Patient Capital, ESG Performance and Key Core Technology Breakthroughs—Evidence from Chinese Listed Companies

Under the background of global economic competition and technological self-reliance, the breakthrough of key core technologies is of strategic significance. Based on the data of A-share listed companies from 2009 to 2023, this study empirically tests the impact of patient capital on key core technology breakthroughs and its mechanism of action. The study found that patient capital can significantly lead to key core technology breakthroughs, and its partial impact is achieved through the intermediary path of improving enterprise ESG performance. Further research finds that this promotion effect is more prominent in mature enterprises, large-scale enterprises, high-tech enterprises and enterprises with financial background. This study provides empirical evidence for understanding the micro-transmission mechanism of patient capital-driven innovation, and has implications for optimizing capital layout and innovation policies.