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制造业企业长期面临债务融资成本高的挑战,耐心资本作为一种注重长期价值投资的市场力量,为其缓解融资压力提供了重要途径。基于中国上市制造业企业2013—2024年数据,实证检验耐心资本投资对制造业企业债务融资成本的影响及其作用机制,并从产权属性与环境规制属性两个维度进行异质性分析。研究发现:耐心资本投资能够显著降低制造业企业债务融资成本;融资约束在二者之间发挥部分中介作用;异质性分析表明,耐心资本投资对国有企业债务融资成本的降低作用更为显著,而对非国有企业影响不显著;无论企业是否属于重污染行业,耐心资本均能显著降低其债务融资成本,且对重污染企业的降低作用更为明显。研究成果为通过引入耐心资本优化制造业融资环境、推动实体经济高质量发展提供了政策启示。

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