Abstract

There have been a number of studies shedding light on the characteristics of business angels and their investment behavior across the world, but few are in the Chinese context. This study provides an initial profile of Chinese business angels via a questionnaire survey. Based on a sample of 78 respondents, this paper describes the characteristics and investment behavior of business angels in China. An international comparison is made between the findings reported in this paper and those from the USA, the UK, Japan, Singapore, the Philippines, and Thailand. Chinese business angels are comparable to those in foreign countries in terms of age, educational background and business experience. The key differences lie in the fact that Chinese business angels are not all high net worth individuals and are less involved in hands-on involvement, having large-sized investments and co-investing in many of the deals within their cities with a short holding period.

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