The Consequences of Entrepreneurial Finance: Evidence from Angel Financings
研究发现，获得两家成功天使团体投资的创业公司在生存、退出、就业、专利、网络流量和融资方面均优于被拒绝的公司，但额外融资获取无差异，暗示融资并非天使团体的核心投入。
This article documents the fact that ventures funded by two successful angel groups experience superior outcomes to rejected ventures: They have improved survival, exits, employment, patenting, Web traffic, and financing. We use strong discontinuities in angel- funding behavior over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effects for venture operations, with qualitative support for a higher likelihood of successful exits. On the other hand, there is no difference in access to additional financing around the discontinuity. This might suggest that financing is not a central input of angel groups. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.