ABSTRACT

The supply of entrepreneurial finance in Europe is constrained by the geographical fragmentation of its capital market. The need to facilitate more cross-border investing by business angels – the main source of early stage finance – is recognized. A study of business angels on the island of Ireland identifies three constraints on cross-border investing: (1) lack of information on cross-border investment opportunities; (2) the preference of angels to invest locally; and (3) tax incentives that are only available for investments in the angel’s own country. Increasing cross-border investment requires mechanisms that build relationships between business angels in different countries.

摘要

欧洲的创业融资供应受到其资本市场地域分散的限制。人们认识到需要促进商业天使（早期融资的主要来源）进行更多跨境投资。一项对爱尔兰岛商业天使的研究确定了跨境投资的三个限制因素：（1）缺乏有关跨境投资机会的信息；（2）天使投资当地的偏好；(3) 仅适用于天使本国投资的税收优惠。增加跨境投资需要建立不同国家商业天使之间关系的机制。