The high-quality development of enterprises is the micro-foundation of China’s economic growth model from “speed and scale” to “quality and efficiency,” in which China’s transportation infrastructure, especially the high-speed railways (HSRs), plays an indispensable role. We select the propensity score matching and difference in difference (PSM-DID) model as the identification strategy and empirically analyze the impact of the HSR on the high-quality development of enterprises based on empirical data of 1331 A-share listed companies in China. The results show that the HSR has a significant positive impact on the high-quality development of enterprises. This effect is more substantial for enterprises in the Pearl River Delta, the Triangle of Central China, and small and medium-sized cities. The HSR inhibited the high-quality development of enterprises in the mining, culture, sports, and entertainment industries in eastern and central China. The reason is the restriction of the ability to create social and environmental value and the influence of monopolistic competition. The HSR improves labor mobility, capital expansion, and knowledge spillovers, thereby promoting the high-quality development of enterprises. However, new infrastructure mainly improves the high-quality development of enterprises by promoting knowledge spillovers and technological innovation. This paper contributes to the modernization of China’s HSR network and provides essential insights for the HSR to achieve sustainable development goals.

The carbon market is an effective market for reducing greenhouse gas emissions; however, the existence of carbon leakage affects the emissions reduction effect of the carbon market. Using the multiregional input–output (MRIO) model and the difference-in-differences (DID) methodology, this study examined whether the chemical, building materials, or metals industries in China’s pilot carbon market have caused carbon leakage, the extent of the carbon leakage, and the areas to which the industries with carbon leakage have transferred their carbon emissions. The results showed that the pilot carbon market caused carbon leakage in the chemical, building materials, and metal industries. The building materials industry had the most serious carbon leakage, followed by the chemical industry, and the metal industry was the weakest. In addition, regardless of the industry, most of the areas affected by carbon leakage were concentrated in regions with relatively backward economic development and weak in-place environmental regulations, such as in the central and western regions. Compared with the other pilot areas, Guangdong was the area most likely to be affected by carbon leakage from other pilot areas. This study provides new evidence for the existence of carbon leakage in China’s pilot carbon market from an industrial perspective.