Abstract:Gazelle enterprises are one of the important focuses of the transformation of new and old kinetic energy under the requirements of high-quality development in the new era. Based on the questionnaire data and panel data of 153 gazelle enterprises, this paper investigates the growth process of gazelle enterprises from the perspective of knowledge capital, and explores the growth status and influencing factors of gazelle enterprises by factor analysis and difference comparison. The results show that the growth of gazelle enterprises is affected by human capital, structural capital, relationship capital and market capital. By comparing the growth differences between gazelle enterprises and non gazelle technology-based enterprises, it is found that gazelle enterprises are better than non gazelle technology-based enterprises in terms of human capital, market capital and structural capital, and the construction of relationship capital is weak.