As China's economy shifts from a stage of high-speed growth to a stage of high-quality development, more and more real enterprises adopt equity refinancing as an external financing channel, and its economic consequences have attracted much attention. Based on the perspective of enterprise R&D investment, empirically examines the impact of equity refinancing on the high-quality development of enterprises and its mechanism by taking Chinese A-share main board listed companies from 2011 to 2021 as research samples.The research findings equity refinancing behavior promotes the high quality development of enterprises. After mechanism testing, it is found that R&D investment plays a partial mediating role between equity refinancing and enterprise high-quality development.