, and supporting the development of strategic emerging industries and future industries. This incremental “ballast stone” can effectively stabilize the strategic direction of technological innovation driving economic development.

第二，推动增量耐心资本入市。增量耐心资本是持续支持科技创新和新质生产力发展的重要力量。应围绕国家重大战略布局，聚焦科技产业发展需求，主动推进社保基金、养老基金、保险资金、企业年金等长期资金进入风险投资和股票市场，扩大金融资产投资公司直接股权投资试点范围，支持战略性新兴产业和未来产业发展。这种增量“压舱石”能有效稳住科技创新驱动经济发展的战略航向。

Third, promote the high-quality circulation and flow of patient capital. The circulation and flow of capital is a prerequisite for capital to realize appreciation. For patient capital, its circulation cycle is longer, and it requires even more that the circulation process be smooth and the quality of circulation be improved. One of the keys to promoting the efficient circulation of patient capital is to ensure the smooth operation of the entire chain of "raising, investing, managing, and exiting." That is, on the fund-raising end, it is necessary to fully leverage the advantage of China's high household savings rate and transform it into an important source of long-term capital for venture capital; on the fund-investment end, it is necessary to invest early, invest small, invest long-term, and invest in hard technology, focusing efforts on supporting science and technology innovation enterprises; post-investment management must effectively supervise that investment funds are used for the agreed-upon science and technology innovation projects; capital exit must not only comply with the agreements between investors and fundraisers but also adhere to the requirements of the relevant laws, regulations, and systems of the capital market and market norms, ensuring a steady and orderly exit.

第三，促进耐心资本高质量循环流动。资本循环流动是资本实现增值的前提。对于耐心资本而言，其循环周期更长，更要求循环过程顺畅、循环质量提高。促进耐心资本高效循环的关键之一是保障“募投管退”全链条顺畅运行，即基金募集端要充分利用我国居民储蓄率高的优势，将其转化为风险投资长期资本金的重要来源；基金投资端要投早、投小、投长期、投硬科技，着力支持科技创新企业；投后管理要切实监督投资资金用于约定的科技创新项目；资本退出不仅要符合投融双方的约定，更要遵守资本市场相关法规制度要求和市场规范，确保稳步有序退出。

(II) Improve the Construction of a Multi-Level Capital Market and a High-Efficiency Financial Market System

（二）完善多层次资本市场和高效率金融市场体系建设

A multi-level capital market is a market with hierarchical allocation of financial resources established to meet the capital requirements of different investment and financing entities. A well-developed multi-level capital market provides different financing channels for enterprises at different stages of development and of different types. That is, the start-up stage primarily relies on the over-the-counter market, including regional equity trading markets, high-tech property rights exchanges, etc.; the growth stage primarily relies on the ChiNext and the STAR Market within the exchange market; the mature stage primarily relies on the main board within the exchange market. [1]1 The ChiNext (创业板) is a NASDAQ-style board on the Shenzhen Stock Exchange for high-growth, innovative start-ups. The STAR Market (科创板) is a similar board on the Shanghai Stock Exchange, officially the Science and Technology Innovation Board, established in 2019. The multi-level capital market effectively enhances the targeting and applicability of patient capital, which can further improve its quality and expand its scale.

多层次资本市场是指能满足不同投融资主体的资本要求而建立起来的有层次性的配置金融资源的市场。完善的多层次资本市场为不同发展阶段和类型的企业提供了不同的融资渠道，即初创期以场外市场为主，包括区域性股权交易市场、高新技术产权交易所等，成长期以场内市场的创业板、科创板为主，成熟期以场内市场的主板为主。各层次资本市场有效提升了耐心资本的针对性和适用性，可进一步改善其质量和壮大其规模。

A high-efficiency financial market is a venue for the efficient circulation of funds and the optimal allocation of resources. It includes not only the capital market but also the money market, and constitutes an ecosystem for cultivating and strengthening patient capital at a higher level and on a broader scale. Close connections exist among these sub-markets, and patient capital will also flow between them in different forms. Therefore, it is necessary to coordinate the various sub-markets to perform their respective functions, and to drive the efficient operation of the entire financial market system through the efficient operation of each market, forming a multi-faceted, multi-form situation supporting technological innovation and industrial development. This provides a broader circulation space for patient capital, opens more exit channels for venture capital, and promotes the development of patient capital towards a larger scale and higher quality.

