Based on the data of A-share listed companies, this paper explores the impact of investor interactions on the “all talk and no action” strategy in digital transformation. The results show that investor interactions spur the “all talk and no action” strategy in digital transformation. Mechanism testing confirms the mechanism of pressure coping. Heterogeneity analysis indicates that this effect is more pronounced in enterprises with lower institutional shareholdings and non-SOEs. Further research demonstrates that when the short-term market valuation reacts strongly to the disclosure of digital transformation, the role of investor interactions in inducing the “all talk and no action” strategy is more pronounced. The stock exchange inquiry letters can effectively restrain the effect of investor interactions on the “all talk and no action” strategy. The “all talk and no action” strategy spurred by investor interactions undermines long-term corporate performance and escalates the stock price crash risk.