Abstract:To further refine the impact of partners of different types and the depth of cooperation in the innovation ecosystem, answer the question of under what conditions innovation ecosystems can generate high innovation performance, this paper examines the impact of the depth of cooperation between enterprises and the core actors in innovation ecosystems (i.e., suppliers, customers, universities and research institutes, governments, and financial institutions) on their innovation performance, and the non-linear moderating effect of the two types of typical specific investments, namely, investments in physical assets and investments in human capital, on the relationship between cooperation depth and innovation performance. Based on the survey data of high-tech industries in Shandong and Liaoning province, a variable measurement scale is constructed, and empirical testing is carried out by multiple regression analysis. The research results show that except cooperation with customers, the higher the cooperation depth of other different types of partners in the innovation ecosystem, the better the innovation performance of the enterprise, among them, cooperation with the government has the greatest positive impact, followed by cooperation with financial institutions, and cooperation with universities and research institutions; except cooperation with financial institutions, the specific investment in physical assets have an inverted U-shaped moderating effect on the impact of cooperation depth, however, human capital-specific investment only has a linear positive moderating effect on the relationship between the cooperation depth with financial institutions. Therefore, the following countermeasures are proposed: enterprises can deepen the cooperation depth of the subject of the innovation ecosystem, appropriately utilize physical asset-specific investments, and give full play to the positive regulatory role of capital-specific investments.