Abstract: High-quality development of coal enterprises is an inevitable requirement to promote economic transformation and achieve the goal of “carbon peak and neutrality”.Based on the panel data of listed coal enterprises from 2010 to 2019, this paper empirically analyzes the influence of asset quality of coal enterprises on high-quality development and the moderating effect of governance mechanism by using the fixed effect model.The results show that the better asset quality of coal enterprises can promote their high-quality development.Governance mechanism has a moderating effect on the relationship between asset quality and high-quality development to a certain extent, among which the ownership concentration and CEO duality weaken the positive influence of asset quality on the high-quality development of enterprises.The ownership and executive shareholding ratio strengthen the promoting effect of asset quality on the high-quality development of enterprises.Executive compensation incentive has a U-shaped moderating relationship between asset quality and high-quality development, while the proportion of independent directors has no significant moderating effect on the two.Therefore, coal enterprises should focus on improving asset quality and efficiency, and improve corporate governance level by improving ownership structure, optimizing board governance and perfecting executive incentive mechanism, so as to achieve high-quality development of coal enterprises.