| 李心武,卢闯,牛煜皓,李哲.企业数字化转型中耐心资本的价值发现功能研究[J].数量经济技术经济研究,2025,(11):178-198 | | 企业数字化转型中耐心资本的价值发现功能研究 | | Value Discovery Function of Patient Capital in Corporate Digital Transformation | | | | DOI： | | 中文关键词: 耐心资本 数字化转型 基金持仓 价值发现功能 | | 英文关键词: Patient Capital Digital Transformation Fund Holdings Value Discovery Function | | 基金项目: | | | 中文摘要: | | 在中国经济结构优化升级的背景下，耐心资本对企业的投资行为与价值发现功能是值得关注的话题。公募基金作为代表性的耐心资本之一，其长期投资逻辑与企业数字化转型的发展路径高度一致。在此背景下，本文探讨了企业数字化转型是否能够引起耐心资本的关注，以及耐心资本能否发挥价值发现功能。研究发现：耐心资本会降低采用“多言寡行”数字化转型策略企业的持仓比例，体现出耐心资本的识别能力；数字化转型程度越高的企业，耐心资本在投资组合中对其持仓比例越高，体现出耐心资本对企业数字化转型的价值认同；耐心资本对数字化转型企业的持仓比例越高，分析师的实地调研越多，股票换手率越高，企业的股权融资成本越低，体现出耐心资本的价值发现能力。异质性分析发现，耐心资本对数字化转型方案的可行性高、转型预期价值大的企业持仓更多。机制分析表明，数字化转型通过提高投资效率、经营效率与产品市场表现改进了企业的价值驱动要素，从而获得耐心资本的价值认同。本文剖析了中国耐心资本的配置能力和价值发现能力，对促进中国资本市场高质量发展具有重要意义。 | | 英文摘要: | | Patient capital provides long-term, stable, and sustained funding for the real economy. Cultivating patient capital is essential for China’s financial development and economic transformation. Due to the digital economy, the significance of patient capital is increasingly pronounced. However, limited information discernment among retail investors allows firms to window dress their digital transformation. Patient capital prioritizes sustainable corporate development over immediate returns. First, this study addresses the question: Can patient capital detect strategic digital transformation posturing? The notable challenges of corporate digital transformation create significant uncertainty regarding capital accessibility, substantially constraining digital technologies’ enabling potential. Patient capital prioritizes long-term value and possesses superior risk tolerance. Second, this study addresses the question: Can digital transformation appeal to patient capital? This validates patient capital’s value discernment capabilities. Lastly, while undergoing digital transformation, enterprises accumulate substantial data assets. However, proprietary information protection motives often deter comprehensive disclosure, impeding market participants from accurately assessing transformation value. Through its trading activities in secondary markets, patient capital provides critical signals that bolster market confidence, thereby activating the “capital–data synergy” effect. Third, this study tackles the question: Does patient capital’s involvement lead to greater investor scrutiny and value recognition of firms’ digital transformation efforts in secondary markets?This study constructs a mutual fund holdings firm-year data structure from 2007 to 2020 to investigate whether patient capital effectively performs the value discovery function. The results reveal that firms conducting a “Talk More, Act Less” digital transformation strategy endure the decline in the holding ratio of patient capital, reflecting their identification ability. Firms with a higher degree of digital transformation receive a greater holding ratio from patient capital, reflecting the value recognition of corporate digital transformation. When patient capital holds a higher proportion of shares in digitally transforming firms, analysts conduct more on-site visits, investor turnover rates increase, and firms’ cost of equity financing decreases, demonstrating patient capital’s value discovery capability. Heterogeneity tests reveal that mutual funds invest more heavily in firms with more feasible digital transformation plans and greater expected transformation value. Digital transformation enhances patient capital’s value recognition by improving investment efficiency, operational efficiency, and product market performance.This study makes three important contributions to the literature. First, it examines how patient capital facilitates digital transformation, providing a systematic assessment of its investment logic and value discovery function along with empirical evidence. While prior literature primarily focuses on patient capital’s governance role through voting with hands, this study focuses on its behavior of voting with feet via holdings adjustments. The results reveal that it adjusts positions based on digital progress, window dressing, feasibility, and expected value. These adjustments trigger increased analyst attention, higher turnover, and lower financing costs for relevant firms. Thus, the findings offer insights for comprehensively understanding patient capital’s value discovery mechanism. Second, from the perspective of corporate digital transformation, this study provides empirical evidence on whether China’s patient capital exhibits “patient” characteristics in the secondary market. Prior research is mostly theoretical or focused on early-stage and small firms’ investment in primary markets, overlooking secondary markets. Digital transformation’s long-term nature aligns with patient capital’s horizon. This study reveals that patient capital favors feasible, high-value transformations, attracting broader investor interest. These findings validate the patient behavior of China’s patient capital in secondary markets. Third, by describing the behavioral logic of patient capital, this study provides a roadmap for China to expand patient capital to foster high-quality economic development. Our findings reveal that patient capital plays a pivotal role in enhancing capital market efficiency and supporting the real economy’s high-quality growth. By evaluating firms’ digital transformation, patient capital shapes investor judgment and channels more social capital into patient capital, strengthening China’s capital ecosystem and market discovery. Furthermore, patient capital’s ability to identify digital window dressing and curb opportunism offers guidance for promoting sustainable, strategy-aligned firm behavior. | | 查看全文 相关附件： 下载数据代码附录 |
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