生态经济

在全球环境挑战日益严峻的背景下，企业环境绩效已成为衡量其可持续发展能力以及企业绿色转型的关键维度。耐心资本作为一种着眼于长期价值创造、规避短期收益压力的投资形态，因其对环境治理项目的适配性，对企业环境绩效的潜在影响受到越来越多的关注。基于此，论文选取2010—2023年中国A股工业类企业数据为样本，实证检验了耐心资本对企业环境绩效的影响效应及内在作用机制。研究发现：（1）耐心资本对企业环境绩效具有显著的正向促进作用，主要通过“资金+认识”双重中介传导路径实现，即缓解企业面临的融资约束与提升管理层绿色认知水平。（2）良好的企业ESG表现与积极的投资者情绪两者“内外调节因子”正向强化耐心资本对环境绩效的提升效果。（3）异质性分析进一步揭示，耐心资本对环境绩效的促进作用在高污染行业、非高科技企业及国有企业中表现更为显著。上述研究结论不仅揭示了耐心资本驱动企业绿色转型的重要作用机制，也为当前政策层面倡导“壮大耐心资本”提供了微观层面的经验证据支持。

Against the backdrop of increasingly severe global environmental challenges， corporate environmental performance has become a key dimension in assessing sustainable development capabilities. Patient capital， an investment approach focused on long-term value creation and avoiding short-term profit pressures， has garnered growing attention for its potential impact on corporate environmental performance due to its alignment with environmental governance projects. Based on this， using data from Chinese A-share industrial enterprises from 2010 to 2023 as a sample， this study empirically examines the impact of patient capital on corporate environmental performance and its underlying mechanisms. The findings reveal that: (1) Patient capital significantly promotes corporate environmental performance， primarily through the dual mediating pathways of “funding + awareness” namely alleviating corporate financing constraints and enhancing management’s green awareness. (2) Strong corporate ESG performance and positive investor sentiment， as “internal and external regulatory factors”， positively reinforce the effect of patient capital on environmental performance. (3) Heterogeneity analysis further indicates that the positive impact of patient capital on environmental performance is more pronounced in high-pollution industries， non-high-tech enterprises， and state-owned enterprises. These findings not only elucidate the critical mechanisms by which patient capital drives corporate green transformation but also provide micro-level empirical evidence supporting the current policy advocacy for “strengthening patient capital”.