The Journal of Finance · 2026 · LISA D. COOK、Matt Marx、EMMANUEL YIMFOR
中文摘要
我们对超过 160,000 名美国创始人和投资者的种族进行分类，并研究黑人创业者面临的风险投资 (VC) 融资缺口。仅有 3.1% 的获 VC 投资的初创企业为黑人所有，且其筹集的 VC 资金仅为其他企业的一半。我们将这一缺口的很大一部分归因于黑人创始人拥有较少的传统成功标志，如专利或创业经验。这一差异也影响匹配：黑人 VC 合伙人对黑人创始人的投资更多，且这些投资具有更高的成功退出率。我们将这一超额表现归因于网络重叠和“筛选歧视”所导致的较低信息不对称，即黑人 VC 能更好地在黑人创始人之间进行区分。
Abstract
ABSTRACT We classify the race of over 160,000 U.S. founders and investors and study the venture capital (VC) funding gap for Black entrepreneurs. Only 3.1% of VC‐funded startups are Black‐owned, and they raise half as much VC funding as others. We attribute much of this gap to Black founders having fewer traditional success markers, like patents or entrepreneurial experience. This disparity also affects matching: Black VC partners invest more in Black founders, and these investments have higher successful exit rates. We attribute this outperformance to lower information asymmetries due to network overlap and “screening discrimination,” whereby Black VCs better differentiate among Black founders.