The Impact of Patient Capital on Agricultural Supply Chain Resilience: Evidence from Chinese Agricultural Listed Enterprises

Against the backdrop of rising global economic uncertainty and growing risks in agricultural supply chains, strengthening supply chain resilience has become essential for safeguarding national food security and advancing high-quality agricultural development. As a governance-optimizing force, the role of patient capital (e.g., through long-term credit and institutional investor participation) in shaping agricultural supply chain resilience merits systematic investigation. Drawing on panel data from 895 Chinese listed agricultural enterprises (2010–2024), this paper examines the association between patient capital and agricultural supply chain resilience and explores variables consistent with potential mechanisms. The results show that patient capital is positively associated with agricultural supply chain resilience, with evidence consistent with three possible mechanisms: improving internal management efficiency, advancing digital-intelligent transformation, and strengthening collaboration capabilities. Heterogeneity analyses reveal that this positive association is more pronounced among non-chain-leader enterprises, firms with low supply chain transparency, and those exhibiting a strong bullwhip effect. Further analysis indicates that strong ESG performance and high green total factor productivity strengthen the positive association between patient capital and agricultural supply chain resilience. This study provides enterprise-level evidence regarding the potential role of patient capital in promoting more efficient, modern, and sustainable agricultural supply chains.