Institutional Entrepreneurship Strategy, Network Structure And Legitimacy

In the background of economic transformation,the traditional format and business model is constantly subverted and reconstructed for the development of Internet and mobile Internet,and a large number of industries integration with the Internet is emerging.However,the regulatory is lagging behind the rapid development of industry.So,the primary challenge of the new business models is that the availability to obtain legitimacy,which is gain the recognition of government,market and public.Companies need to obtain legitimacy through a series of institutional entrepreneurship strategies,it is necessary to explore the internal mechanism to obtain legitimacy.This paper based on the perspective of entrepreneurial network deeply discuss on the factors influencing entrepreneurial strategy selection system and internal access mechanism of institutional entrepreneurship strategy and legitimacy.This paper selected Alipay and Tenpay as cases to study which follows the theoretical sampling principle,and finally put forward a system of entrepreneurial strategy the theoretical model,network structure and legitimacy by classifying the strategies of each stakeholder(network node),explaining how the strategy affects the characteristics of the network structure,how the network structure affects the acquisition of legitimacy.The study found that stakeholder system of entrepreneurial strategy depends on the field within the established and resource mobilization.In the third party payment such a bilateral market,the user is the most important resource,so it's easier to build a network structure that is conducive to legitimacy when taking the "user centric" as institutional entrepreneurship strategies Business strategy is a kind of network behavior,network structure to the system as the center of the influence of institutional entrepreneurs to build the center of the core,structural holes,and heterogeneity,and so on.The network structure in the center of the higher degree,the more close to the core position,occupy the network structure of tunnel and the stronger heterogeneity is for system entrepreneurs get a positive role in promoting the legitimacy.This article enriches the research from the perspective of institutional entrepreneurship,discusses the internal mechanism of institutional entrepreneurial strategy and legitimacy from the perspective of social network,and partly opens up the "black box" of legitimacy in the process of system entrepreneurship.And this paper puts forward the stakeholder strategy selection framework and S-LAC model from the stakeholder perspective.Besides,it is the first time to use the third-party payment system as cases to research the institutional entrepreneurship,and third-party payment play a basic role for the development and operation for Internet finance,so this study is an important reference value for the Internet financial system business practice.