Patient Capital and Supply Chain Disruption Risks Perception : The Mediating Effect of Human Capital Upgrading

초록

Purpose: Against the backdrop of global value chain restructuring and rising geopolitical risks, supply chain disruption has become a key obstacle to stable corporate operation. This study aims to explore the impact of patient capital on corporate supply chain disruption risk perception, as well as its internal mechanisms, mediating paths, and boundary conditions, combining the Resource-Based View and the Dynamic Capabilities Theory. Research design, data and methodology: This study selected a sample of companies listed on China’s A-share market between 2010 and 2024 and conducted empirical analysis, robustness tests, and endogeneity tests. The instrumental variables method, propensity score matching (PSM) test, Heckman two-stage model, and entropy balancing method were employed to ensure the reliability of the results. An analysis of industry heterogeneity was also conducted. Results: Patient capital significantly alleviates supply chain disruption risk perception. Human capital upgrading plays a partial mediating role. Digital transformation and R&D investment positively moderate the effect. The inhibitory effect is stronger in highly competitive, non-high-tech, and non-manufacturing industries. Conclusions: This study enriches the literature on patient capital and supply chain risk, clarifies the transmission mechanisms of long-term capital on supply chain resilience, and provides practical references for enterprises and governments to stabilize industrial and supply chains.

키워드