摘要 煤炭是我国的基础能源和重要原料，因此煤炭工业也是关系我国能源安全和经济命脉的重要基础产业，但随着煤炭工业化进程的不断加快，其开采、运输以及生产、消费等过程中造成的环境污染问题也日益凸显。我国政府采取了一系列有效的规制条例来限制煤炭产业产生的污染，这些规制措施的执行，能够促使煤炭企业符合环境规制标准，使其污染降到最低；煤炭企业也通过技术创新不断增加研发投入来解决所要产生的污染问题。然而不可忽视的是，同时也会给煤炭企业效益带来不同程度地影响。因此研究环境规制、研发投入、煤炭企业财务绩效三者之间的关系和影响就显得十分的重要。 本文选取煤炭上市企业作为研究主体，采用回归分析实证了检验环境规制对研发投入和财务绩效以及研发投入对财务绩效的影响，同时探究了研发投入在环境规制对财务绩效影响中的中介传递效应，并把研发投入细分为环保研发投入和非环保研发投入。 研究结果显示：（1）环境规制对我国煤炭企业研发投入有一定的促进作用，进一步研究发现环境规制更能促进煤炭企业进行环保研发的投入，说明国家的环境规制政策对煤炭行业企业的环保研发具有激励作用。（2）研发投入可以提高煤炭企业财务绩效，非环保研发投入对当期财务绩效也表现出正相关，但是环保研发投入表现不显著。（3）环境规制对煤炭企业的财务绩效产生负向影响，说明在政府的环境规制政策下，煤炭企业面临较大的污染治理投资，进而企业的环保投资支出可能排挤企业正常的生产经营投入，从而降低了煤炭企业的财务绩效。（4）研发投入在环境规制对煤炭企业财务绩效的影响中确实起着中介传递作用，进一步检验发现，环保研发投入的中介作用也显著。由环境规制引发的技术创新产生创新补偿作用，尤其是绿色创新对煤炭企业的财务绩效产生积极的作用。 在最后根据全文的实证研究结果提出了煤炭企业现在发展过程中面临的问题，并从政府、企业、社会三个层面提出相应的建议，促使煤炭企业能够绿色高效发展。

ABSTRACT Coal is China's basic energy and important raw material.Therefore,the coal industry is also an important basic industry related to China's energy security and economic lifelines. However,with the accelerating process of coal industrialization,the environment caused by mining,transportation,production,and consumption has become increasingly important. Pollution problems are also becoming increasingly prominent.The Chinese government has adopted a series of effective regulations to limit the pollution generated by the coal industry. The implementation of these regulatory measures will enable coal companies to comply with environmental regulations and minimize pollution.Coal companies also increase their R&D investment through technological innovation.To solve the problem of pollution.However,it cannot be ignored that it will also affect the efficiency of coal companies to varying degrees. Therefore,it is very important to study the relationship and influence between environmental regulation, R&D investment, and the financial performance of coal companies. This paper selects the listed companies of coal as the research subject,and uses regression analysis to empirically test the effect of environmental regulation on R&D investment and financial performance and R&D investment on financial performance.At the same time,it explores the mediating effect of R&D investment in environmental regulation on financial performance.The results of the study show that:(1)Environmental regulation has a certain role in promoting the R&D input of coal companies in China.Further studies have found that environmental regulations can promote the investment of coal companies in environmental protection research and development,and demonstrate that the national environmental regulatory policy has an environmental protection research and development for coal industry enterprises.(2)R&D investment can improve the financial performance of coal companies and is caused by non-environmental R&D investment.Because coal companies are investing too much in environmental R&D,they are more than offsetting the gains for coal companies.(3)Environmental regulation has a negative impact on the financial performance of coal companies,indicating that under the government's environmental regulation policy,coal companies are faced with relatively large investment in pollution control,and then the company environmental investment expenditures may be squeezing the normal production and management input of the company.This reduces the financial performance of coal companies.(4)R&D investment does indeed play an intermediary role in the impact of environmental regulation on the financial performance of coal companies.The technological innovation triggered by environmental regulation generates innovative compensation effects that have a positive effect on the financial performance of coal companies.Further tests found that it was caused by environmental protection R&D investment. In the end,based on the empirical research results of the full text,the problems faced by the coal enterprises in their development are proposed,and suggestions are made from the three levels of the country,the enterprise,and the society to promote the green and efficient development of coal companies.