中文摘要：

环境保护与技术创新作为转变经济发展方式的重要战略，两者之间的关系一直是研究的热点问题。本文认为．环境规制不但会对技术创新产生直接影响．而且会通过FDI、企业规模、人力资本水平等因素产生间接影响。因此．本文运用2004-2011年江苏省28个制造业行业面板数据．采用两步GMM法实证分析了环境规制对技术创新的直接效应和间接效应。结果表明．环境规制与企业技术创新之间呈现先下降后提升的“U”型动态特征，随着环境规制强度由弱变强．影响效应由“抵消效应”转变为“补偿效应”：FDI和企业规模对技术创新具有显著的促进作用．但是环境规制会通过抑制FDI技术溢出效应和大企业规模效应的发挥，对技术创新产生间接影响：无论是否具有环境规制约束。人力资本水平和企业利润率对企业技术创新均具有促进作用。政府应通过制定合宜的环境规制和招商引资政策、加大研发资金的支持力度、提高人力资本水平等措施抵消环境规制对技术创新带来的负面影响．

英文摘要：

As an important strategic transformation of economic development, the relationship of environmental protection and technological innovation has always been a hot issue. This paper argues that environmental regulation not only has a direct impact on enterprises＇ technological innovation, but also has an indirect impact through affecting FDI, firm size, human capital levels and other factors. Therefore, two-step GMM empirical method has been used on the panel data of 28 manufacturing industries in Jiangsu Province for years 2004--2011 to analyze the direct and indirect effect environmental regulation has on technological innovation. The results show that： there is a U-shaped dynamic relationship between environmental regulation and enterprise technology innovation. That is to say, ＂offset effect＂ will gradually transformed into ＂compensation effect＂ as the strength of environmental regulation become stronger, nevertheless, it has a positive ＂compensation effect＂ in the long term. FDI and enterprise＇s scale has a significant role in promoting technological innovations, however,environment regulation will have a indirect effect on technological innovation by inhibiting FDI technology spillover effect and large scale enterprise effect. Both the level of human capital and corporate profit margins will have a positive effect on enterprise innovation regardless of the constraints of environmental regulation. The conclusion is that government should formulate appropriate environmental regulation measures and foreign investment policy, increase the support for R＆D funds, increase the level of human capital and take other measures to offset the negative impact of environmental regulation on technological innovation.