Abstract
This paper aims to assess the competitiveness of 68 high-growth enterprises listed on China's STAR market and explore the combination of antecedent conditions that led to their listing using fuzzy set qualitative comparative analysis. The interpretive structure model was utilized to identify the factors influencing their competitiveness, and the listing index weight for the STAR market was determined using the analytic hierarchy process. The competitiveness of the listed enterprises was found to be promising, with new energy, next-generation IT, and high-end equipment manufacturing being the most prominent fields. However, energy conservation and environmental protection exhibited relatively weak listed competitiveness. The listing of these enterprises was the result of multiple factors rather than a single factor. The listing paths of high-growth enterprises in China were classified into three types: well-operated with high technical competence and innovation-led, high-profit with low growth and innovation, and large-scale, high-profit, and innovation-led.