创业者的合法性战略、媒体合法性和获得风险投资

The relationship between entrepreneurs’ media legitimation and acquiring venture capital is an emerging issue in the field of entrepreneur research. However, it remains unclear about how entrepreneurs implement legitimacy strategies to build media legitimation and the moderation effect on the relationship. This paper builds the model of relationship between entrepreneurs’ media reputation, legitimacy strategy, media legitimation and acquiring venture capital, introducing the trust of venture capitalists in media as a moderator of the relationship between media legitimation and acquiring venture capital. With multiple regression analysis, the paper investigates 217 Internet-based entrepreneurial firms to test the model. The results confirm that the entrepreneurs with higher media reputation have the inclination to adopt conforming strategy; the strategy is helpful for entrepreneurs to attain higher media legitimation; and higher media legitimation is positively related to larger size of venture capital. Moreover, the level of venture capitalists’ trust in a media has positive moderation effects on the relationship between media legitimation and venture capital acquisition.