高效率金融市场是资金高效融通和资源优化配置的场所，不仅包含资本市场，还包含货币市场，是在更高层级和更大范围培育壮大耐心资本的生态体系。这些子市场之间存在着紧密的联系，耐心资本也会在其间以不同形式流动。因此，统筹各个子市场发挥其各自功能，并以各市场的高效运行带动整个金融市场体系的高效运行，形成多方面、多形态支持科技创新和产业发展的局面，为耐心资本提供更广阔的循环空间，为风险投资开辟更多的退出通道，推动耐心资本向规模更大、质量更高的方向发展。

(III) Promote State-Owned Capital to Become Patient Capital

（三）推动国有资本成为耐心资本

The state-owned economy does not take the pursuit of short-term commercial profit as its primary objective; rather, it places greater emphasis on the realization of social functions, focusing its investment on important industries and key areas related to the national economy and people's livelihood as well as economic and social development. The capital contributed to the state-owned economy is primarily invested by the state, and it pays more attention to the long-term and stable nature of investment returns, rather than simply pursuing short-term gains. Therefore, the functional positioning of the state-owned economy endows state-owned capital with the inherent attributes of patient capital.

国有经济不以追求短期商业利润为首要目标，而是更注重社会功能的实现，重点投向事关国计民生和经济社会发展的重要行业、关键领域；国有经济的出资资本主要由国家投入，对于投资回报更关注长期性和稳健性，而不是单纯追求短期收益。因此，国有经济的功能定位使得国有资本天然具有耐心资本的内在属性。

Promote state-owned capital to develop into the most substantial "ballast stone" among patient capital. First, deepen the reform of the management system and mechanism for state-owned capital contributions, clarify the responsibilities, authority, and scope of responsibility of state-owned capital contributors and operation managers, strive to enhance the market-oriented operation level of state-owned capital investment and operation institutions, improve investment efficiency, and enhance the effectiveness of supporting the development of new quality productive forces. Second, improve systems such as performance evaluation, reward and incentive, and fault tolerance and exemption from liability for state-owned capital investment funds. The rigid constraint of maintaining and increasing the value of state-owned assets greatly reduces risk appetite, leading state-owned funds to dare not invest early or small, ultimately degenerating into "showpiece" funds that do not invest; performance evaluation often adopts the method of annual and individual project-by-project assessment, and short-term performance pressure easily leads to short-sighted investment behavior, objectively not conforming to the "power law" of the equity investment industry; unreasonable incentive mechanisms, whether insufficient or excessive incentives, can lead to a lack of patience and responsibility in investment behavior. In response to the above problems, government state-owned asset management departments should improve the performance evaluation system, taking the first step to promote state-owned funds "daring to invest." Performance assessment and evaluation should be based on a long-term cycle, with a focus on medium- and long-term incentives, with bonuses deferred in stages, to promote the establishment of a long-term performance orientation. Distinguish between the different responsibilities and their characterization of investment decision-makers and investment handlers, and establish accountability, punishment, and due diligence compliance fault tolerance and exemption from liability systems accordingly. Especially for the fault tolerance and exemption mechanism, it is necessary not only to establish specific system content that conforms to the characteristics and development laws of the venture capital industry but also to ensure it can be implemented and executed in actual operation, thereby fundamentally loosening the constraints on state-owned capital venture capital. Third, leverage the role of government guidance funds with state-owned capital as the main body, requiring efficient coordination between government guidance and market leadership, thereby leveraging more social capital to participate in technological innovation and support the development of new quality productive forces. State-owned government guidance funds should also follow the principle of "government guidance, market-oriented operation, professional management," improve capital elements such as angel investment, venture capital, private equity investment, and venture capital, and build a fund system covering the entire life cycle of enterprises from the seed stage, start-up stage, growth stage, to the mature stage, to better empower the growth of technology enterprises.

