ABSTRACT Women-led businesses are less likely to raise venture capital than male-only businesses and the amounts that they raise are lower. Yet women-led businesses deliver better revenue performance and return on investment. So why are venture capitalists reluctant to invest in women-led businesses? One reason is that women entrepreneurs are over concentrated in sectors that are less attractive to investors and have a low presence in technology sectors. Another reason is the lower propensity of women entrepreneurs to seek venture capital. However, women who do approach venture capital funds are almost as likely as men to be successful in raising finance. Moreover, women-led businesses perform well in raising follow-on finance. And women business angels – a minority of all business angels – have a clear propensity to invest in women founders.

中文翻译：

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性别资金缺口：假新闻还是证据？

摘要妇女主导的企业比男性主导的企业筹集风险资金的可能性更低，并且其筹集的金额也较低。然而，由女性主导的企业提供了更好的收入表现和投资回报率。那么，为什么风险资本家不愿投资于女性主导的企业？原因之一是，女企业家过度集中在对投资者吸引力较小且在技术领域的地位较低的领域。另一个原因是女性企业家寻求风险投资的倾向较低。但是，使用风险投资基金的女性成功筹集资金的可能性与男性差不多。此外，由妇女主导的企业在筹集后续资金方面表现良好。女商业天使（占所有商业天使中的一小部分）具有向女创始人投资的明显倾向。