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In the current rapidly changing environment, this article explores the influence mechanism and path of structural innovation on organizational performance of enterprises from a perspective of dynamic capability. The empirical study of 362 HEM enterprises shows that structural innovation has a significant direct impact on organizational performance, and the two dimensions of dynamic capability, namely, absorptive capability and transformative capability, not only play an independent intermediary role in the relationship between structural innovation and organizational performance but also play a chain intermediary role.