推动国有资本发展成为耐心资本中最具分量的“压舱石”。第一，深化国有资本出资管理体制机制改革，明确国有资本出资人和运营管理人的职责权限和责任范围，努力提升国有资本投资运营机构市场化运作水平，提高投资效率，提升支持新质生产力发展的效能。第二，完善国有资本投资基金业绩评价、奖惩激励、容错免责等制度。国有资产保值增值刚性约束极大地降低了风险偏好，导致国有资金不敢投早、投小，最终演变成不投资的“花瓶式”基金；绩效评价多采用按年度和单个项目逐一考核评估的方式，短期绩效压力易导致投资行为的短视，客观上不符合股权投资行业的“幂次法则”；激励不足和激励过度等激励机制不合理均会导致投资行为缺乏耐心与担当。针对以上问题，政府国有资产管理部门应健全绩效评价制度，为促进国有资金“敢于投”迈出第一步。业绩考核评价应建立在长周期基础上，并以中长期激励为主，奖金分阶段递延，促进长期业绩导向的树立。区分投资决策者和投资经办人不同责任及其定性，并据此建立问责处罚及尽职合规容错免责制度。尤其是对容错免责机制，不仅要建立起符合创投行业特点和发展规律的具体制度内容，更要能在实际操作中落地执行，从而在源头上为国有资本创投松绑。第三，发挥以国有资本为主体的政府引导基金作用，需在政府引导和市场主导之间实现高效协同，以此撬动更多社会资本参与科技创新和支持新质生产力发展。国资政府引导基金同样要按照“政府引导、市场化运营、专业化管理”的原则，健全天使投资、风险投资、私募股权投资和创业投资等资本要素，构建覆盖企业种子期、初创期、成长期、成熟期等全生命周期的基金体系，更好地赋能科技企业成长。

Furthermore, for state-owned capital that has long been sunk in loss-making industries and enterprises, proactive intervention and disposal measures such as mergers and reorganizations, bankruptcy liquidation, etc., should be taken to enhance the operational efficiency of state-owned capital. It cannot be ignored or neglected on the pretext of being patient capital. This kind of capital that generates negative benefits is no longer patient capital; it has become a kind of "helpless capital" and "problem capital." It needs to be actively processed and revitalized to once again become patient capital.

此外，对于长期沉淀在亏损行业和企业的国有资本，要采取兼并重组、破产清算等手段主动进行干预和处置，以提升国有资本的运作效率，而不能以耐心资本为由不闻不问、不管不顾。这种产生负效益的资本已然不是耐心资本，已经成为一种“无奈资本”和“问题资本”，需要通过积极处理和重新盘活，让其再度成为耐心资本。

(IV) Introduce International Patient Capital to Enrich the Scale of China's Existing Patient Capital

（四）引进国际耐心资本充实我国现有耐心资本规模

Compared with domestic patient capital, international patient capital has a broader global perspective, more mature evaluation methods for investment projects, and more efficient investment management systems. International patient capital can examine the technological level of enterprises and projects to be invested in from the forefront of world science and technology, and can predict future industrial focal points based on the development trends of new technologies and changes in the global market. The investment history and development process of international patient capital are longer than ours, and they have formed a more mature evaluation system for investment projects, enabling them to screen projects more scientifically and efficiently and improve the success rate of investments. Therefore, introducing international patient capital can not only enrich the scale of China's patient capital but also introduce its advanced management methods and experience, further strengthening the effectiveness of domestic patient capital in serving China's technological innovation and industrial upgrading.

与国内耐心资本相比，国际耐心资本具有更广阔的全球视野、更成熟的投资项目评估评价方法和更高效的投资管理制度。国际耐心资本能站在世界科技的前沿面来审视拟投资企业和项目的科技水准，并能根据新科技的发展趋势和全球市场的变化来预判未来的产业焦点。国际耐心资本的投资历史和发展历程比我们长，已经形成更为成熟的投资项目评估评价体系，能更加科学高效地筛选项目，并能提高投资的成功率。因此，引进国际耐心资本不仅能充实我国耐心资本的规模，更能引入其先进的管理方法和经验，进一步强化国内耐心资本服务我国科技创新和产业升级的效能。

Introducing international patient capital is conducive to cultivating long-term investment concepts and a patient financial ecosystem atmosphere. Looking at venture capital cases from Europe and the United States, their time from investment to exit is significantly longer than that of domestic venture capital funds, and they are more inclined to "invest early," meaning the amount invested in angel rounds and seed stages can reach more than half of the total venture capital investment. In contrast, China's venture capital still primarily invests in the growth and mature stages. Although the amount invested in the start-up stage has increased in recent years, and the investment stage shows a gradual trend of moving forward, the investment amount in the growth and mature stages still accounts for more than half, and the proportion for the seed stage is low. Taking 2022 as an example, the combined investment amount for the growth and mature stages accounted for 57.74%, while the seed stage accounted for only 8.84%.

