Abstract: Based on the panel data of the 1995-2012 China Statistics Yearbook on high-tech industry, five primary high-tech industries were analyzed. By means of the fixed effect model and the system GMM model, the characteristics of capital, talent, external technology, government subsidies in promoting the innovations transformation of China's high-tech industry were analyzed. The results showed that, (1) Technology transformation activities had positively cumulative effects in different periods, that is technology transformation in the early stage played a significant role in promoting the technology transformation. (2)The capital investment had a significantly negative effect on the transformation of industrial innovations. (3)The talent resources had a significantly positive impact on the transformation of industrial innovations. (4)The external technology investment had an inverted U-shaped impact on the transformation of industrial innovations. (5)The government financial incentives did not promote the innovations transformation effectively. On the contrary, it played a significantly restrain effect. The conclusions and recommendations can provide reference for the innovations transformation of china's high-tech industry.