How Does "Patience" Achieve "Breakthroughs"—Research on the Impact of Patience Capital on Breakthroughs in Key Core Technologies from the Perspective of Attention-Based View

Breakthroughs in key core technologies are the strategic cornerstone for achieving high-level scientific and technological self-reliance and solving the dilemma of "stuck neck", and patient capital with a long-term investment vision and strategic orientation are urgently needed to provide continuous support. In order to explore the essential connection between patient capital and breakthroughs in key core technologies, based on the perspective of the attention-based view, the 2013—2024 China A-share ChiNext Market, the Sci-Tech Innovation Board (STAR Market), and the former Small and Medium-sized Board are used to systematically analyze the impact and mechanism of patient capital on the breakthrough of key core technologies of enterprises. The study finds that patient capital can effectively promote enterprises to achieve breakthroughs in key core technologies, and this conclusion is still valid after a series of robustness tests. The mechanism analysis shows that patient capital has formed a trinity mechanism framework of "cognitive correction, resource guarantee, and open network" by alleviating the short-sightedness of management, strengthening Research and Development (R&D) investment, promoting supply chain diversification, and forming a trinity mechanism framework of "cognitive correction, resource guarantee, and open network", so as to promote the improvement of breakthrough capabilities in key core technologies. Heterogeneity analysis shows that the promotion effect of patient capital on key core technology breakthroughs is more significant in enterprises with financial backgrounds, non-heavy polluting enterprises, and enterprises in the eastern region. The research conclusions provide new ideas for enterprises to promote breakthroughs in key core technologies and build long-term market competitive advantages, and also provide useful references for the government to take multiple measures to cultivate and strengthen patient capital and achieve high-level scientific and technological self-reliance and self-improvement in China.