The Impact of Patient Capital on Corporate Supply Chain Efficiency: Evidence from Chinese A-Share Listed Firms

Corporate supply chain efficiency is fundamental to improving the quality and performance of industrial and supply chains, while patient capital may provide sustained support for enhancing supply chain efficiency. Using panel data from Chinese A-share listed firms from 2013 to 2024, this study examines the impact of patient capital on corporate supply chain efficiency and explores the underlying mechanisms. The results show that patient capital is associated with greater corporate supply chain efficiency. Mechanism analysis provides evidence consistent with three potential pathways: alleviating financing constraints, increasing innovation investment, and strengthening supply chain stability. Heterogeneity analysis reveals that the negative relationship is more pronounced among firms with higher asset specificity, greater environmental uncertainty, and lower levels of government subsidies. Further analysis suggests that improvements in supply chain efficiency associated with patient capital contribute to firms’ high-quality development and strengthen corporate resilience. By examining patient capital from the perspective of supply chain operations, this study extends research on the economic consequences of patient capital and the determinants of corporate supply chain efficiency, while providing empirical evidence for optimizing long-term capital allocation and promoting the high-quality development of industrial and supply chains.