How does hard technology innovation drive semiconductor enterprises’ upgrading and success? An empirical study based on configurational paths and influencing mechanisms

As China’s economic restructuring and industrial upgrading advances, hard technology innovation has become a critical driving force for promoting industrial transformation and enhancing corporate market competitiveness. This study focuses on semiconductor listed enterprises from the Shanghai and Shenzhen A-share markets (2010–2022) as research subjects. We construct a theoretical framework based on complex system theory to explore how hard technology innovation drives value chain upgrading and subsequently impacts corporate market competitiveness. The framework encompasses five dimensions of research and development (R&D) investment, R&D outcomes, breakthrough innovation, R&D potential and technological advancement. Dynamic qualitative comparative analysis is employed to identify the configurational paths through which hard technology innovation factors influence value chain upgrading. The regression analysis examines the direct and indirect (value chain upgrading) effects of hard technology innovation modes on corporate market competitiveness. The results reveal that individual elements of hard technology innovation have limited explanatory power for value chain upgrading, and effective upgrading requires multi-sided alignment of multiple components. Four configurational patterns driving value chain upgrading are identified, encompassing a high-intensity, steady-growth mode, a high-intensity, technology-driven mode, a moderate-potential accumulation mode and an innovation-driven leap mode. Further analysis demonstrates that these four innovation modes have a significant positive impact on corporate market competitiveness. Additionally, a complex mediating effect is observed in which hard technology innovation indirectly enhances market competitiveness through value chain upgrading. Based on these conclusions, targeted policy recommendations are proposed to promote value chain upgrading and strengthen corporate competitiveness.