【摘要】 耐心资本作为注重长期价值回报的投资形态，有助于扩大有效投资、提升产业链自主可控能力并增强整体韧性。基于2010—2023年中国沪深A股制造业上市公司样本，实证考察耐心资本对产业链韧性的影响及其作用机制。研究发现，耐心资本显著促进了产业链韧性提升，主要通过“市场主体效应”与“纵向整合效应”增强产业链韧性；耐心资本对产业链韧性的影响存在地区与企业异质性，耐心资本对产业链韧性的提升作用在省会城市及金融发展水平高的地区与国企、供应商依赖度高、虚拟集聚低的企业中更为显著；基于机器学习的变量重要性分析表明，相比于影响产业链韧性的传统影响因素，耐心资本的重要性不容忽视；耐心资本并未因替代劳动力而降低员工收入，而是通过推动人力资本升级以提高企业平均薪酬，从而巩固产业链韧性提升的微观基础。更多还原

【Abstract】 Patience capital, as an investment form focused on long-term value returns, helps expand effective investment, enhance the self-reliance and controllable capability of industrial chains, and strengthen overall resilience. Using China’s A-share manufacturing listed companies in Shanghai and Shenzhen from 2010 to 2023 as samples, the paper empirically investigates the impact and functional mechanism of patient capital on industrial chain resilience. Research finds out that patient capital has significantly promoted the improvement of industrial chain resilience, primarily through “market entity effect” and “vertical integration effect”. The impact of patient capital on industrial chain resilience exhibits regional and enterprise heterogeneity. The promotion function is more pronounced in provincial capital cities and regions with advanced financial development, as well as in state-owned enterprises, and firms with high reliance on suppliers and low level of virtual agglomeration. Variable importance analysis based on machine learning indicates that compared with traditional factors affecting industrial chain resilience, the importance of patient capital cannot be ignored. Patient capital does not reduce employee income due to labor substitution, but rather improves average corporate compensation through driving human capital upgrading, thereby consolidats the micro-foundations for improving industrial chain resilience.更多还原