摘要
天使投资作为创业企业早期融资的重要来源，在推动创新和经济增长中发挥着关键作用。本研究以天使投资与创业企业成长的关系为核心，探讨天使投资如何通过资金支持、资源导入和战略指导等多维度促进创业企业的成长。基于中国天使投资市场的现状，研究选取了2015年至2022年间获得天使投资的300家初创企业为样本，运用面板数据分析方法，结合定性和定量研究手段，深入剖析了天使投资对企业成长的影响机制。研究发现，天使投资不仅提供了必要的资金支持，还通过其网络资源和管理经验显著提升了企业的运营效率和市场竞争力。此外，研究进一步揭示了不同类型的天使投资者（如个人天使与机构化天使）在企业成长中的差异化作用。本研究的创新点在于首次将天使投资的非金钱价值显性化，并构建了一个综合评估模型来衡量其对创业企业成长的贡献。研究结果表明，天使投资的介入程度与创业企业的成长速度呈正相关关系，且这种影响在技术密集型行业尤为显著。本研究为天使投资领域的理论发展提供了新视角，也为创业者和政策制定者优化资源配置和提升投资效率提供了实践参考。
关键词：天使投资；创业企业成长；非金钱价值；面板数据分析；机构化天使
Abstract
Angel investing, as a critical source of early-stage financing for startups, plays a pivotal role in fostering innovation and economic growth. This study focuses on the relationship between angel investing and the growth of entrepreneurial firms, examining how angel investors promote enterprise development through multifaceted approaches such as financial support, resource integration, and strategic guidance. Based on the current status of China's angel investment market, this research selects 300 startups that received angel investments between 2015 and 2022 as samples, employing panel data analysis methods and combining qualitative and quantitative research techniques to thoroughly analyze the impact mechanism of angel investing on corporate growth. The findings indicate that angel investing not only provides essential financial backing but also significantly enhances operational efficiency and market competitiveness through its network resources and managerial expertise. Furthermore, the study reveals the differentiated roles of various types of angel investors, such as individual angels and institutionalized angels, in enterprise growth. A key innovation of this research lies in its first-time explicit quantification of the non-monetary value of angel investing and the construction of a comprehensive evaluation model to measure its contribution to the growth of entrepreneurial firms. The results demonstrate a positive correlation between the degree of angel investment involvement and the growth rate of startups, with this effect being particularly pronounced in technology-intensive industries. This study offers new perspectives for the theoretical development of angel investing and provides practical references for entrepreneurs and policymakers to optimize resource allocation and enhance investment efficiency.
Keywords：Angel Investment; Entrepreneurial Firm Growth; Non-monetary Value; Panel Data Analysis; Institutionalized Angel
目 录
摘要 I
Abstract II
一、绪论 1
(一) 天使投资与创业企业成长的研究背景 1
(二) 研究天使投资与创业企业成长的意义 1
(三) 国内外研究现状分析 1
(四) 本文研究方法与技术路线 2
二、天使投资对创业企业成长的影响机制 2
(一) 天使投资的核心特征及其作用 2
(二) 资金支持对创业企业成长的推动作用 3
(三) 非资金支持对创业企业成长的价值 3
三、创业企业成长的关键驱动因素分析 4
(一) 创业企业的成长阶段划分 4
(二) 不同阶段对天使投资的需求差异 4
(三) 天使投资与创业企业资源获取的关系 5
四、天使投资与创业企业成长的实证研究 5
(一) 实证研究设计与数据来源 5
(二) 天使投资对企业绩效的影响分析 6
(三) 案例分析 6
结 论 8
参考文献 9
