面对“共抓大保护，不搞大开发”政策约束，长江经济带由“经济优先”战略转向“大保护”战略，工业企业的响应会给其发展带来何种影响？基于此以2012-2019年长江经济带11省市A股上市工业企业为研究对象，运用双重差分模型检验长江大保护政策对企业绩效的异质性影响，并对其影响渠道展开探究。结果表明，长江大保护政策能显著提升长江经济带工业企业绩效，这表明环境保护与企业绩效可以实现和谐共生。其次，从企业产权性质和所在地区差异视角展开异质性分析，发现长江大保护政策对企业绩效的提升作用在国有企业和长江经济带下游地区更显著。最后，验证了长江大保护政策通过引导企业绿色创新进而推动企业绩效提升,且绿色创新在其中起部分中介作用。

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.

国家社会科学基金重大项目“绿色发展下我国水资源-能源-粮食协同发展与安全战略研究”(19ZDA084)