Abstract: In the context of the digital economy, improving technology capabilities can help new ventures create superior operational performance. For example, new ventures can identify and exploit new technology trajectories by improving their technological capabilities to seize valuable and scarce technological opportunities, and also have the ability to build certain technological barriers and win innate advantages, thereby enhancing their operational performance. Core technology capabilities are usually not easily imitated and are scarce capabilities that reflect the characteristics of the enterprise itself. However, there are still some limitations in the existing studies on technological capabilities. First, the existing studies mainly focus on large enterprises, and there is a lack of empirical studies on new ventures. The existing studies generally agree on the important role of technological capabilities for enterprise innovation performance, but few studies focus on how technological capabilities can empower the operational performance of enterprises. Second, digital technologies have overturned the traditional enterprise value creation methods and made it possible to establish digital business model innovation. However, few studies have explored the impact of technological capabilities on the operational performance of new ventures from the perspective of digital business model innovation. Third, the success or failure of a company depends mostly on its ability to seize and act on opportunities. Compared with large firms, new ventures are more sensitive to the external environment, but existing studies have paid less attention to this issue. Therefore, this study constructs a theoretical model of the relationship between technological capability, digital business model innovation, environmental dynamism, and operational performance of new ventures based on dynamic capability theory. Through the empirical analysis of 436 new ventures' data, the results show that: technological capability has a significant effect on digital business model innovation and new ventures' operational performance; digital business model innovation positively affects new ventures' operational performance; digital business model innovation is a key path for technological capability to be transformed into new ventures' operational performance; environmental dynamism enhances the influence of technological capability on digital business model innovation of enterprises , the higher the environmental dynamism, the stronger the impact of technological capability on digital business model innovation. The findings of this study have the following theoretical contributions. First, this study explores the driving mechanism of the operational performance of new ventures based on technological capability by taking a dynamic capability perspective, which enriches the study of the paths to improve the operational performance of new ventures. Second, this study provides an in-depth interpretation of the transmission role of digital business model innovation in the relationship between technological capabilities and the operational performance of new ventures from a new perspective of digital business model innovation. The business environment is influenced by digital technology, and the behavioral characteristics, product functions and production processes of enterprises are changing. Analyzing these changes from the perspective of enterprise operations, enhancing efficiency and creating multi-dimensional value with the help of technological capabilities, and cultivating digital business model innovation capabilities will become a new paradigm for enterprise operation and management capabilities. Third, this study further introduces the variable of environmental dynamics to explore the moderating role of environmental dynamics between technological capabilities and digital business model innovation, which helps to further delineate the boundary conditions that influence enterprises to conduct digital business model innovation, in order to further clarify the mechanism of the influence of enterprises' technological capabilities on digital business model innovation. This study focuses on exploring the intrinsic driving process of technological capabilities to achieve firm operational performance through digital business model innovation, and the findings help to enrich and expand the theory of dynamic capabilities and provide useful guidance for entrepreneurs to achieve superior operational performance by enhancing technological capabilities in the digital economy. However, the study has some limitations that are considered to be addressed in future research. First, due to the limitation of collecting samples, this study only investigated relatively typical first-tier cities, and future studies can expand the scope of the research to increase the sample generalizability. Second, this study obtained data on operational performance outcome variables from the 436 new ventures surveyed, but the questionnaire measures were based on management's self-reports. firm operational performance. Third, this study empirically tested the mediating role of digital business model innovation, and future research methods such as rooted theory and case studies could be used to explore the digital business model perspective of embedding digital technologies to create multidimensional value capture to provide more insightful findings.