：环境规制与产业创新问题关系到地区乃至国家产业链升级和经济的可持续发展。首先运用成本和收益分析， 解析企业创新与环境规制内在机理；基于江苏省制造业2004—2014 年19 个行业的面板数据，采用Eviews 实证分 析环境规制与企业创新的关系。研究结果表明：环境规制与企业创新呈U 型，随着环境规制强度的增加，企业技 术创新水平先下降再上升；另外，企业规模和企业净利润与企业创新水平正相关，外商直接投资和人力资本投入与 企业创新水平关系不显著。因此，制定合理适度的环境规制，从长期来看有利于企业创新，同时应辅以合理的企业 规模及与本产业相匹配的外商直接投资和人才引进政策。

Environmental regulations and industrial innovation issues are related to regional and national industrial chain upgrading and economic sustainable development. This paper analyzes the internal mechanism of enterprise innovation and environmental regulations by using cost and benefit analysis, and conducts empirical analysis by using EViews, based on the panel data of 19 manufacturing industries of Jiangsu Province from 2004-2014. Result shows that there is a U-shape relationship between environmental regulations and enterprise innovation. With the intensity of environmental regulations on the rise, the level of technological innovation of the enterprises decreases firstly and then increases. In addition, firm size and net profit of enterprises are positively correlated with innovation level. And FDI and human capital investment do not have cleat-cut correlation with enterprise innovation. Therefore, appropriate environmental regulation in the long term is conducive to enterprise innovation, and should be supported by a reasonable enterprise scale, FDI and talent attraction policies.

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国家社会科学基金项目“价值链高端攀升视角下我国环境规制与战略性新兴产业创新供给侧的组合研究”（16CJY038）；江苏 省社会科学基金项目“新常态下江苏省低碳经济发展与环境规制协同创新路径探索”（15EYC006） 项目来源：中国药科大学药学基地科研训练及科研能力提高项目“国家级大学生创新创业训练计划项目”（J1310032）；中国药科大学人 文社会科学特定项目“低碳经济视角下环境规制与技术创新关系研究”（2632017TD02）