Abstract：

Against the backdrop of increasingly severe environmental issues and urgent demands for sustainable economic development, corporate green transformation is of great urgency. However, its implementation faces many difficulties, mainly stemming from financial pressure caused by uncertainties. Meanwhile, patient capital, with its unique long-term investment perspective, tolerance for risks, and long-term vision for value creation, has become a crucial force in alleviating corporate financial difficulties. Therefore, this study uses Chinese A-share listed companies from 2008 to 2023 as samples to empirically test the impact of patient capital on corporate green transformation. The results show that patient capital significantly enhances the degree of corporate green transformation. Further research reveals that financing constraints, agency costs, and R&D investment play mediating roles in the impact of patient capital on corporate green transformation. The research conclusions provide useful empirical evidence for relevant departments to recognize the impact of patient capital on corporate green transformation and promote sustainable corporate development.

Key Words：

patient capital; green transformation; corporate value