The physical resources of an enterprise are an important guarantee for its normal operation and business development. However， does a high level of physical resources bring a richer resource base or an unignorable burden in the process of digital transformation of the enterprise？ From the perspective of enterprise strategy formulation and paradox analysis， based on the data of A-share listed companies in China’s secondary industry from 2007 to 2021， it explored the impact of the physical resource level of an enterprise on its digital transformation tendency. The research results show that a high level of physical resources in an enterprise increase its financing constraints and organizational inertia， thereby inhibiting its digital transformation tendency； the digital ability background of senior executives and the organizational agility of the enterprise can alleviate this inhibitory effect. Heterogeneity analysis reveals that the inhibitory effect of the physical resource level on the digital transformation tendency is more significant in large-scale enterprises and enterprises in the eastern region； in non-state-owned enterprises， the moderating effect of the digital ability background of senior executives is more significant； and for start-up enterprises， a high level of physical resources show a promoting effect on the digital transformation of the enterprise. Such results indicate the multi-dimensionality and complexity of the relationship between physical resources and digital transformation of the enterprise. The conclusion enriches the relevant research on the antecedents of enterprise digital transformation and provides management implications for enterprises to rationally allocate resources and promote digital transformation.