引进国际耐心资本，有利于培育长期投资理念和耐心金融生态氛围。从欧美国家的风险投资案例来看，其从投资到退出的时间明显高于国内风险投资基金，且它们更倾向于“投早”，即天使轮和种子期的投资金额能达到风险投资总额的一半以上。而我国的风险投资仍以投资成长期和成熟期为主，尽管近些年来投资起步期金额有所上升，投资阶段呈现逐步前移的变化趋势，但成长期和成熟期的投资金额仍占半数以上，且种子期的比重低。以2022年为例，成长期和成熟期合计投资金额占比为57.74%，种子期占比仅为8.84%。

Sufficient funds are an important guarantee for successful scientific research and rapid enterprise development, especially for small and medium-sized technology innovation enterprises. The earlier a company is in its entrepreneurial stage, the more it needs financial support. Correspondingly, the earlier a venture capital institution invests, the greater the marginal utility obtained by the invested enterprise from using the funds. Therefore, by introducing international patient capital and utilizing its characteristic of "investing early and small," it can drive the forward shift of the investment stage of domestic patient capital, maximizing the role of venture capital patient capital in supporting the development of new quality productive forces.

充足的资金是科技研发成功和企业快速发展的重要保障，特别是对中小型科技创新企业而言，公司越处于创业早期，就越需要资金支持。相应地，风险投资机构投得越早，被投资企业利用资金获得的边际效用就越大。因此，通过引入国际耐心资本，利用其“投早投小”的特点，带动国内耐心资本投资阶段前移，最大程度地发挥风险投资耐心资本支持新质生产力发展的作用。

(V) Build and Improve a Comprehensive Supporting System Suitable for the Development of Patient Capital

（五）构建和完善适于耐心资本发展的综合配套体系

Cultivating and strengthening patient capital is far from sufficient by relying solely on individual policy measures. It is necessary to build a comprehensive supporting system from multiple dimensions to ensure the systematic nature of policies and form policy synergy effects.

培育和壮大耐心资本，仅仅依靠单一的政策措施是远远不够的，需要从多个维度构建综合配套体系，以确保政策的系统性，形成政策协同效应。

First, establish and improve relevant laws and regulations, and perfect the basic market system[14]14 The term "basic market system" (市场基础性制度) refers to the foundational institutional arrangements underpinning a market economy, such as property rights protection, contract enforcement, and fair competition rules, which are distinct from specific market regulations or policies.. The development of patient capital requires a series of laws, regulations, and institutional rules as safeguards. Laws and regulations provide patient capital with sustained and stable expectations; the market system creates a high-standard, law-based business environment for patient capital. These top-level designs are conducive to protecting the legitimate rights and interests of investors and reducing investment risks. Specifically, at the legislative level, clarify the legality and relevant requirements for long-term funds such as social security funds, pension funds, and enterprise annuities to enter the financial market; continuously improve the basic market economic systems such as capital access and exit, property rights protection, fair competition, and social credit, as well as the basic capital market systems such as securities issuance and listing, information disclosure, registration and settlement, trading, exit, and investor protection; so that patient capital can operate legally and enter and exit in compliance within a transparent, fair, and law-based national unified large market, achieving stable development and continuous growth.

第一，建立健全相关法律法规，完善市场基础性制度[14]。发展耐心资本需要一系列法律法规和制度规则保障。法律法规为耐心资本提供了持续、稳定的预期，市场制度为耐心资本创造了高标准、法治化的营商环境。这些顶层设计有利于维护投资者的合法权益，降低投资风险。具体而言，在立法层面明确社保基金、养老基金、企业年金等长期资金进入金融市场的合法性及相关要求，持续完善资本准入退出、产权保护、公平竞争、社会信用等市场经济基础性制度和证券发行上市、信息披露、登记结算、交易、退出、投资者保护等资本市场基础性制度，让耐心资本在透明、公平、法治化的全国统一大市场中依法经营、合规进出，并实现稳健发展和持续壮大。

