Patient Capital and ESG Performance in the Pharmaceutical Sector: A Pathway to Sustainable Development
医薬品セクターにおけるパーシェント・キャピタルとESGパフォーマンス：持続可能な開発への道筋 (AI 翻訳)
Yanan Zhu, Yongfei Liu, Yuwen Chen
🤖 gxceed AI 要約
日本語
本研究は、中国の上海・深圳A株市場に上場する医薬品製造企業を対象に、パーシェント・キャピタル（長期志向・高リスク許容度の資本）がESGパフォーマンスに与える影響を実証分析した。2015年から2024年のデータを用いた結果、パーシェント・キャピタルはESGパフォーマンスを有意に向上させることが明らかになった。そのメカニズムとして、資金調達制約の緩和と研究開発投資の増加が確認された。
English
This study examines the impact of patient capital (long-term, risk-tolerant investment) on ESG performance in Chinese pharmaceutical manufacturing firms listed on Shanghai and Shenzhen A-share markets from 2015 to 2024. Patient capital significantly improves ESG performance through easing financing constraints and increasing R&D investment. The findings are robust to various tests and highlight the role of long-term capital in sustainable development.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の医薬品業界を対象とした研究だが、patient capitalの概念は日本の長期投資やESG投資にも示唆を与える。日本の製薬業界でもESGへの取り組みが重要視されており、資金調達制約の緩和や研究開発投資の促進というメカニズムは参考になる。
In the global GX context
This paper provides empirical evidence from China on how patient capital enhances ESG performance in a regulated, socially-sensitive sector. It identifies financing constraints and R&D investment as channels, offering insights for global ESG integration in healthcare and for investors seeking to align long-term value creation with sustainability.
👥 読者別の含意
🔬研究者:This paper extends the literature on patient capital and ESG to the pharmaceutical sector, providing evidence on mechanisms (financing constraints and R&D) that can be tested in other contexts.
🏢実務担当者:Pharmaceutical companies and ESG investors can use these findings to advocate for long-term, patient capital as a driver of improved ESG outcomes and sustainable innovation.
🏛政策担当者:Regulators in China and elsewhere may consider policies that encourage patient capital to support ESG improvements in industries with high public welfare impact.
📄 Abstract（原文）
As global sustainable development progresses and the United Nations Sustainable Development Goals (SDGs) gain increasing prominence, pharmaceutical manufacturing firms face mounting challenges in implementing environmental, social, and governance (ESG) practices; these include high environmental compliance costs, limited drug accessibility, and governance inefficiencies. Patient capital, characterized by long investment horizons and high tolerance for risk, is well aligned with the long-term nature of ESG-oriented activities in this industry. Using a sample of pharmaceutical manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2015 to 2024, this study systematically examines the impact of patient capital on corporate ESG performance and explores the underlying mechanisms. The empirical results show that patient capital significantly improves ESG performance among pharmaceutical manufacturing firms. These findings remain robust across a series of robustness checks, including alternative variable measurements, sample adjustments, propensity score matching, instrumental variable estimation, and changes in the sample period. Further analysis reveals that patient capital enhances ESG performance through two primary channels: alleviating financing constraints and increasing R&D investment intensity. By focusing on the pharmaceutical manufacturing industry, this study extends the literature on patient capital to a highly regulated and socially sensitive sector, providing empirical evidence on how long-term, value-oriented capital can support sustainable development and improve ESG performance in industries with strong public welfare attributes.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18020709first seen 2026-05-15 21:31:37
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