Patient Capital Drives the Formation and Development of New Agricultural Productivity: An Empirical Study from Small and Medium-sized Agriculture-related Enterprises

The core task of the 15th Five-Year Plan is to build modern agriculture-oriented industry, and the cultivation and development of new agricultural productivity is the key path to achieve this strategic goal. Based on the panel data of agriculture-related small and medium-sized enterprises from 2016 to 2024, this paper takes patient capital as the breakthrough point, and through theoretical and empirical analysis of the mechanism of action of patient capital on new agricultural quality productivity, it is found that:(1) Patient capital has a positive effect on new agricultural quality productivity, and the impact of relational debt is greater than that of stable equity;(2) Patient capital promotes the formation and development of new agricultural productivity in labor subjects, labor materials and labor objects by influencing agricultural socialization services,agricultural mechanization and high-standard farmland construction;(3) Patient capital has different effects on different types of enterprises in agricultural production. The impact on primary processing enterprises is higher than that on finishing and production materials supply enterprises,and it has the greatest impact on high-tech agricultural enterprises such as modern seed industry and intelligent agriculture. To improve the effect of patient capital empowering new agricultural productivity, in the future, it is necessary to improve the patient capital investment and financing model to adapt to the component characteristics of different stages of the development of new agricultural productivity.