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性别、种族与创业:一项针对风险投资人和天使投资人的随机田野实验

Gender, Race, and Entrepreneurship: A Randomized Field Experiment on Venture Capitalists and Angels
Management Science · 2025 · Will Gornall、Ilya A. Strebulaev

中文摘要

我们利用一项严格控制的随机田野实验研究高影响力创业中的性别与种族问题。我们向 28,000 名风险投资人和天使投资人发送了 80,000 封推介邮件,介绍前景良好但属虚构的初创企业。每封邮件均由一位性别与种族被随机分配的虚构创业者发出。在推介完全相同项目的情况下,女性创业者收到的表示感兴趣的回复比男性多 9%,亚裔比白人多 6%。我们的结果表明,投资人在评估主动发送的推介邮件时并不歧视女性或亚裔创业者;未来关于投资者偏见的研究应关注人际网络与面对面互动。

Abstract

We study gender and race in high-impact entrepreneurship using a tightly controlled randomized field experiment. We sent out 80,000 pitch emails introducing promising but fictitious start-ups to 28,000 venture capitalists and angels. Each email was sent by a fictitious entrepreneur with randomly assigned gender and race. Female entrepreneurs received 9% more interested replies than males pitching identical projects and Asians received 6% more than Whites. Our results suggest that investors do not discriminate against female or Asian entrepreneurs when evaluating unsolicited pitch emails and that future research on investor biases should focus on networks and in-person interactions.
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