Against the backdrop of digital transformation restructuring the logic of enterprise value creation， based on panel data of Chinese listed companies from 2007 to 2021， it focused on the mediating effect of dynamic capabilities and empirically analyzed the internal mechanism by which digital transformation drives the enhancement of enterprise market value. The research results show that digital transformation significantly enhances the market value of enterprises， and dynamic capabilities including absorptive capacity， adaptive capacity and innovative capacity play a significant mediating role between them. Further research reveals that digital transformation has a stronger effect on enhancing market value for state-owned enterprises， high-growth enterprises， non-manufacturing enterprises， enterprises in highly competitive industries， and enterprises in regions with low levels of internet development. The research conclusions open the theoretical “black box” of enterprise digital transformation empowerment and value enhancement， provide feasible paths for enterprise capability reconstruction and government precise policy implementation， and offer theoretical reference and policy enlightenment value for releasing the dividends of digital transformation.