More and more enterprises have become aware that digitalization that only stays in the basic stage cannot facilitate them in achieving digital transformation. The phenomena of data glut and difficulty in obtaining scarce data resources lead to repetitive construction of basic digital capabilities and insufficient high-level digital capabilities, and the internal digital construction structure of enterprises is unreasonable. Therefore, how to help enterprises effectively solve the difficulties to survive the throes of digitalization and deepen the digital process has become a topic of concern for manufacturing enterprises in recent years.#br#The existing literature has explored the relationship between digital transformation and corporate performance. However, there is still a lack of research on the relationship between heterogeneous digital inputs and the impact mechanisms of different types of digital inputs on corporate performance. Starting from the value chain theory, this article divides the digital investment of enterprises into general digital investment that supports basic digital activities and specialized digital investment that supports core digital activities. The in-depth exploration of different types of digital investment in enterprises is beneficial for clarifying the key tasks of digital transformation in enterprises and avoiding the problem of repetitive digital construction of a single type.#br#In the context of the deep integration of the digital economy and the real economy, exploring the economic consequences and impact mechanisms of digital resource investment from a micro perspective is beneficial for deepening the digital development of the real economy. Using the balanced panel data of listed manufacturing enterprises from 2016 to 2021, this study uses text analysis methods and panel regression models to discuss the impact and mechanism of general inputs and specialized digital inputs on enterprise performance from the perspective of heterogeneous digital inputs. It has found that, firstly, there is a non-linear relationship between general digital investment and enterprise performance (rising firstly and then falling) with the inflection point of investment at 0.367 8. Secondly, there has not yet been a significant relationship between specialized digital investment and enterprise performance. Thirdly, management efficiency optimization is an intermediate mechanism through which digital investment in enterprises affects enterprise performance. It plays a nonlinear mediating role in the process of general digital investment affecting enterprise performance, while business model innovation has not yet played an effective role. The results indicate that after the “dividend period” of general digital investment, its positive value for enterprise performance shows a decreasing process.#br#It is an inevitable trend to deepen digital reform in enterprises for future development. Therefore, enterprises should follow the principle of moderation in the digital process, pay attention to the coordination of digital resources and native resources, minimize sunk costs, reduce management expenses and operating expenses, and choose the best entry point for digital transformation based on the core values of the enterprise. The contribution of this study is multi-fold. Firstly, it enriches research on digital investment in the manufacturing industry. The study analyzes the economic consequences of general digital investment and specialized digital investment on enterprise performance from the perspective of heterogeneous digitization, which provides reference significance for enterprises to continue to deepen their digital development. Besides, by clarifying the relationship between two heterogeneous digital inputs and enterprise performance, the mystery of what type of digital input can truly promote the value enhancement of manufacturing enterprises has been revealed. Next, the mechanism of the impact of digital investment on performance in manufacturing enterprises is systematically explored, and “management optimization mechanism” and “model innovation mechanism” are proposed from the perspectives of “efficiency enhancement” and “quality improvement”. In summary, this study is beneficial for reflecting the phenomenon of repetitive construction in basic digital capabilities and the insufficientness of high-level digital capabilities, thereby providing support for the continuous digital construction of Chinese manufacturing enterprises.#br#