讲座题目：Angel Investing as a Group Activity in China: a Collective Model of Investment Decision Process（作为群体活动的中国天使投资：投资决策过程的集体模型）

主讲嘉宾：Xiao Li

时间：2025年12月1日（周五）9:00—11:00

地点：javbus 304会议室

主讲嘉宾简介

Xiao Li博士，英国莱斯特大学javbus 创业学教授。她曾拥有或曾担任过几个名誉教授职位。肖教授的研究兴趣包括创业中的人工智能、创业金融、早期高科技创业、网络联系以及新兴经济体背景下的制度变革。她在这些及其他主题上发表于世界领先的管理、创业和创新期刊，如British Journal of Management (AJG 4*), Small Business Management Journal (AJG 3*), Entrepreneurship and Regional Development (AJG 3*)等。她是Entrepreneurship and Regional Development, International Small Venture Capital的编辑委员会成员。她还是多家国际顶尖期刊的同行评审，并担任多个资助机构的评审专家。作为评审专家，她曾评估英国文化协会、葡萄牙科学技术与创新部等机构的数十项研究资助申请。她还曾担任国内外博士论文的外部考官。

讲座主要内容

Understanding angel investing as a group activity is under-researched. This paper examines from a collective perspective how angels work together to assess and potentially invest in a business and the benefits that they derive from investing collectively. With data from five case studies of Chinese informal angel investing groups, we develop a collective model of decision process of angel investing as a group activity. We found that angels undertake collective analysis to evaluate investment opportunity via three mechanisms: characteristics-based engagement, processing different interpretations, and consulting with others to affirm key factors of the deal. Further, we note that investors work together to manage perceived risks and complexity through individual pledges, collective fit, and negotiation and deal strategies. Importantly, collective analysis and collective coping strategies enable investors to develop trust in the investing group and enhance their satisfaction with investment decisions. Our study provides theoretical insights into entrepreneurship as collective action.