How Dose The Business Model Innovation Influence New Ventures Under The Background Of Transition Economy:from The Perspective Of Organizational Legitimacy

18th CPC National Congress put forward the strategy of innovation-driven clearly,encourage people to start their own businesses and innovations and flourish the entrepreneurial activities.However,departure from the rising entrepreneurial passion,new ventures have a high mortality because of liability of newness and endowment of resources.With the wide use of Internet,communication technology and digital technology,business model innovation has become an important way of the growth of new ventures.The reform of economic system began in 1978 made our country with a big economic transformation and bring new ventures opportunities and challenges.The position of institutional theory in the enterprise development becomes increasingly highlighted.Enterprise business model innovation as a kind of complex entrepreneurial activity,embedded in a particular social context and institutional background.It not only conducts business innovation,but also faces the social institutional structure.Therefore,how does the transitional economy in China affect the institutional innovation of new ventures?What is the translation mechanism of the business model innovation on the new ventures?How does the policy guidance affect the acquisition of the legitimacy of business model innovation in Chinese context?All of these have become an urgent issue to be researched theoretically and in the business circus.According to the above questions,this study focuses on the question of "how does the business model innovation afFect the growth of new ventures in the context of transitional economy",trying to uncover the influencing mechanism of this "black box",analyzing the mechanism of business model innovation on the growth of new ventures.Therefore,this study designed three sub studies to discuss this problem deeply and step by step:(1)Sub study one:how does business model innovation act on new ventures:exploratory case study of B&B "Luoxing".The growth of B&B has the distinctive character of Chinese transitional economy.Sub study one use the exploratory case study based on the view of transaction and institution to analyze the mechanism of business model innovation on new enterprises in the context of China.It also identifies different processes that two attribute motivations act on the business growth and build a system logical framework of how the business model innovation act on new ventures in the context of transitional economy.(2)Sub study two:innovation degree of business model in the context of transitional economy:theme and its measures.Deepen and expend sub study one.Business model requires top-level design and design thinking embedded in business model which can help enterprise to achieve competitive advantage.Sub study two combs business model and its theoretical basis of theme design,analyzes the innovation degree of business model in the context of transitional economy.It also develop the subject scale of the innovation degree of business model and do the exploratory analysis and confirmatory test to the scale by two questionnaires.(3)Sub study three:the mechanism of business model innovation on new ventures growth:an empirical research.Based on the scientific and rigorous process,sub study three do the empirical study on the mechanism of business model innovation on new ventures growth.We do the research design from 4 aspects of sample and data collection,variable measurement,variable reliability,validity test and research method selection.And also do the matrix analysis and descriptive statistics to the variables and master the correlation between variables,mean and standard deviation,verify the theory hypothesis preliminary.Examining the business model innovation(including pioneering and perfection type)through the mediating effect of legitimacy affects new venture performance.Verifying the moderating effect of policy guidance on pioneering business model innovation and legitimacy.So that examine the growth mechanism of business model innovation on new ventures in the context of transitional economy with universal significance in theory and practice.Through the above research,this paper mainly draws the following conclusions:(1)Pioneering business model innovation and perfection business model innovation are the two subjects of business model innovation in the context of the transitional economy.These subjects broad the thinking of business model and can guide the practice of enterprise business model innovation in the context of transitional economy better.(2)Pioneering business model innovation and perfection business model innovation have significant positive effect on the new ventures performance and the effect of pioneering business model innovation is more significant than perfection business model innovation.We verify the effectiveness and reliability of pioneering and perfection through the questionnaires by 512 new ventures and support the facilitation of the pioneering and perfection business model on new ventures performance.Moreover,we do the comparative test on the effect of two kinds of business model innovation on new ventures performance and find pioneering business model innovation has more significant effect than perfection business model innovation.(3)Business model innovation(including pioneering and perfection)influences new ventures performance positively through partially mediating effect of legitimacy.Different from the existing research about business model innovation,previous studies mostly emphasized the direct effect of business model on enterprise performance,neglected the translation mechanism.This study verified the partially mediating effect of legitimacy of business model innovation on new ventures performance.(4)The policy guidance plays an important regulating effect in the business model innovation on organizational legitimacy,and the more policy guidance,the effect of pioneering business model innovation on legitimacy will be more significant than perfection business model innovation.Different from the existing theory,this study integrates the business model innovation and organizational legitimacy theory,examines the contingency effect of policy guidance on business model innovation and organizational legitimacy,and find that policy guidance has the positive regulating effect on business model innovation and organizational legitimacy.In addition,policy guidance has more significant regulating effect on pioneering business model innovation and legitimacy than perfection business model innovation.Overall,this paper mainly expand and deepen the following three aspects:(1)Put forward the subject design of the innovation degree of the business model in the context of transitional economy theoretically:pioneering business model innovation and perfection business model innovation.Business model subject can capture the transactions of key enterprises and stakeholders and describe the overall shape of the business model so that the business model can be expressed and measured conceptually.Existing research on the scale of business model is very scarce but full of qualitative analysis on business model design.However,business model is the product of the specific situation,different situations need different business models subject to express.The development of subject scale of the innovation degree of business model in the context of transitional economy establishes a good start for further study.(2)Explore and test the mediating effect of organizational legitimacy between the business model innovation and growth of new ventures empirically.This study takes the acquisition of organizational legitimacy as the translation mechanism of business model innovation of new venture growth in the context of transitional economy.It also explores and tests how the organizational legitimacy's effect on the relationship between business model innovation and new venture growth with the firm-level exploratory case study and empirical research.(3)Explore and test the moderating effect of policy guidance between the business model innovation and organizational legitimacy empirically.The acquisition of the legitimacy of enterprise business model innovation cannot separated from the discussion of the importance of the institutional environment.There is no doubt that the policy related to new ventures management is the important component of enterprise external institutional environment.High policy guidance enterprises are sensitive to low policy guidance enterprises on the change of industrial policy.The good news behind the policy makes enterprise have rules to follow.However,previous studies ignored the role of policy guidance in the acquisition of legitimacy of enterprise business model innovation.This study use firm-level exploratory case study and empirical research to explore and test the moderating effect of policy guidance between the business model innovation and organizational legitimacy empirically and find that the higher policy guidance,pioneering business model will have more significant effect on legitimacy than perfection business model.