关键词: 外商直接投资；企业高质量发展；数字化转型；融资约束；环境规制

Abstract: Panel data of Ashare manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges in China from 2003 to 2021 were selected as the sample，and a fixed effects modelis was used to study the impact of foreign direct investment on the high quality development of enterprises，and mediation effects were used to analyze the mechanism of the two. The results show that foreign direct investment has a nonlinear inverted Ushaped relationship with the high quality development of enterprises. In addition，it also promotes high quality development of enterprises through digital transformation and alleviating financing risks. Further analysis reveals that the intensity of environmental regulations can positively regulate the impact of foreign direct investment on the high quality development of enterprises. Heterogeneity testing shows that in technology intensive industries and nonstateowned enterprises，foreign direct investment exhibits a significant inverted Ushaped characteristic for the high quality development of enterprises，with foreign direct investment in hightech industries having a more significant effect on the high quality development of enterprises. Therefore，enterprises should make greater use of foreign investment on the existing basis，actively promote the digital upgrading of industrial structure，enhance their innovation capabilities，create a good reputation and business environment，and comprehensively promote the high quality development of enterprises and the entire national economy.

Key words: foreign direct investment; high quality development of enterprises; digital transformation; financing constraints; environmental regulation