创业者教育背景与天使融资——来自创业真人秀节目的经验证据

Entrepreneurs’ Education Background and Angel Financing——Empirical Evidence from Entrepreneurial Reality Shows

本文基于创业真人秀节目,从创业者多维教育背景特征出发,探讨其对天使融资表现的影响效应,并进一步探明不同教育背景的创业者寻求天使融资的动机差异。结果显示:高学历创业者通过率更高,尤其在服务和制造类项目上;而未接受高等教育的创业者折价率更高,尤其在互联网项目上,未能更好地抓住“互联网+”创业机遇;出身名校的女性创业者在天使投资市场上更易获取成功;出身名校和高学历创业者可通过更短的创业实践获得投资人青睐;在智力密集型的互联网创业领域,家庭出身较差的创业者凭借名校和高学历教育背景获得了更高的通过率。动机研究结果表明,因面临更多创业挑战,未接受高等教育和留学归国的创业者更倾向于人脉资源寻求型动机;而当项目通过率和创业机会成本更高时,创业者更倾向于财务资源寻求型动机。

Using the data collected from entrepreneurial reality shows,it tried to figure out how entrepreneurs’ education background affected start-up firms’ angel financing,and further researched into different entrepreneurs’ motivation in pursuing angel financing.The results show that entrepreneurs with high education level worth higher passing rate,especially in service and manufacturing projects while entrepreneurs without higher education get higher discount rate,especially in internet-related projects,so it’s difficult for them to seize the opportunity of"internet plus". Female entrepreneurs graduating from elite school get successful easier in angel investment market. For entrepreneurs graduating from elite school and with high education level,shorter entrepreneurial experience doesn’t impede them in obtaining investors’ favor. For entrepreneurs from poor family background,elite school experience and high education level help them get higher passing rate in intelligence-intensive internet-related projects. Motivation research shows that entrepreneurs without higher education and abroad prefer network resource as they suffer from bigger start-up challenge;however,entrepreneurs prefer capital resource when passing rate and opportunity cost are higher.