Аннотация
In the digital economy era, digital transformation has become an essential path for enterprises to achieve high-quality development. However, the inherent characteristics of digital transformation—high investment, long cycle, and high uncertainty—are seriously mismatched with the short-term profit-seeking nature of traditional capital, creating a “capital patience gap” that restricts the transformation process. Patient capital, as a long-term capital form characterized by long-term orientation, risk tolerance, and value symbiosis, relies on its cross-cycle investment advantages and risk-sharing mechanism to provide stable financial support and strategic guidance for enterprise digital transformation. Based on the dynamic capability theory, resource-based view, and information asymmetry theory, this study systematically analyzes the action mechanisms of patient capital in promoting digital transformation, including financing relief, resource integration, governance improvement, and signal transmission. It also identifies the heterogeneous effects across ownership types and industries, reveals the main problems such as insufficient supply, low allocation efficiency, and unsmooth transmission mechanisms, and proposes targeted optimization paths from the perspectives of enterprises, government, and capital market. The conclusions not only enrich the theoretical research on the coupling of patient capital and digital transformation but also provide practical references for expanding long-term capital supply, improving the innovation ecosystem, and accelerating the deep integration of digital economy and real economy.