Research on the Relationship Between Patient Capital and Firm Revenue Stability in the Yangtze River Delta

Abstract

Against the backdrop of high-quality economic development and the integration of the Yangtze River Delta, the issues of heightened operational volatility and declining revenue stability among regional enterprises have become increasingly prominent. Patient capital, which is oriented towards long-term value, has emerged as a key force underpinning the steady development of enterprises. As a form of capital that prioritises long-term value and possesses a high risk tolerance, patient capital exerts a profound influence on the high-quality development of enterprises. This paper uses A-share listed companies in the Yangtze River Delta from 2023 to 2025 as a sample. It employs the standard deviation and coefficient of variation of revenue growth rates to measure revenue stability, and empirically tests the impact of patient capital on corporate revenue stability and its underlying mechanisms.

The study finds that patient capital significantly reduces corporate revenue volatility and enhances stability; corporate scale and profitability levels have a positive, facilitating effect on revenue stability; the stabilising effect of patient capital is significantly stronger in the Shanghai and Zhejiang regions than in the Jiangsu and Anhui regions; and the stabilising effect of patient capital on high-tech manufacturing enterprises is significantly greater than that on traditional industries. These findings enrich research on capital structure heterogeneity and corporate revenue, providing a reference for enterprises in the Yangtze River Delta to make specific technological innovation decisions.

Policy recommendations: Strengthen the supply of long-term capital; coordinate the allocation of regional financial resources to narrow development gaps; prioritise support for high-tech manufacturing; reduce reliance on short-term financing; and encourage a long-term value investment orientation.