【摘要】 在全球产业链深度重构与科技竞争加剧背景下，中国的可持续发展对稳定的长期资本供给提出了迫切需求。本文针对国家战略层面提出的“发展壮大耐心资本”的政策新动向，探讨中国制度环境下耐心资本的演变趋势及其对资本市场深化改革的意义。基于“生态重构”视角，本研究揭示政府引导基金通过制度创新和治理创新，正在实现从政策工具向生态型资本纽带的转型。本研究通过分析政府引导基金促进市场资本向早期科技领域集聚的作用机制，阐明其在推动资本市场资源配置逻辑从短期博弈转向长周期生态共建中的作用。本文为深入理解耐心资本在中国资本市场的演变机理及其与资本市场深化改革的关系提供了分析框架，并为资本市场服务中国式现代化提供了实践启示。更多还原

【Abstract】 Against the backdrop of global industrial chain restructuring and intensifying technological competition,China’s pursuit of sustainable economic development necessitates substantial long-term capital. In response to the national strategic call to develop and strengthen patient capital,this study investigates the changing pattern of patient capital within China’s institutional context and its implications for the capital market reform. From the perspective of ecological reconstruction,this study reveals that through institutional and governance innovations,government-guided funds(GGFs) are transforming from policy instruments to ecosystem anchors. By analyzing how GGFs drive market capital toward earlystage technology ventures,this study reveals their critical function in transforming capital market resource allocation from short-term transactional behavior to long-term ecological collaboration. This study provides a framework for understanding the distinctive pattern of patient capital in China and its synergy with the capital market reform,and off ers practical insights for supporting the national modernization agenda.更多还原