From the perspective of business process digitalization, which is the core of digital transformation, this paper uses the manufacturing enterprise data of listed companies from 2007 to 2021 to explore the impact of business process digitalization on enterprise value and its mechanism based on dynamic capability theory. The study found that the digitalization of procurement and supply, production and sales has a significant positive impact on enterprise value, and the results are still significant after the endogenous problem is alleviated by instrumental variable method. This impact mainly plays its role through the path of production efficiency, absorptive capacity and innovation capacity. The path of adaptability plays a masking effect, partly because of the nonlinear relationship between adaptability and enterprise value, and the negative regulatory effect of enterprise asset size on both. Further analysis found that in business process digitalization, production digitalization plays the smallest role in promoting enterprise value through production efficiency, and the largest role in promoting enterprise value through technological innovation. This conclusion not only deepens and expands the theoretical basis of digital transformation, but also provides theoretical reference for manufacturing enterprises to implement digital transformation.