In the era of the digital economy, the relevance of accounting information is facing many doubts. Using a fixed effects model to test, this paper finds that when enterprises promote deeper digital development, the value relevance of net asset accounting information decreases, and the value relevance of net profit accounting information increases. From the perspective of accounting information providers, the accounting information provided by enterprises has been adjusted due to digital development, which is reflected in the governance effect on earnings information and the amplification of asset information loss effect. From the perspective of accounting information users, investors hold a positive attitude towards corporate digital development, as evidenced by the decrease in equity financing costs and the increase in investor sentiment. This optimistic expectation provides another explanation for the changing trend of the value relevance of net asset information and net profit information. The cross-sectional analysis shows that the above trend of trade-offs mainly exists in the sample groups with a lower level of discussion and communication among the management, negative emotional tone among the management, and more negative media coverage. That is, non-financial information channels help to reduce the “information loss effect” brought about by digital development, and also provide new evidence for the “information governance effect” of digital development and the logic of investor confidence enhancement. In addition, the results of improving the value relevance of net profit information through corporate digital development are mainly reflected in regions with a lower level of marketization, but the effect of reducing the value relevance of net asset information is not affected by the level of marketization. By decomposing the actions of enterprise digitalization, it is found that the trade-off effect of digital development on the value relevance of net profit information and net asset information is mainly due to digital strategy guidance, technology drive, organizational empowerment, and digital application. The support of digital environment only shows an improvement effect on the value relevance of net profit information, while digital achievements only show a decrease in the value relevance of net asset information. From the perspective of specific items in financial statements, in projects related to digital development activities, period expenses, operating income, and net cash flow generated from operating activities demonstrate higher value relevance in the digital development process, while the value relevance of intangible assets and operating costs faces challenges.