The digital transformation of enterprises is an important engine to promote high-quality development, and concept hype will prevent them from achieving substantive results. From the perspective of capital market governance, investors' digital attention indicators based on the interaction data between investors and companies in E-interaction and Interactive Q&A, and digital transformation concept hype indicators from the two aspects of digital transformation information disclosure level and tone were constructed. A-share listed companies in China from 2010 to 2023 were taken as samples. A fixed effects model was used to examine the impact effect and mechanism of investors' digital attention on the conceptual hype of enterprise digital transformation, and the reasons and explores solutions was analyzed. The research results indicate that investors' digital attention exacerbates the hype of the concept of digital transformation of enterprises. This exacerbating effect is more significant in low-market-cap and non-state-owned enterprises. Furthermore, enterprises located in regions with better digital economy development, smaller-scale enterprises, and enterprises with senior executives having IT and R&D backgrounds exhibit a more significant exacerbating effect on the level of information disclosure, but the effect on the tone of disclosure is not significant. The conceptual hype of enterprise digital transformation is promoted by investors' digital attention through three paths: exacerbating stock price volatility, inducing executive shortsightedness, and increasing reputation costs. The conceptual hype of enterprise digital transformation can be suppressed by gold medal board secretaries, institutional investors' attention, analysts, media, and supervision from the four major audit institutions. A new perspective is provided for understanding the micro mechanisms of interaction between investors and enterprises in the digital age. Policy implications are offered for preventing the risk of conceptual hype and guiding substantive digital transformation.