Patient Capital and the High-Quality Development of Strategic Emerging Enterprises—— from the Asset Investment Companies (AICs)
Yang Xing¹ Zhe Liu²
(1.School of Economics, Shenzhen Polytechnic University, 518060；2.School ofAccounting, Dongbei University of Finance and Economics, 116023)
Abstract: Existing research on the development of patient capital has yet to establish a systematic theoretical and practical framework that incorporates the role of Asset Investment Companies (AICs). This study examines AICs as an institutional mechanism and investigates how they facilitate the allocation of patient capital to support the growth of strategic emerging enterprises. Combining theoretical analysis with evidence from industry pilot programs in China, this study identifies four representative business models, including government and financial institution partnerships, collaboration among government, financial institutions, and industries, fund investment combined with direct equity investment, and integrated investment and lending arrangements. The study further explores how AICs promote the effective allocation of patient capital and foster technological innovation and industrial transformation, thereby contributing to the long term growth of strategic emerging enterprises.
Keywords:Patient Capital; Asset Investment Companies(AICs)
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