Competitive enterprises are the micro foundation and main force of high-quality economic development, and high-quality enterprise development requires high-quality financial asset structure allocation. Taking all listed companies in China’s Shanghai and Shenzhen cities from 2010 to 2020 as a research sample, the impact of financial asset allocation on the high-quality development of enterprises is explored, and how internal control can adjust the impact of financial asset allocation on the high-quality development of enterprises. The study found that: (1) the allocation of financial assets significantly reduced the Level of high-quality development of enterprises; (2) in non-state-owned enterprises, internal control of enterprises can significantly alleviate the negative impact of financial asset allocation on the high-quality development of enterprises; while in state-owned enterprises, the positive adjustment effect of internal control is not significant； (3) the negative impact of the allocation of financial assets of enterprises in the eastern and central and western regions on the high-quality development of enterprises is significant; the regulatory effect of internal control is not significant in the central and western regions, but significant in the eastern region.