Abstract: The binding force of environmental measures and laws and regulations is not the same in all parts of China. The new environmental standards require coal enterprises to strengthen the ecological environment governance, but the impact on the financial performance of enterprises is different. Based on the data of coal listed enterprises in 2011-2018, the paper uses the short-term and long-term financial performance indicators as the dependent variables, and environmental performance as the independent variables, and uses the double difference (did) model to test the impact of environmental performance of enterprises under different environmental constraints on the short-term and long-term financial performance. The results show that: under strong environmental constraints, the environmental performance of coal enterprises is positively related to the long-term financial performance, and negatively related to the short-term financial performance; the short-term effect of strong policy constraints is not good, but effective in the long run. Finally, the paper puts forward relevant strategies to achieve the win-win of environmental performance and financial performance under the cooperation of government and enterprises.