The empowering effect of low-altitude economy on patient capital: an empirical study based on strategic equity and relational debt

This study, based on the data of Chinese listed companies from 2013 to 2024, examines the impact of high-quality development of the low-altitude economy on the patient capital structure of enterprises. Research findings indicate that the development level of low-altitude economy has a significant promoting effect on both strategic equity and relational debt, and the promoting effect on strategic equity is even stronger. The heterogeneity test further reveals that this impact presents a regional gradient characteristic, being significant in the east, local in the middle, and lagging in the west. It is particularly prominent in regulated industries, reflecting the institutional connection between strategic industries and financial resources within the system. After robustness and endogeneity tests, the conclusion remains valid.