Private enterprises (PEs) often struggle with challenges in key core technology innovation, such as insufficient motivation for innovation, low R&D efficiency, and difficulties in translating the value of achievements into practical applications. Patient capital together with compatible human capital, represents a critical enabler for resolving these dilemmas. Against the backdrop of developing China’s new nationwide system for science and technology, PEs’ pursuit of coordinated development with state-owned enterprises (SOEs) helps alleviate their shortages of capital and human resources.

Using sample data from private A-share listed companies in China, this paper empirically investigates the impact of strategic alliances between private and state-owned enterprises (referred to as “PE-SOE strategic alliances”) on the key core technology innovation performance of PEs. The study finds that PE-SOE strategic alliances contribute to improving PEs’ key core technology innovation performance. The effect stems not only from allied SOEs’ influence on PEs’ patient capital structures, but also from their role in driving PEs to upgrade their human capital structures, which in turn resolves the asset specificity issue associated with patient capital investment. Furthermore, this positive effect is more pronounced under the following conditions: in the domain of strategic emerging industry technologies; when R&D-focused alliances are adopted or both alliance parties possess strong capabilities; and when PEs operate in technology-intensive industries or regions with a robust business cooperation culture. Additionally, this alliance model outperforms two other coordinated development approaches: state-owned capital holding stakes in PEs and strategic alliances between private and non-state-owned enterprises.

The contributions of this paper are as follows. First, it advances the research perspective on how inter-organizational structures affect technological innovation. Second, it provides empirical evidence for the leading role of state-owned capital in patient capital cultivation, and supplements research on the efficiency of patient capital utilization from the perspective of human capital structure optimization. Third, it offers actionable insights for government departments to implement and refine China’s new nationwide system for science and technology, particularly in terms of supporting the establishment of strategic alliances among enterprises of different ownership types and strengthening the cultivation of patient capital.