Journal of Financial Economics·Volume 127, Issue 1·January 2018

天使投资的全球化：跨国的证据

作者：Josh Lerner（Harvard Business School）

Antoinette Schoar（Massachusetts Institute of Technology）

Stanislav Sokolinski（Rutgers Business School）

Karen Wilson（OECD）

摘要：本文考察了天使群体在具有不同创业生态系统的21个不同国家的投资的作用。利用集团资金门槛的准随机分配交易，我们发现资金对企业成长、绩效、生存和后续筹资有积极影响，这与国内创业活动和企业家友好程度是相独立的。然而，申请资金（并最终获得资助）的创业公司的成熟度与该国的创业友好程度成反比。这可能反映了不希望在这些环境中获得资助的早期阶段公司的自我审查。

关键词：合同，创业融资，风险投资

The globalization of angel investments: Evidence across countries

Josh Lerner（Harvard Business School）, Antoinette Schoar（Massachusetts Institute of Technology）, Stanislav Sokolinski（Rutgers Business School）, Karen Wilson（OECD）

ABSTRACT

This paper examines the role of investments by angel groups across a heterogeneous set of 21 countries with varying entrepreneurship ecosystems. Exploiting quasi-random assignment of deals around the groups’ funding thresholds, we find a positive impact of funding on firm growth, performance, survival, and follow-on fundraising, which is independent of the level of venture activity and entrepreneur-friendliness in the country. However, the maturity of startups that apply for funding (and are ultimately funded) inversely correlates with the entrepreneurship-friendliness of the country. This may reflect self-censoring by early-stage firms that do not expect to receive funding in these environments.

Keywords：Contracts, Entrepreneurial finance, Venture capital

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X17301034#!

翻译：何杉