Patient Capital as Time Governance and Deep-Tech Commercialization:An Empirical Design for China's Low-Altitude Economy

Yichen Chen

doi:10.47297/wspdecWSP2515-797302.20261005

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Patient Capital as Time Governance and Deep-Tech Commercialization:An Empirical Design for China's Low-Altitude Economy

Volume 10, Issue 5

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Patient Capital as Time Governance and Deep-Tech Commercialization:An Empirical Design for China's Low-Altitude Economy
Patient Capital as Time Governance and Deep-Tech Commercialization:An Empirical Design for China's Low-Altitude Economy
School of Economics and Management, Sichuan Normal University, Chengdu, Sichuan, 610101, China
Vol. 10, Issue 5, Pages: 9-13(2026)
Online First：14 August 2026，

Published：30 May 2026
DOI：10.47297/wspdecWSP2515-797302.20261005
Accepted：

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Chen Yichen.Patient Capital as Time Governance and Deep-Tech Commercialization:An Empirical Design for China's Low-Altitude Economy[J].Development Economics of China,2026,10(05):9-13.
DOI：

Chen Yichen.Patient Capital as Time Governance and Deep-Tech Commercialization:An Empirical Design for China's Low-Altitude Economy[J].Development Economics of China,2026,10(05):9-13. DOI： 10.47297/wspdecWSP2515-797302.20261005.

摘要

Abstract

This paper reconceptualizes patient capital as a time-governance mechanism embedded in scenario-based industrial policy systems rather than as an investor type. It develops an empirical design for testing whether patient capital sustains R&D and improves deep-tech commercialization in China's low-altitude economy and adjacent strategic-emerging industries. The proposed firm-year panel covers A-share high-technology firms from 2010 to 2025. Patient capital is measured from observable financing behaviour: duration-weighted ownership

exit stability

follow-on participation

long-term debt maturity and investor-linked governance. The empirical strategy compares changes within the same firm before and after the first qualifying patient-capital entry. Firm and year fixed effects

pre-entry trend checks and simple placebo tests reduce alternative explanations. R&D persistence is the primary intermediate outcome; commercialization efficiency is measured using revenue relative to lagged R&D stock

gross-margin recovery and verified public procurement or deployment outcomes. JOUAV is retained only as a critical motivating case. Its 2015-2025 financing-R&D-scenario chronology calibrates the measures but does not identify the average treatment effect. The design turns the paper from a mechanism-building case study into a falsifiable empirical study while preserving a focused theoretical contribution: patient capital governs the time available for technical learning

and its value depends on credible scenario demand and milestone discipline.

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Keywords

references

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