As the digital economy progressively disrupts industrial logic, more and more companies are advancing digital transformation to meet the risk challenges. However, digital transformation of enterprises is a strategic act with long-term and high-risk characteristics, which certain resources and capabilities must guarantee. Based on the theory of dynamic capability and social capital, using 235 companies in GEM as a sample, refining the dynamic capability and top managerial social capital, the fuzzy‐set qualitative comparative analysis（fsQCA）was applied to explore the complex operating mechanisms of multiple antecedents on the digital transformation of enterprises. It is revealed that, firstly, digital transformation of enterprises is characterized by "multiple concurrent"; individual factors cannot be a necessary condition for high-level corporate digital transformation. Secondly, there are three types of critical paths for high digital transformation performance: the dynamic capability-driven model, the social capital-pulled model, and the two-factor-driven model. Thirdly, innovation capability in dynamic capability has a universal role in promoting corporate digital transformation. Fourthly, there is a substitution relationship between the top managerial business social capital and dynamic capabilities. The research has analyzed the driving mechanisms of digital transformation from a multi-dimensional perspective, enriching digital-related research and providing theoretical guidance for the digital development of enterprises.