创业者的媒体合法性与获得风险投资之间的关系是创业管理领域研究的热点问题, 但现有研究对于建立媒体合法性需要何种战略以及媒体合法性影响获得风险投资的边界条件仍不够深入和全面。论文构建了创业者的媒体声誉、合法性战略、媒体合法性和获得风险投资之间的关系模型, 并在媒体合法性和获得风险投资关系之间引入了风险投资者对媒体信任程度的调节作用。运用多元回归模型对217家互联网创业企业的数据研究发现: 先前媒体声誉越高的创业者越倾向于采用合法性遵从战略; 遵从战略能够帮助创业者建立更高的媒体合法性; 媒体合法性越高, 创业者将获得更多的风险投资; 风险投资者对媒体的信任程度会正向调节媒体合法性对获得风险投资的影响。

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.