We propose a new approach for deriving the string field equations from
a general sigma model on the world-sheet, This approach leads to an e
quation which combines some of the attractive features of both the ren
ormalization group method and the covariant beta function treatment of
the massless excitations. It has the advantage of being covariant und
er a very general set of both local and non-local transformations in t
he field space. We apply it to the tachyon, massless and first massive
level, and show that the resulting field equations reproduce the corr
ect spectrum of a left-right symmetric closed bosonic string. (C) 1997
Elsevier Science B.V.