本文基于1475家微观企业数据，通过构建中介效应模型，实证分析环境污染责任保险对企业创新的影响，并检验融资约束和环境规制在其中的作用。研究结果表明：环境污染责任保险对企业创新水平的提升作用显著；融资约束的中介效应明显，在环境污染责任保险和企业创新间起到促进作用，但环境规制的中介作用不显著；产权性质在环境污染责任保险对企业创新的作用表现出显著的异质性，环境污染责任保险对国有企业创新水平提升作用有限，但对非国有企业创新水平提升显著。对此，应将强政策引导、完善法律制度；提升产品的多元化和差异化；提高环境污染责任保险和环境规制的协调度；引入竞争机制，增强市场的竞争力，激发国有企业研发动力。

Based on the data of 1475 micro enterprises, this paper empirically analyzes the impact of environmental pollution liability insurance on enterprise innovation by constructing an intermediary effect model, and tests the role of financing constraints and environmental regulations in it.The results are as follows:environmental pollution liability insurance plays a significant role in improving the level of enterprise innovation; the intermediary effect of financing constraints is obvious, which plays a promoting role between environmental pollution liability insurance and enterprise innovation, but the intermediary role of environmental regulation is not obvious; the nature of property rights in the role of environmental pollution liability insurance on enterprise innovation shows significant heterogeneity Insurance plays a limited role in promoting the innovation level of state-owned enterprises, but significantly improves the innovation level of non-state-owned enterprises.Therefore, we should strengthen the policy guidance and improve the legal system; enhance the diversification and differentiation of products; improve the coordination between environmental pollution liability insurance and environmental regulation; introduce competition mechanism to enhance the competitiveness of the market and stimulate the R & D power of state-owned enterprises.

F840.67

中国保险学会基金项目“我国长期护理保险筹资及运行机制问题研究”（项目编号：ISCKT2018-N-1-09）