Angel investor tax credits are used globally to spur high-growth entrepreneurship. Exploiting their staggered implementation in 31 U.S. states, we find that they increase angel investment yet have no significant impact on entrepreneurial activity. Two mechanisms explain these results: crowding out of alternative financing and low sensitivity of professional investors to tax credits. With a large-scale survey and a stylized model, we show that low responsiveness among professional angels may reflect the fat-tailed return distributions that characterize high-growth startups. The results contrast with evidence that direct subsidies to firms have positive effects, raising concerns about promoting entrepreneurship with investor subsidies.

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投资者税收抵免和创业精神：来自美国各州的证据

天使投资者税收抵免在全球范围内被用来刺激高增长的创业精神。利用他们在美国 31 个州的交错实施，我们发现他们增加了天使投资，但对创业活动没有显着影响。有两种机制可以解释这些结果：替代融资的挤出和专业投资者对税收抵免的低敏感度。通过大规模调查和程式化模型，我们发现专业天使投资人的低响应能力可能反映了高增长初创企业的肥尾回报分布特征。结果与对企业的直接补贴具有积极影响的证据形成鲜明对比，引发了人们对通过投资者补贴促进创业精神的担忧。