The advent of knowledge economy has fostered the establishment and rapid progress of hi-tech enterprises. Hi-tech enterprises are playing an important role in the economic development. This role is best presented by the fact that the proportion of hi-tech industry in the economy is increasing, that it gradually becomes the propeller for the sustainable development of national economy and that the rapid development of hi-tech enterprises serves as one of the main driving forces for the social and economic progress and is the shining point of economic growth.The hi-tech enterprise is a linkage between knowledge production and resource allocation. With the flow of knowledge and the allocation of essential resources, relevant incentive mechanisms and organizational models are established to determine the creation, diffusion and application of hi-tech advances. Such elements that are closely related to high technology as knowledge, skills and knacks are allocated scientifically and rationally and they effectively interact with each other so as to promote the establishment of the system of knowledge production and allocation. In this linkage, the changes in essential resources, particularly the innovation of such key elements as knowledge and technology, will impose effects on the development of hi-tech enterprises. Such an innovation is more than the renovation and upgrading of products or the innovation of productive technology. More accurately, it refers to the development and innovation of knowledge. In order to find a foothold in the fierce market competition, hi-tech enterprises have to make efforts to intensify their competence for innovation. Innovation is the driving force of the establishment and the development of hi-tech enterprises. Venturing, as a special way of innovation, influences the internal rules, mechanisms and functioning patterns of innovation activities in hi-tech enterprises. Actually, venturing in hi-tech enterprises is an optimal way to build up a growing and promising enterprise by means of innovation.Regarding hi-tech enterprises as its object of study, this paper adopts the modern enterprise theory and combines innovation with venturing. Itinanatomizes hi-tech enterprises and studies their elements, operating systems and the internal and external environments influencing their development. Such efforts are conducive to improving the understanding of the developing rules of hi-tech enterprises.Through the study of the characteristics, process and sources of the driving forces of technological innovation, it focuses on the effects that sustained technological innovation, innovation actions of the entrepreneur and changes in the market structure and so forth impose on the innovation of hi-tech enterprises. It analyzes the transformation of the organizational structure, operating patterns and management methods of hi-tech enterprises. Meanwhile, it explains the impact of innovation actions from the perspective of driving forces and ways of innovation, environmental factors and organizational structure while it expounds the important roles such main bodies as entrepreneur, technology and market play in the innovation. In addition, it studies the formation, cluster mechanism and cluster approach of hi-tech enterprise clusters by using cluster theory.Through analyzing the phenomenon, process, pattern and management of venturing, it researches the internal and external factors influencing the operation of the venturing of hi-tech enterprises and establishes a multi-dimensional system with multi-body, multi-level for the venturing of hi-tech enterprises, with the motive, supply and start-up environment mechanisms for the venturing system as its focus. Adopting the theory of enterprise life cycle, it analyzes the growth of hi-tech enterprises and designs an index system to evaluate their growth through the analysis of influential factors. In addition, it uses AHP and fussy evaluation method to explore their growth.It also analyzes the structure of venture capital system and its capital...
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