Policies of promoting entrepreneurship and Angel Investment: Evidence from China |
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| Institution: | 1. Shanxi University, China;2. University of Manitoba, Canada;3. Renmin University of, China;4. Xi''an University of Finance and Economics, China;1. York University, Schulich School of Business, 4700 Keele Street, Toronto, Ontario M3J 1P3, Canada;2. University of Tilburg, Tilburg Law and Economics Centre (TILEC), Postbus 90153, 5000 LE Tilburg, The Netherlands;1. Entrepreneurship and Finance, Schulich School of Business, York University, Toronto, ON, Canada;2. Asper School of Business, University of Manitoba, Winnipeg, Manitoba, Canada;1. Sprott School of Business, Carleton University, Ottawa, Canada;2. University of Macau, Macau;1. University of Oxford, Saïd School of Business, and NBER, Park End Street, Oxford OX1 1HP, United Kingdom;2. University of Victoria, Department of Economics, PO Box 1700, STN CSC, Victoria, BC V8W 2Y2, Canada;3. School of Management, California Lutheran University, 60 West Olsen Road, Thousand Oaks, CA 91360, United States |
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| Abstract: | Using a sample of angel investments in China from 1994 to 2013, we examine effects of government policies that are favorable to start-ups on angel investment. Our findings show that positive effects of these policies on the amounts of angel investments are more significant in provinces with higher economic growth than those in provinces with lower economic growth. Policies that promote entrepreneurship affect the returns from high-amount angel investments more than those from low-amount ones. These findings indicate that such policies help to shape the new venture market in China and guide angel investors in making more efficient investments. |
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