| Venture capital industry plays an important role in promoting economic development. Therefore, venture capital has gained much attention from both academic research and practice, and has become a hot topic in theoretical research, policy analysis and business management. Venture capital industry in China started late, but has developed rapidly in recent years, showing a sustainable and rapid growth in the funds having been raised and investments having been made, industrial diversification of the investment and concentration of investment geographies. However, the contribution of venture capital industry to the development of Chinese high-tech industries is yet to be enhanced because of imperfect policies and financial market. It has been proved that this kind of contribution depends on the behaviors of the venture capital firms. However, the effect of Chinese venture capital firms' behaviors is far from efficient. Therefore, it is urgent to identify these efficient behaviors, so as to enhance the growth potential and development capacity of the high-tech firms in China.Although many valuable research findings have been made in the areas of venture capital and firm growth, there are still at least two shortcomings in current research: First, research samples are basically from countries where the venture capital industry is more developed, and few researches are based on the samples form China. The venture capital industry is still underdeveloped, the supporting regulations and policies are imperfect, and its capital market is far from mature in China. Thus, it needs to be verified whether those findings from the developed countries are applicable to China. Secondly, the research on internal mechanism of how venture capital contributes to firm growth is basically conducted in the theoretical analysis and descriptive study, while relevant empirical researches needs to be more adequate and systematic. Therefore, this dissertation focuses on venture capital industry and high-tech firms in China, examines the impact of venture capital firm's behavior on high-tech firms, and analyzes the internal mechanisms of how venture capital firm's behavior contributes to the growth of high-tech firms.As such, this dissertation first includes a comprehensive and in-depth overview on the fundamental theories and research progresses in venture capital, firm growth, and the determinants of high-tech firms' growth and influence of venture capital on firm growth. Then, it analyzes the current status, characteristics and problems of Chinese venture capital industry and high-tech industry. Based on the case study of high-tech firms such as LDK Solar and Lattice Power, a theoretical analysis framework is constructed of "venture capital firm's behavior - firm capabilities -growth of high-tech firm". Empirical data are obtained mainly through questionnaire survey, and the internal mechanism of how venture capital firm's behavior contributes to high-tech firms is verified by various statistical analysis methods. The main contents and conclusions of the study include:(1) The promotion mechanism of venture capital to firm growth is considered to have theoretical basis and empirical support, through overview of the impact of venture capital on firm growth. Venture Capital plays a vital role in the growth of high-tech firms in the western countries. It helps to increase the speed of firm growth, has a positive impact on IPO, and improves the innovation performance. Venture capital contributes to the firm growth, mainly through financial support and non-financial value-added service, but its role is subject to both the macro and micro factors.(2) The theoretical analysis framework of "venture capital firm's behavioral characteristics - firm capabilities - growth of high-tech firm" is estabilished after careful theoretical analysis, interviews and case analysis. Through the literature analysis of the determinants of high-tech firms' growth and the impact of venture capital on the growth of high-tech firms such as LDK Solar, Lattice Power and Bus-Online, and through interviews with executives from high-tech firms and venture capital firms, a theoretical analysis framework is constructed of "venture capital firm's behavioral characteristics - firm capabilities - growth of high-tech firm", from the perspective of firm capability which is an important factor for high-tech firms' growth. The venture capital firm's behavioral characteristics and firm capabilities show multiple dimensionals, which are utilized to analyze the internal mechanism of how venture capital drives high-tech firms' growth.(3) Questionnaire survey is adopted to obtain first-hand data, and statistical analysis is employed to empirically test the internal mechanism of how venture capital firm's behavior contributes to the growth of high-tech firms. Based on the literature review, interviews and analysis of typical cases, a questionnaire for high-tech firms was designed and improved. 320 questionnaires were given out and 105 valid questionnaires were received from March to November in 2008. With the questionnaire survey data, factor analysis and regression analysis were utilized to empirically test the hypotheses, and conclusions were made as follows:â‘ The investment size of venture capital firm, management support by presenting at the Board of Directors, and the intensity of functional management support are three factors that have a positive role in the growth of high-tech firms.â‘¡The investment size of venture capital firm has a direct positive impact on the growth of high-tech firms and the growth of firm's employees, but has no impact on the growth of firm's sales.â‘¢By providing management support by presenting at the Board of Directors, venture capital firms have an positive impact on the growth of firms through enhancing the technology capability, and have an positive impact on the growth of firms and the growth of firm's employes through changing the entrepreneurial orientation of firms, and has no impact on the growth of firm's sales.â‘£The intensity of functional management supports provided by venture capital firms have an positive impact on the growth of firm and the growth of firm's sales through improving firm's technical capacity, and also have an positive impact on the growth of firm through enhancing firm's financing capacity, and has no impact on the growth of firm's employees.In this dissertation, the theoretical analysis framework of "venture capital firm's behavioral characteristics - firm capabilities - growth of high-tech firm" is proposed and tested, and the internal mechanism of how venture capital firm's behavior contributes to the growth of high-tech firms in China is revealed. The findings not only respond to the current theoretical development, but also develop the internal mechanism of how venture capital firm's behavior influence the growth of high-tech firm, which is helpful for the further development of related theories, and provides reliable empirical reasons for the understanding of the importance of venture capital to academic research.This research of how venture capital firm's behavior influences on the growth of high-tech firm is subject to a number of constraints, such as the development stage of venture capital and availability of research data in China. It is globally a research with both challenge and great potential because there exsit limited theories and practical experiences. Further efforts needs to be made increase the sample number and research method selections.
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