To easily understand it, first takeout the resistor.
What's left is a simple resistor with a 12V zener diode.
Then put the transistor back in.
The base of the transistor is connected to the zener, and will be at 12V.
Which means that as soon as the Emitter goes above (approx) 11.4V, the base current of the transistor will cut of, and it wil not deliver any current to its output anymore.
If the Emitter of the transistor gets (much) below 11.4V, then it will also pull the base of the transistor to below 12V, and all the current the resistor can deliver will flow through the base of the transistor.
Result is that the circuit surronding that transistor is an (approx) 11.4V voltage regulator.