Digital infrastructure construction, patient capital, and corporate digital technology innovation

Jingchao Wang, Yating Yang and Lei Li

Finance Research Letters, 2026, vol. 89, issue C

Abstract: This study empirically investigates the relationship among digital infrastructure construction, patient capital (PC), and corporate digital technology innovation using a sample of non-financial A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2023. The findings indicate that the construction of digital infrastructure significantly promotes corporate digital technology innovation, and the PC also exerts a substantial positive effect on corporate digital technology innovation. Further analysis reveals a synergy between digital infrastructure construction and PC, with their combined effect significantly enhancing corporate digital technology innovation. Mechanism tests indicate that PC plays a partial mediating role in the relationship between digital infrastructure construction and corporate digital technology innovation. This research not only deepens the understanding of the driving factors behind digital innovation but also provides important empirical evidence and policy implications for the government to collaboratively advance new digital infrastructure, guide the development of long-term capital markets, and enable corporate optimization of equity structure to facilitate digital transformation.

Keywords: Patient capital; Digital infrastructure construction; Corporate digital technology innovation (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325024924

DOI: 10.1016/j.frl.2025.109243

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