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The Angel Finance Market
这是The Economics of Small Business Finance（小企业融资经济学）中的一段Angel finance differs markedly from most other categories of external finance in that the angel
market is not intermediated. Instead, it is an informal market for direct finance where individuals invest
directly in the small companies through an equity contract, typically common stock. The modem theory of
financial intermediation suggests that financial intermediaries exist in part because of economies of scale
in information production. That is, they eliminate redundancy in information production when numerous
small investors pool their funds into an intermediary and eliminate the delegation costs associated with
financial intermediation. Because angels by definition and by SEC regulation are high net worth individuals,
*3This type of finance is sometimes discussed in terms of a “target rate of return,” or the rate that the angel
or venture capitalist would realize in the most likely successful state. When they invest in early-stage firms,
the target rate can be as high as 40-80% depending on the stage of finance with angels generally at the lower
end and venture capitalists at the higher end. These target rates often require giving external equity investors
a majority ownership. Later stage venture capital investing, however, may be associated with somewhat
lower target rates (Fenn, Liang and Prowse 1997).
“Barry et al. (1990) reported that venture capitalists enjoyed positive returns in 96% of the cases in which
one of their funded firms was taken public via an IPO. However, for the next most common (and next most
attractive) exit, acquisition by another company, only 5970 provided positive returns to venture capitalists.