This study tests the impact of enterprise digital transformation on the information environment. The results show that while analyst coverage increase significantly and the accuracy of public information improves after enterprises implement digital transformation, there is no significant change in the accuracy of private information. The main influence channels are information disclosure quality and stock price information content. Further analysis shows that this relationship is affected by cyber‐attacks, market competition, and social media. This study enriches the analytical paradigm of the influencing factors of analysts' prediction behaviour and provides evidence for exploring digital transformation in the emerging capital market.