Patient Capital and New Quality Productive Forces in Manufacturing Firms: Evidence from China and the Moderating Effect of Media Attention

Abstract

Currently, China's manufacturing industry is at a critical stage of transitioning to high-quality development, and the cultivation of "new quality productive forces" faces the contradiction between long investment cycles, high technical risks, and traditional capital's pursuit of short-term returns. To explore solutions to this challenge, this study aims to conduct an in-depth analysis of the specific impact of "patient capital" on the new quality productive forces of manufacturing enterprises, and further investigate the moderating role of media attention. This paper uses China A-share listed manufacturing companies from 2014 to 2022 as research samples, and employs empirical methods such as fixed effects models to systematically examine the relationship between patient capital and corporate new quality productive forces, as well as the specific impact of media attention on this relationship. The study finds that patient capital, with its long-term value orientation and tolerance for short-term fluctuations, can significantly enhance the level of new quality productive forces in manufacturing enterprises. Additionally, media attention plays a positive moderating role in this process. Higher media attention strengthens external governance through the mechanism of public opinion supervision, thereby further amplifying the enabling effect of patient capital on new quality productive forces. The study suggests that policymakers should actively guide long-term funds into the real economy, while encouraging the media to fulfill its functions as an information intermediary and supervisor, to jointly foster a market ecosystem that supports long-term innovation and development.