耐心资本铸就战略新兴企业高质量发展——以AIC 为视角

耐心资本铸就战略新兴企业高质量发展——以AIC 为视角

邢洋¹   刘喆²

（1. 深圳职业技术大学经济学院，广东 深圳，518060；2. 东北财经大学会计学院，辽宁 大连，116023）

摘 要：现有针对耐心资本培育路径的相关研究，尚未基于金融资产投资公司（AIC）形成系统化理论与实践分析框架。本文以金融资产投资公司为核心研究载体，阐释其依托耐心资本驱动战略性新兴企业高质量发展的内在作用机理，结合理论推演与国内行业试点实践案例，归纳政金合作、政金产协同、母基金结合直投、投贷联动四类典型业务模式，厘清本土耐心资本培育、科技创新与产业升级协同赋能战略性新兴企业提质发展的实现路径。

关键字：耐心资本；金融资产投资公司（AIC）

Patient Capital and the High-Quality Development of Strategic Emerging Enterprises—— from the Asset Investment Companies (AICs)

Yang Xing¹ Zhe Liu²

(1.School of Economics, Shenzhen Polytechnic University, 518060；2.School ofAccounting, Dongbei University of Finance and Economics, 116023)

Abstract: Existing research on the development of patient capital has yet to establish a systematic theoretical and practical framework that incorporates the role of Asset Investment Companies (AICs). This study examines AICs as an institutional mechanism and investigates how they facilitate the allocation of patient capital to support the growth of strategic emerging enterprises. Combining theoretical analysis with evidence from industry pilot programs in China, this study identifies four representative business models, including government and financial institution partnerships, collaboration among government, financial institutions, and industries, fund investment combined with direct equity investment, and integrated investment and lending arrangements. The study further explores how AICs promote the effective allocation of patient capital and foster technological innovation and industrial transformation, thereby contributing to the long term growth of strategic emerging enterprises.

Keywords:Patient Capital; Asset Investment Companies(AICs)

DOI：10.68079/moglkx.2026.3.03  [原文下載][Download PDF]