Abstract: Faced with increasingly serious environmental problems and the pressure of stakeholders such as the government and the public, companies need to take environmental responsibility initiatively. The impact of enterprise environmental responsibility on enterprise economic benefits was explored based on stakeholder theory and institutional theory, using the 2009-2016 Iron and Steel Association data of large and medium-sized enterprises of China, and applying the SBM superefficiency model with non-expected output and multiple regression analysis method. The results are as follows. Firstly, the analysis shows that there is an "inverted U-shaped" relationship between environmental responsibility of large and medium-sized iron and steel enterprises in China and the economic benefits of enterprises. Secondly, stakeholders are divided into two groups and the impact of environmental preferences of different stakeholder groups on enterprises economic benefits was discussed. There is also an "inverted U-shaped" relationship between enterprises'performance and these two groups. Finally, the results show that the environmental responsibility has a lag effect on the economic benefits of enterprises. Therefore, it is suggested that steel enterprises should balance the relationship between environmental benefits and economic benefits and establish long-term environmental strategies.