论文标题
风险投资行业的歧视：实验实验的证据
Discrimination in the Venture Capital Industry: Evidence from Field Experiments
论文作者
论文摘要
本文使用与真正的美国风险投资家进行的两个补充现场实验，根据创业创始人的性别和种族进行了早期投资者的歧视。结果显示以下内容。 （i）歧视取决于上下文。投资者在评估有吸引力的初创公司时隐含地歧视女性和亚洲创始人，但在评估苦苦挣扎的初创公司时，他们赞成女性和亚洲创始人。这有助于调和现有文献中的矛盾结果，并确认“歧视归还”和“亲层歧视”现象的理论预测。 （ii）在确定的多个共存歧视来源中，统计歧视和隐式歧视是投资者“反罚款”行为的重要原因。开发了一致的估计器来衡量投资者歧视行为及其独立驱动力的两极分化。 （iii）当投资者在非投资环境中为初创企业提供匿名的鼓励时，同性恋就存在。 （iv）在19日爆发期间，对亚洲创始人有暂时，更强烈的歧视。
This paper examines discrimination by early-stage investors based on startup founders' gender and race using two complementary field experiments with real U.S. venture capitalists. Results show the following. (i) Discrimination varies depending on the context. Investors implicitly discriminate against female and Asian founders when evaluating attractive startups, but they favor female and Asian founders when evaluating struggling startups. This helps to reconcile the contradictory results in the extant literature and confirms the theoretical predictions of "discrimination reversion" and "pro-cyclical discrimination" phenomena. (ii) Among multiple coexisting sources of discrimination identified, statistical discrimination and implicit discrimination are important reasons for investors' "anti-minority" behaviors. A consistent estimator is developed to measure the polarization of investors' discrimination behaviors and their separate driving forces. (iii) Homophily exists when investors provide anonymous encouragement to startups in a non-investment setting. (iv) There was temporary, stronger discrimination against Asian founders during the COVID-19 outbreak.
