The Faculty of Finance at the City University of Macau held the 15th academic salon of this academic year on April 28, 2025 at the Golden Dragon campus. This seminar invited Dr. Xuezhi Zhang from the International School of Business & Finance, Sun Yat-sen University as keynote speaker. The topic was "Patient Capital and High-quality Economic Development: From the Perspective of Corporate Investment Efficiency".

This article defines and constructs the measurement of the patience characteristics of institutional investors. By using the data of listed companies in the Shanghai and Shenzhen stock markets of China from 2005 to 2022, it empirically tests the impact of patient institutional investors on corporate investment efficiency. The empirical results show that patient institutional investors significantly improve the investment efficiency of enterprises. The mechanism analysis indicates that patient capital can play the roles of a "ballast stone" and a "supervisor". Further analysis reveals that patient institutional investors significantly increase the capacity utilization rate and total factor productivity of the enterprises they hold shares in. This article enhances the understanding of the research on how patient institutional investors contribute to the high-quality development of the real economy, and has clear practical implications for better cultivating patient capital.

In this academic salon, Prof. Zhang shared his latest research findings with the Faculty of Finance, broadening the academic scope of the faculty. The Faculty of Finance Academic Salon at the City University of Macau is a platform for exchanging academic ideas and enhancing academic awareness. We focus on finance, inviting experts from academia and the financial industry to discuss cutting-edge research and share industry development trends, aiming to bring new academic experiences and thinking models to the faculty and students of the university. We hope that through academic activities like the academic salon, we can provide a better academic platform for graduate students and encourage further exploration and research of academic issues among faculty and students.