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

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。

Entrepreneurs’ legitimacy strategies,media legitimation and venture capital acquisition

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.