Innovation is the only way for enterprises to achieve high-quality development. Under the background of digital economy, enterprise digital transformation is imperative. Based on the theory of dynamic capability, took the state-level SRDI listed enterprises from 2015 to 2020 as the research object, an empirical study was probed into the relationship between the digital transformation and the innovation performance of SRDI enterprises, and explored the function mechanisms from the external governance factors (supply chain concentration) and internal governance factors (R&D background of senior executives). The results showed that digital transformation has a significant positive effect on innovation performance; external governance factor (supply chain concentration) has a negative moderating effect on the relationship between digital transformation and innovation performance; internal governance factor (R&D background of senior managers) has an inverted U-shaped effect on the relationship between digital transformation and innovation performance. Furthermore, R&D background of senior managers has an inverted U-shaped effect on innovation performance. There is a certain degree of substitution effect between digital transformation and executive R&D background in promoting innovation performance. The conclusion enriches the research on the economic consequences of digital transformation, and expands the theoretical basis of antecedents of innovation performance. And it provides empirical evidence and inspiration for SRDI enterprises to carry out digital transformation, and promotes their high-quality development.