Abstract:Based on the perspectives of system theory, entrepreneurship orientation and entrepreneurship legitimacy, this study constructs a theoretical framework for the independent relationship between institutional environment, entrepreneurship orientation and the performance of new enterprises. The theoretical framework was analyzed by using PLS- SEM and fsQCA fuzzy set qualitative comparison method Based on the research of the sampling data of 218 new ventures found: Under different institutional environments of high and low, the proactive dimension of entrepreneurial orientation is the key decisive factor affecting enterprises to create high financial performance, while the other dimensions of institutional environment and entrepreneurial orientation play a non-core supporting role. However, for the same enterprises with proactive dimension, in contrast, under the conditions of high institutional environment, high innovation and risk bearing capacity, more sample enterprises will succeed in achieving high financial performance, and the probability of success will be higher.