By analyzing the competency and transformation and upgrading of top 50 NGEs in competency, competency capability, and transformation and upgrading, especially the correlation between transformation and upgrading and competency, this article finds that, the highly competent NGEs tend to transform and upgrade in terms of management and production technology, while the top 50 in transformation and upgrading in term of governance structure and production technology.Although it is found that the top 50 in transformation and upgrading are on average more competent than other enterprises in the sample, the causal relationship between transformation and upgrading and competency is not obvious in the short term.Therefore, the transformation and upgrading of NGEs need long term plan, and promote the process in an active and steady way to improve the long term competency. <<