The Impact of Patient Capital on the High-Quality Development of Enterprises in Strategic Emerging Industries

The high-quality development of enterprises in strategic emerging industries plays a crucial role in achieving high-quality economic development. As a form of long-term strategic investment adhering to the principles of value investing, patient capital is emerging as a key driver of high-quality development in these enterprises. Based on data from 743 listed enterprises in China’s strategic emerging industries from 2014 to 2023, this study examines the differential effects of patient capital on the high-quality development of these enterprises. It further tests the mediating roles of digital-green transformation synergy, information asymmetry, and financing constraints, as well as the moderating role of artificial intelligence applications. The results indicate: First, patient capital plays a significant role in promoting the high-quality development of enterprises in strategic emerging industries; second, patient capital promotes the high-quality development of these enterprises by enhancing the level of synergy in digital and green transformation, alleviating information asymmetry, and easing financing constraints. Third, the application of artificial intelligence enhances the positive impact of patient capital on the high-quality development of enterprises in strategic emerging industries; fourth, the impact of patient capital on the high-quality development of enterprises in strategic emerging industries exhibits distinct differences across regional heterogeneity and industrial characteristics. Analysis of regional heterogeneity reveals that enterprises in the central region are more sensitive to patient capital in terms of high-quality development, while an analysis of industrial heterogeneity reveals that the effects of two distinct forms of patient capital—stable equity and relationship-based debt—are more pronounced in promoting high-quality development in the new energy vehicle industry, energy conservation and environmental protection industry, biotechnology industry, new materials industry, and next-generation information technology industry. Compared to relationship-based debt, stable equity significantly promotes high-quality development in the high-end equipment manufacturing and new energy industries. This study provides theoretical foundations and policy implications for leveraging patient capital to drive high-quality development in strategic emerging industries.