Second, strengthen the coordination of fiscal and monetary policies, and increase the supply of policy support for the development of patient capital. The coordinated implementation of fiscal policy and monetary policy plays an important role in deepening financial reform, strengthening financial governance, and maintaining financial stability, providing a relaxed macro environment and a powerful source of impetus for the development of patient capital. In particular, the currently implemented proactive fiscal policy and prudent monetary policy further create a market atmosphere of seeking progress while maintaining stability for the cultivation of patient capital. General Secretary Xi Jinping pointed out, "We must strengthen coordination and cooperation, enhance the flexibility, coordination, and complementarity of policy measures, and strive to achieve the maximum policy effect."[15]15 Xi Jinping, "Speech at the Central Economic Work Conference," December 2023. Therefore, in terms of policy coordination, it is necessary not only to play the "combined fist" of fiscal policy and monetary policy, but also to play the "combined fist" of macro policies and micro policies, strengthening the consistency of policy orientation and the maximum combined effect. Macro-control focuses on expanding investment and promoting consumption, driving the expansion of the scale of patient capital; micro-management coordinates the use of policy tools such as policy-based finance, interest subsidies and rewards, financing guarantees, and tax incentives, leveraging more funds to precisely serve key areas and weak links in the economy and society, prompting these funds to eventually settle and form patient capital.

第二，强化财政与货币政策协同，加大支持耐心资本发展的政策供给力度。财政政策和货币政策的协同实施对于深化金融改革、强化金融治理、维护金融稳定具有重要作用，为耐心资本的发展提供了宽松的宏观环境和强大的动力来源，尤其是当前实施的积极财政政策与稳健货币政策，进一步为耐心资本的培育营造了稳中求进的市场氛围。习近平总书记指出,“要加强协同配合，增强政策举措的灵活性、协调性、配套性，努力取得最大政策效应”[15]。因此，在政策协同方面，不仅要打好财政政策与货币政策的“组合拳”，而且还要打好宏观政策与微观政策的“组合拳”，强化政策取向一致性和最大组合效应。宏观调控聚焦扩投资、促消费，推动耐心资本规模扩张；微观管理统筹运用政策性金融、贴息奖补、融资担保、税收优惠等政策工具，撬动更多资金精准服务经济社会关键领域和薄弱环节，促使这些资金最终沉淀形成耐心资本。

Third, strengthen behavioral supervision of capital, and support the lawful and compliant operation of patient capital. Capital has a natural profit-seeking nature, which is the driving force for capital to strengthen itself and promote economic development, but also the root cause of its frequent "boundary-crossing" and disorderly development. Therefore, capital must be constrained and regulated, guiding its healthy development. Financial regulatory authorities should improve the regulatory mechanism, strengthen behavioral supervision and ongoing supervision, ensure that the entire investment process of patient capital complies with laws, regulations, and policy requirements, and strengthen the assessment and monitoring of investment risks, promptly discovering and handling potential risks to ensure the safe and stable operation of patient capital. For violations of laws and regulations discovered during the capital supervision process, the standards and procedures for administrative law enforcement should be unified to promote fair and impartial law enforcement. While clarifying unified supervision of capital, exploration of new models of differentiated supervision should also be undertaken. For different categories of venture capital, formulate different minimum holding periods, information disclosure requirements, and tax and fee reduction policies; for the same type of venture capital, adopt different listing support, interest subsidy rewards, and dividend and bonus tax preferential policies based on differences in the type of invested enterprise, investment method, and investment period, and highlight special preferential treatment for patient capital to support and incentivize its lawful and compliant operation and orderly development. However, it should be noted that patient capital is subject to efficiency goals and market orientation and has liquidity requirements; its supervision should not restrict its liquidity on the grounds of it being patient capital.

第三，加强对资本的行为监管，支持耐心资本依法依规运作。资本具有天然的逐利性，这是资本自我壮大、推动经济发展的原动力，也是导致其经常“越界”和无序发展的根源所在。因此，必须对资本加以约束和规范，引导其健康发展。金融监管部门要健全监管机制，强化行为监管和持续监管，确保耐心资本的全过程投资行为符合法律法规和政策要求，并加强对投资风险的评估和监测，及时发现和处置潜在风险，确保耐心资本安全稳健运作。对于资本监管过程中发现的违规违法行为，要统一行政执法标准和程序，促进公平公正执法。在明确资本统一监管的同时，还应探索差异化监管新模式。对不同类别的风险投资资本，制定不同的最低存续年限、信息披露要求和税费减免政策；对同类型的风险投资资本，针对被投资企业类型、投资方式、投资期限等不同，采取不同的上市扶持、贴息奖补和股息红利税收优惠政策，并突出耐心资本的特殊优惠优待，以支持和激励其依法依规运作和有序发展。但需要注意的是，耐心资本服从效益目标和市场导向，具有流动性要求，对其监管不能以耐心资本为由而限制其流动。

Online Editor: Paul

网络编辑：保罗