我国环境规制日益加强，绿色创新已成为企业破解环境困局、实现可持续发展的重要路径。文章选取2012—2021年沪深制造业上市公司的样本数据，实证研究环境规制、研发投入、企业绿色创新三者之间的关系。结果表明：环境规制对企业绿色创新的影响呈先抑制后促进的U形态势，且研发投入可以正向调节环境规制对企业绿色创新的影响。进一步的研究发现：环境规制对企业绿色创新的影响具有双重门槛效应；环境规制对企业绿色创新的影响有区域异质性、产权异质性和行业异质性，研发投入的调节作用也有异质性。今后应进一步协同推进环境保护和经济发展，强化政府和企业双主体环保责任，提升居民环保意识，依托大数据技术提升环境监管质效，并充分考虑环境规制的异质性，制定差异化环境政策，充分发挥环境规制的政策效应。

China's environmental regulations are increasingly strengthening, green innovation has become the main path for enterprises to solve environmental difficulties and achieve sustainable development. Using data samples from manufacturing listed companies in Shanghai and Shenzhen from 2012 to 2021, this study empirically investigates the relationships among environmental regulations, R&D investment and green innovation of enterprises. The results indicate that the impact of environmental regulations on green innovation of enterprises shows a U-shaped trend of inhibition followed by promotion, and R&D investment can positively regulate the impact of environmental regulations on green innovation of enterprises. Further research has found that environmental regulations have a dual threshold effect on the impact of green innovation in enterprises; the impact of environmental regulations on green innovation in enterprises includes regional heterogeneity, property heterogeneity, and industry heterogeneity, and the regulatory effect of R&D investment also has the same heterogeneity. Therefore, it is necessary to synergistically promote environmental protection and economic development, strengthen the dual environmental responsibility of the government and enterprises, and enhance the public's awareness of environmental protection, rely on big data technology to improve the quality and efficiency of environmental supervision, fully consider the heterogeneity of environmental regulations and formulate differentiated environmental policies to fully leverage the policy effects of environmental regulations.