Developing new forms of productive forces is an inherent requirement and crucial focus for promoting high-quality development. How enterprise digital transformation affected new forms of productive forces at the corporate level was examined. By adopting a text-asset analysis method, achieve a quantitative measure of enterprise digital transformation was achieved and an index system for new forms of productive forces at the corporate level based on the theory of three essential factors of production was constructed. The research finds that digital transformation significantly enhances the level of new forms of productive forces among China’s listed companies. In terms of the impact mechanism, digital transformation elevates enterprises’ new forms of productive forces by optimizing their human capital structure, and the development of digital inclusive finance positively moderates the effect of digital transformation on promoting new forms of productive forces. The understanding of the role that digital transformation plays in the development of new forms of productive forces at the micro-enterprise level is deepened and reference suggestions are provided for promoting digital transformation at the micro-enterprise level.