Research On The Legitimation Strategy Of New Ventures To Different Audiences From The Perspective Of Symbolic Action

Innovation and entrepreneurship are the driving force for the economy to maintain vitality.It is also the only way for China to achieve transformation and upgrading.The promotion of entrepreneurship to economic development is self-evident.However,high mortality has always been a prominent dilemma in the growth of new ventures.The reason of high mortality is that there is a significant difference between the growth of new ventures and existing enterprises.The uniqueness of the former is reflected in the fact that new ventures face greater legitimacy challenges when acquiring resources.However,there is a single legitimacy threshold hypothesis in the current literature and a lack of research on the legitimacy audiences and strategy.Based on the analysis and summary of the existing research results about new enterprise legitimacy theory,the new venture life cycle theory and symbolic action theory,this dissertation start to explore the legitimation strategy of new venture from a financial perspective.This paper adopts the single case method and selects A as the research object based on the theoretical sampling principle,and conduct research work on it.Because A is a new technology enterprise founded by the university student who has relatively few social capital and it is urgent to construct legitimacy to obtain resources in the development.Then this dissertation deepens the understanding of the legitimation strategies through the iteration process between the theoretical concept and the data,and finally form a theoretical model of legitimation strategies for different audiences.The results of this study show that the establishment of legitimacy of a new venture in different stages of its life cycle is mainly based on symbolic actions,the legitimacy of business incubators is built by establishing contact strategies,the legitimacy of seed investors is built by establishing contact and storytelling strategies,and the legitimacy of angel investors is built by establishing contact and identity claim strategies.The threshold and buffer of legitimacy are the main influencing factors affecting the legitimacy of new ventures.They are determined by the criteria for judging the legitimacy of the audience,and the criteria for judging the legitimacy of different audiences are different.The researchresults have enriched and developed the related theories of legitimacy and symbolic action of new enterprises,and also provided useful reference and inspiration for the growth of new enterprises.