Abstract: Based on data from Shanghai and Shenzhen A-share listed enterprises from 2015 to 2020, this study utilizes text analysis technology to construct a research model for enterprise digital transformation and enterprise value, aiming to find out the impact of digital transformation on enterprise value. Empirical tests reveal that (1) digital transformation significantly promotes enterprise value; (2) Digital transformation can enhance innovation efficiency, which partially mediates the relationship between digital transformation and enterprise value; (3) Heterogeneity analysis indicates that digital transformation has a more significant impact on enterprise value in eastern regions, high market-oriented regions and low environmental uncertainty scenarios; (4)Further research suggests that in running digital transformation, enterprise should emphasize the idea of “efficiency increase and cost reduction”, rather than “cost reduction and efficiency increase”. Based on these findings, the study provides relevant countermeasures and suggestions for enterprises.