Abstract：Patient capital is a specific form of capital that has emerged in response to the requirements of the development of new-quality productive forces. Compared with traditional capital, which pursues rapid turnover and short-term returns, patient capital is characterised by long-term investment, risk-sharing and intertemporal returns and is better suited to the operational patterns of high-tech industries, which are characterised by long R&D cycles, high capital immobilisation and significant uncertainty. From the perspective of historical materialism, the emergence of patient capital is not a coincidental policy arrangement, but rather an adjustment made by the relations of production to adapt to changes in productive forces. Its essence lies in the fact that, under the pressures of profit, technological change and long-cycle innovation, capital forms an operational model serving long-term innovation by restructuring its turnover methods, risk-bearing mechanisms and value evaluation logic. The development of patient capital is driven by a combination of factors, including national strategic guidance, the evolution of market mechanisms, the upgrading of social demand, and the pressures of international competition. To strengthen patient capital, efforts should focus on refining mission-oriented top-level institutional design, improving incentive-compatible mechanisms, reconstructing a multi-dimensional value evaluation system, and fostering open and collaborative innovation clusters. This will ensure that capital allocation better serves scientific and technological innovation, industrial upgrading, and the construction of Chinese-style modernisation.
2026, Vol. 43 
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