Abstract: Cross-border innovation is an inevitable strategic choice for technology-based enterprises to seek sustainable development in the VUCA environment. However, there are many risks and hidden dangers in the complex and dynamic process of cross-border innovation. Which risks and their combined effects will affect the cross-border innovation effect of technology-based enterprises is still unclear at present. Based on the configuration theory, this paper takes 11 technology-based enterprises that have had poor cross-border innovation effects as the research objects and conducts a study on cross-border innovation risks by applying the two-step fsQCA method. The research finds that: (1) The poor cross-border innovation effect of technology-based enterprises is not caused by a single risk, but is the result of multiple concurrent risks. (2) The risk factors that affect the poor cross-border innovation effect of technology-based enterprises include four types: environmental risk, technological risk, management risk and relationship risk. Among them, environmental risk is a remote condition, while the rest are near-end conditions. Market environmental risk is a necessary remote condition that leads to the result. (3) Three risk paths, namely concurrent type, technology deficiency type and personnel interference type, are identified, with the concurrent risk path being the main one. The research conclusion fills the gap of configuration theory in the field of cross-border innovation risk research of technology-based enterprises, expands the application scope of two-step fsQCA, and provides practical theoretical references for technology-based enterprises to classify and identify cross-border innovation risks and risk paths, and then implement differentiated risk management and control strategies.

Key words: two-step fsQCA, technology-based enterprise, cross-border innovation risks, configuration effect