女性帮助女性？天使投资人性别对女性创业者偏好的影响

摘要/Abstract

摘要： 女性创业者在融资时相比于男性创业者往往处于劣势地位，女性投资人在寻求投资机会时亦是如此，女性是否愿意帮助女性成为亟待关注的现实问题。然而，过往研究对于这一问题发生的边界条件并未达成共识。本研究聚焦早期天使投资情境下创业者和投资人性别对投资意向的影响，基于性别角色一致性理论，本文探讨不同性别投资人在决策时是否存在性别偏好，以及该性别偏好是否会受到创业项目经济属性和社会属性的影响。基于对177个创业路演项目和1584条“创业者-投资人”二元层面数据的分析发现，女性天使投资人更倾向投资女性创业者，验证了“女性帮助女性”的基本假设；当女性创业者释放社会信号时，女性投资人对女性创业者的偏好会更强烈；当女性创业者释放经济信号时，会进一步削弱男性投资人对女性创业者的投资意向。该研究深化了对于创业投融资中性别问题的认识，兼具理论启示与实践意义。

关键词: 女性创业者, 天使投资, 性别角色一致性, 社会信号, 经济信号

Abstract: Female entrepreneurs often face disadvantages in fundraising compared to their male counterparts, and so do female investors. Therefore, it is worth exploring whether female entrepreneurs and female investors tend to support each other. However, previous research has not reached a consensus on this issue, with a limited understanding of the boundary conditions for the relationship. This study focuses on the impact of the gender of entrepreneurs and angel investors on investment intentions. Based on the gender role congruity theory, the study explores whether male and female angel investors exhibit different gender preferences in decision-making and whether their preferences are influenced by the economic and social signals sent by the entrepreneurial project. Using the data on 177 entrepreneurial projects and 1,584 entrepreneur-investor dyads, we find that female investors prefer to invest in female entrepreneurs, confirming the idea of “females help females”. Social signals sent by female entrepreneurs enhance their attractiveness to female investors whereas economic signals weaken their attractiveness to male investors. This study deepens the understanding of gender issues in entrepreneurial financing and provides both theoretical insights and practical implications.

Key words: female entrepreneur, angel investment, gender role congruity, social signal, economic signal

戴妤轩, 沈睿, 卢青云. 女性帮助女性？天使投资人性别对女性创业者偏好的影响[J]. 管理评论, 2026, 38(10): 91-102.

Dai Yuxuan, Shen Rui, Lu Qingyun. Do Females Tend to Help Females? The Effect of Angel Investors’ Gender on Their Preference for Female Entrepreneurs[J]. Management Review, 2026, 38(10): 91-102.

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