科研管理

科研管理 ›› 2018, Vol. 39 ›› Issue (9): 143-150.

• 论文 • 上一篇    下一篇

创业者的合法性战略、媒体合法性对获得风险投资的影响研究

谢军1,苏晨汀2,周南2   

  1. 1.广东财经大学 工商管理学院，广东 广州510320；
    2.香港城市大学 商学院，香港999077
  • 收稿日期:2015-10-13 修回日期:2017-08-24 出版日期:2018-09-20 发布日期:2018-11-06
  • 通讯作者: 谢军

Entrepreneurs’ legitimacy strategies, media legitimation and venture capital acquisition

Xie Jun1, Su Chenting2, Zhou Nan2   

  1. 1. School of Business Administration, Guangdong University of Finance and Economics, Guangzhou 510320, Guangdong, China;
    2. Business School, City University of Hong Kong, Hong Kong 999077, China
  • Received:2015-10-13 Revised:2017-08-24 Online:2018-09-20 Published:2018-11-06

摘要： 早期创业者应该如何运用合法性战略建立合法性以争取风险投资，是创业者及研究者所关注的问题。但鲜有研究将创业者、媒体和风险投资者三者结合起来探讨其中的机制。本文通过对217家互联网创业企业的实证研究分析了创业者的合法性战略与媒体合法性之间的关系，以及媒体合法性对获得风险投资的影响。结果表明：媒体声誉越高的创业者越倾向于采用财经媒体增加曝光度；创业者越多地采用财经媒体报道，能够获得更高的媒体关注度；而媒体关注度越高，创业者能够获得更多的风险投资；风险投资者对媒体的信任程度会调节媒体合法性对风险投资的影响。

关键词: 创业, 合法性战略, 媒体合法性, 风险投资

Abstract: In early stage, how entrepreneurs acquire venture capital through building media legitimation and how media legitimation is built by legitimacy strategies have attracted the attention of entrepreneurs and scholars. However, few empirical studies have been undertaken to explore the above mechanisms from the integrated perspective of entrepreneurs, media and venture capitalists. The paper investigates 217 entrepreneurs who found their Internet-based enterprises, and analyzes the relationship of legitimacy strategies and media legitimation, and the effects of media legitimation on venture capital acquisition. Moreover, the paper focuses on how entrepreneurs choose their legitimacy strategies, and the moderation effects of venture capitalists’ trust in media. The results suggest the entrepreneurs with higher media reputation have the incline to use financial media to achieve higher exposure; using financial media helps entrepreneurs to attain higher media legitimation; higher media legitimation is positively related to larger size of venture capital; and the extend of venture capitalists’ trust in media has the moderation effects on the relationship of media legitimation and venture capital acquisition.

Key words: entrepreneur, legitimacy strategy, media legitimation, venture capital