Can digital finance help increase the value of strategic emerging enterprises?

•Digital finance can promote the value of strategic emerging enterprises.•The promotion of the depth of the use of digital finance is more significant.•Mechanisms: "supplementary funds", "reducing risk" and "promoting innovation".•Administrative mandatory environmental regulation has a regulatory effect. This paper uses the data of A-share strategic emerging enterprises in Shanghai and Shenzhen Stock Exchanges from 2011 to 2018 to explore the impact of digital finance on the value of strategic emerging enterprises. It is found that the development of digital finance has a structural driving effect on the value of strategic emerging enterprises. It shows that the driving impact caused by the depth of use of digital finance is more evident than the coverage of digital finance. At the same time, it is more apparent in the low degree of marketization, nonstate-owned enterprises, and central and western regions, highlighting the inclusive characteristics of digital finance. Mechanistic research shows that digital finance can enhance the value of strategic emerging enterprises through three paths: supplementary funds, reducing risk, and promoting innovation, thereby realizing a sustainable society. In particular, the impact of administrative mandatory environmental regulations on digital finance and the importance of strategic emerging enterprises presents an inverted U-shaped relationship.