耐心资本助力实体经济高质量发展的路径与实践：国际经验的启示The Pathways and Practices of Patient Capital in Supporting High-quality Development of the Real Economy: Insights from International Experience
尹天惠,李贺
摘要(Abstract)：
在全球经济转型升级背景下，耐心资本作为支持实体经济发展的重要金融形态，其价值创造机制与实践路径亟待系统性研究。本文基于国际比较视角，通过典型案例分析法，解构耐心资本“长期性、包容性、价值共创性”的核心特征，提炼出四类典型实践范式：黑石集团通过产投联动构建生物医药产业生态链，西班牙“政府-社会资本联盟”建立风险共担机制，非洲清洁能源项目依托数字技术实现精准投资，韩国则通过制度供给优化耐心资本发展环境。研究揭示，国际实践中普遍存在资金错配、新兴领域后续资金缺口大、区域投资失衡等结构性矛盾。据此提出构建“三维驱动”发展框架：制度维度须建立长期政策稳定预期；市场维度应打造产投联动网络，发展多元化资本生态体系；技术维度要深化金融科技赋能。研究结论为完善我国耐心资本支持体系提供理论依据，对推动实体经济高质量发展具有现实启示。
关键词(KeyWords)： 耐心资本;实体经济;国际经验
基金项目(Foundation): 国家社科基金重大项目“畅通国民经济循环的理论基础和制度设计研究”（项目批准号24ZDA014）的资助
作者(Author): 尹天惠,李贺
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