Manufacturing enterprises are generally aware of the importance of digital transformation. However, how to achieve digital transformation troubles traditional manufacturing enterprises. The textile printing and dyeing industry started from early 1980s onwards China's reform and opening up. The industry has reached a stage of high production capacity and is facing significant pressure for transformation and upgrading. Many business operators are struggling to explore and seek to achieve cost reduction and efficiency increase through digital transformation, thereby accelerating industrial innovation and transformation. In order to alleviate the pressure of sharply rising labor, environmental and energy costs, and build a medium to long-term competitive advantage. Printing and dyeing enterprises need to use digital methods to empower and upgrade their previous operational processes from top to bottom, from inside to outside, and reshape new driving forces and advantages through digital transformation throughout the entire process, scenario, touch point, and lifecycle. This article focuses on the digital transformation investment, studies its determining factors and economic consequences from the perspectives of production process performance and overall enterprise performance .It has found that: (1) transformation factors, transformation direction, and transformation cognition all positively affect digital investment, but only the transformation direction has significant impact; (2) Digital investment has promoted the improvement of production process efficiency, and this promotion is significant at the 1% significance level; (3) Digital investment significantly promotes the overall efficiency; (4) The improvement of production process efficiency positively promotes the relationship between digital investment and enterprise efficiency, but this impact is not statistically significant. In other words, the positive correlation between digital investment and enterprise efficiency does not change statistically due to differences in enterprise production process efficiency. This inspires dyeing enterprises to allocate resources reasonably when undergoing digital transformation. Blindly invest in the production process digitization and neglecting the coordinated development of other aspects in digitalization can lead to unreasonable resource allocation, resulting in waste of resources.