In this paper, we investigate whether those enterprises adopting digital finance exhibit higher values. On the basis of the constructed fintech-related lexicon developed by the machine learning-based Word2Vec model, we employ the frequency of fintech-related words (phrases) in the management discussion sections of annual reports as a proxy variable for the degree to which enterprises apply digital finance. We utilize panel data regression and mediation models based on data of Chinese A-share listed companies from 2016 to 2022 and explore the impact of this degree of digital finance application on enterprise value. We find that the degree to which enterprises apply digital finance elevates their values. The in-depth integration of digital technology and finance directly enhances enterprise value by reducing financing costs. Additionally, the effects are more evident among small-scale firms and enterprises located in regions with lower marketization levels. However, in the face of the impact of the COVID-19 pandemic, the positive effects on enterprises are relatively low.