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Angel Investors’ Affiliations and Investment Returns in China

In: Developments in Chinese Entrepreneurship

Author

Listed:
  • Mingzhi Liu
  • Yulin Shi
  • Zhenyu Wu

Abstract

The influence of venture capitalists on entrepreneurial firms has been well addressed in the literature (e.g., Cumming, 2008; Cumming & Knill, 2012; Cumming & Li, 2013; Gompers, Kovner, Lerner, & Scharfstein, 2008; Gupta & Sapienza, 1992; Wiltbank, Read, Dew, & Sarasvathy, 2009). However, studies on angel investment are relatively rare, partially due to the lack of data (Stam & Elfring, 2008). Given the history of angel investment and venture capital (VC) in China, some angel investors are affiliated with venture capitalists, and they take advantage of the latter’s professional expertise and business networks, which may significantly help entrepreneurial firms. This study helps fill in the gap in the literature by addressing whether, and if so then how, the returns of investment made by VC-affiliated angel investors differ from those made by other angel investors.

Suggested Citation

  • Mingzhi Liu & Yulin Shi & Zhenyu Wu, 2015. "Angel Investors’ Affiliations and Investment Returns in China," Palgrave Macmillan Books, in: Douglas Cumming & Michael Firth & Wenxuan Hou & Edward Lee (ed.), Developments in Chinese Entrepreneurship, chapter 0, pages 59-75, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-41250-8_3
    DOI: 10.1057/9781137412508_3
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