【摘要】 天使投资是创业生态系统的关键组成部分。天使投资决策具有高度不确定性与情绪驱动特征，其中预期后悔因与备择选项的天然联系成为研究关注的重点之一。本文通过构建包含预期后悔的理论模型，探讨了感知项目特性如何影响投资意愿，并检验了预期后悔的中介作用与投资经验的调节效应。基于380份天使投资人样本的数据分析结果显示，感知项目特性正向影响投资意愿，预期后悔在其中发挥部分中介作用，且投资经验对后悔作用机制表现出差异化调节。研究揭示了情绪变量在投资决策中的作用，丰富了天使投资决策机制理论，为提升天使投资决策质量和政策引导提供了理论参考。更多还原

【Abstract】 Angel investment is a critical component of the entrepreneurial ecosystem. Decision-making in this domain is often shaped by high levels of uncertainty and emotional drivers, with anticipated regret, inherently tied to comparisons among alternatives, emerging as a key factor of interest. This study develops a theoretical model that incorporates anticipated regret to investigate how perceived project characteristics affect investment willingness. It further examines the mediating role of anticipated regret and the moderating effect of investment experience. Drawing on data from 380 angel investors, the empirical analysis shows that perceived project characteristics exert a positive influence on investment willingness. Anticipated regret partially mediates this relationship, while investment experience moderates the impact of anticipated regret in a differentiated manner. These findings underscore the significance of emotional factors in shaping investment decisions, deepen the theoretical understanding of angel investment mechanisms, and offer valuable insights for enhancing decision quality and informing policy design.更多还原