The Research On The Up-growth Of High-tech Industrial Clusters With Venture Capital Intervening

Until now, many scholars' researches as well as the economical reality have proven that there's the similarities in synergetic development between venture capital and the high-tech industry. Based on this cognizance, relying on entrepreneurial theory, the paper takes the behavior of entrepreneurs and its diffusion process as portal, and in the convention operation frame of venture capital, attempts to analyze the up-growth's path of the high-tech industrial clusters with venture capital intervening.First, the paper introduces the research background and the significance, the research approach, the technique route as well as the structure of itself , and points out the possible innovations of research. In succession, it briefly reviews the former researches on definitions about venture capital, high-tech, high-tech industry and industrial clusters, and delimits their concepts on the research. In addition, the paper carries on the definition to high-tech industrial clusters and its up-growth. After that, it reviews the literatures on up-growth of industrial clusters and emphasizes the research object of the paper again. Then it introduces the operating flow and characteristics of venture capital, and the reasons for venture capital mingling with the high-tech enterprises. Having analyzed the unsymmetrical information between venture capital and the high-tech venture enterprises, and the regulation of venture capital system, the paper comes to that venture capital is mainly for the high-tech industry, and the venture capital system reduces the agency conflicts between venture capitalists and entrepreneurs. Finally, the paper analyzes the entrepreneurs and their behavior, and how one high-tech venture enterprise would be influenced as venture capital intervening in it, and also discusses the up-growth's path of high-tech industrial clusters with venture capital intervening in the behavior of entrepreneurs and its diffusion process. In summarizes, the paper points out insufficiencies of itself as well as the possible main research directions in the future.