The Importance of Angel Investing in Financing the Growth of Entrepreneurial Ventures

IF 0.9 Q3 BUSINESS, FINANCE
S. Shane
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引用次数: 128

Abstract

Investigation of the role of angel investing in financing private businesses in the US is important. Many observers consider angel investments to be one of the key drivers behind the startup and growth of new businesses (Council on Competitiveness, 2007), despite a paucity of information to confirm whether or not this is true. Unlike venture capital investments, angel investments are made by individual investors who do not make up a known population. Therefore, much of what is reported about angel investing comes from anecdotes and surveys of convenience samples, which are prone to biases and inaccuracies. Moreover, research on this topic is plagued by definitional confusion, in which different investigators confound informal investors, friends and family who invest in startups, accredited and unaccredited angel investors, and individual and group investing; this confusion makes it difficult to compare findings across studies. This report seeks to provide an accurate understanding of the role of angel investing in the entrepreneurial finance system. It defines angel investing and reviews the current state of understanding of the phenomenon, focusing on answering four questions: (1) How large is the angel capital market? (2) How much demand is there for angel capital? (3) What are the primary characteristics of angel investments? (4) What do the companies that receive angel financing look like? It answers these questions by reviewing the literature, providing a statistical evaluation of data sources drawn from representative samples of known populations, examining new non-representative surveys of angel investors, and comparing the results of these new analyses to previous studies of non-representative samples of business angels.
天使投资对创业企业成长融资的重要性
研究天使投资在美国私营企业融资中的作用是很重要的。许多观察家认为天使投资是新企业启动和成长背后的关键驱动因素之一(竞争力委员会,2007),尽管缺乏信息来证实这是否属实。与风险资本投资不同,天使投资是由个人投资者进行的,他们并不构成已知的人群。因此,关于天使投资的报道大多来自于轶事和便利样本的调查,这容易产生偏见和不准确。此外,关于这一主题的研究还受到定义混乱的困扰,不同的研究者将非正式投资者、投资初创企业的朋友和家人、认可的和未认可的天使投资者、个人和团体投资混为一谈;这种混淆使得比较不同研究的结果变得困难。本报告旨在准确理解天使投资在创业融资体系中的作用。它定义了天使投资,并回顾了目前对这一现象的理解状况,重点回答了四个问题:(1)天使资本市场有多大?(2)对天使资本的需求有多大?(3)天使投资的主要特征是什么?(4)获得天使融资的公司是什么样的?本文通过回顾文献来回答这些问题,对从已知人群的代表性样本中提取的数据源进行统计评估,检查新的天使投资者非代表性调查,并将这些新分析的结果与之前对商业天使非代表性样本的研究进行比较。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Quarterly Journal of Finance
Quarterly Journal of Finance BUSINESS, FINANCE-
CiteScore
1.10
自引率
0.00%
发文量
0
期刊介绍: The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.
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