创始团队职业背景对天使投资意向的影响

The Effects of Founding Team Career Experience on Angel Investment Intentions

天使投资是初创企业早期重要的资金来源。与风险投资相比,天使投资包含更高的不确定性和信息不对称性。然而,以往研究对影响天使投资意向因素的探讨还不够充分,尤其是对创始团队成员的职业背景构成未给予足够的关注。聚焦创始团队成员的职业背景,本研究考察了团队职业背景多样性对天使投资人投资意向的影响,并在此基础上探究了团队成员先前关系和内部资源分配机制的调节作用。基于对天使投资平台上1439份商业计划书里文本信息的编码和分析发现,创始团队职业背景多样性能显著促进天使投资,成员先前关系和内部资源分配机制均加强了多样性职业背景的积极影响。本研究对初创企业和天使投资人而言都具有一定实践意义。

Angel investors are playing an increasingly important role in the growth of startups.Compared to venture capital investment,angel investment is associated with higher risk and greater information asymmetry.Utilizing the data of 1,439 startups that are seeking fund in one of the largest angel investment platforms in China,we attempt to reveal the decision-making process of angel investors under extreme uncertainty and information asymmetry.Specifically,we examine the effects of founding teams’career variety on angel investment intention,and the moderating roles of prior relationships and resource allocation system.Our results show that founding teams with higher career variety are more attractive to angel investors.The positive relationship between career variety and angel investment is strengthened when team members have shared prior relationships and established resource allocation system.The findings of this paper have important practical implications for both startups and angel investors.