Entrepreneurial Firms and Bank Financing: Do Business Angels Play a Role?
研究了商业天使投资后的干预如何帮助年轻创业企业更容易获得后续银行融资，发现商业天使的创业经验和软监控有积极作用，能缓解银行面临的信息不对称。
ABSTRACT This paper investigates the contribution provided by business angels' (BAs) post‐investment intervention to the interaction between young entrepreneurial firms and bank lending decisions within the entrepreneurial finance ecosystem. The analysis relies on a data set comprising 114 Italian BA‐backed firms over the 2010–2018 period, alongside 498 matched firms. We find evidence that BAs' support makes it easier for entrepreneurial firms to raise follow‐on bank financing. Additionally, we document the positive effects of both BAs' entrepreneurial experience and soft monitoring. These effects can be attributed to BAs' value‐added contributions and their role in mitigating information asymmetries perceived by debt providers.