Abstract:Faced with the policy constraints of " to step up conservation of the Yangtze River and stop its over development " the Yangtze River Economic Belt has shifted from " economic priority " strategy to " step up conservation " strategy. What impact will the response of industrial enterprises have on its development ? This paper constructs a difference-in-differences model taking A-share industrial enterprises listed in Shanghai and Shenzhen of China from 2012 to 2019 as the research object to study the implementation effect of the Yangtze River Protection Policy and its heterogeneous impact on enterprise performance, and explores its influencing channels. The results show that the Yangtze River Great Protection Policy can significantly improve the performance of industrial enterprises in the Yangtze River Economic Belt, which provides direction for solving double bonuses between environment and performance. Secondly, the heterogeneity analysis is carried out from the perspective of the property right nature and location. It is found that the promotion effect of the Yangtze River protection policy on enterprise performance is more prominent in state-owned enterprises and the downstream areas of the Yangtze River Economic Belt. Finally, it is verified that the Yangtze River Great Protection Policy promotes enterprise performance by guiding green innovation, and green innovation plays a partial mediating role in the relationship between them.