With the negative impact of COVID-19, the continuous recession of economic globalization, and the increasing market competition, enterprise transformation gradually becomes the theme of enterprise management. Although more and more scholars and companies have paid attention to the importance of enterprise transformation, most of the research on it is still at the qualitative level of theoretical descriptions and lacks a comprehensive consideration and empirical research on its motivation and performance. In view of this, this study analyzes the overall driving effect of technological innovation and the internal and external environment on enterprise transformation from the perspective of its drivers and analyzes in depth its causes and consequences for different industries (construction and real estate industries). The study also analyzes the antecedents and consequences of enterprise transformation and its differences in different industries (construction and real estate). In this study, a sample of middle and senior management of 10 companies with a valid sample of 401 is collected. Structural equation modeling results indicate that competitive advantage, technological innovation, and market pressure significantly affect enterprise transformation, which is an antecedent of corporate performance. Further, the results of the multiple-group analysis also reveal some significant differences between the theoretical models of the construction and real estate communities. Finally, suggestions are made based on the findings.