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Against the backdrop of the accelerated transition to sustainable development in global emerging markets, the synergistic mechanism between environmental governance innovation and corporate green transformation has become a key issue in realizing high-quality development. As the world’s largest emerging economy, China’s new Environmental Protection Law (EPL), implemented in 2015, has promoted green technology innovation and performance improvement of heavily polluting enterprises by strengthening environmental regulation. This paper takes Chinese A-share listed companies as samples from 2012–2023, treats the EPL as a quasi-natural experiment, and applies the DID method to explore the path of its impact on the performance of heavily polluting firms, with a focus on analyzing the mediating effect of green technological innovation and the moderating role of firm size and regional differences. The study revealed the following findings: the implementation of the EPL significantly improves the performance of heavily polluting enterprises, which verifies the applicability of “Porter’s hypothesis” in emerging markets; green technological innovation plays a partly intermediary role in the process of policy affecting enterprise performance, indicating that environmental regulation achieves win–win economic and environmental benefits by driving the innovation compensation mechanism; and there is significant heterogeneity in policy effects, with large-scale firms and firms in the eastern region experiencing more pronounced performance improvements, reflecting differences in resource endowments and institutional implementation strength within emerging markets. This study provides empirical evidence for emerging market countries to optimize their environmental governance policies and construct a “regulation–innovation–performance” synergistic mechanism, which will help green economic transformation and ecological civilization construction.
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