中文摘要：

采用2009-2013年重污染行业上市公司的经验证据,考察环境规制和融资约束分别对企业技术创新的影响,以及融资约束在环境规制对企业技术创新影响中的调节效应。研究发现：（1）环境规制对企业技术创新的影响作用不确定。内生环境规制对企业技术创新具有正向促进作用,而外生环境规制则对企业技术创新具有负向作用,但不显著。（2）较低的内外部融资约束能促进企业技术创新,且相比外部融资,内部融资的促进作用更明显。（3）内外部融资约束越低越能支持环境规制创新效应或缓解环境规制挤出效应。（4）考虑企业异质性,按产权分组的情况下,内部融资和外部的作用效果不同。首先,民营企业较多依赖内部融资支持内生环境规制创新效应,外部融资未能显著发挥其支持作用。内外部融资有利于缓解外生环境规制的挤出效应,但作用并不显著。而国有企业更偏好于使用＂别人的钱＂来支持环境规制创新效应或缓解挤出效应,内部融资未能显著发挥其支持作用。最后为国家环境保护、环境规制工具选择、促进企业技术创新和完善环境保护配套融资机制提出政策建议。

英文摘要：

By using the empirical evidence of listed companies of heavy pollution industry during 2009-2013,we make a research on the influence of environmental regulation and financing constraints respectively on the enterprise technology innovation,and the regulating effect of financing constraints in the influence of environmental regulation on enterprise technology innovation.The study has found that：（1）the effect of environmental regulation on enterprise technology innovation is uncertain：endogenous environmental regulation plays a positive role in promoting enterprise technology innovation,while exogenous environmental regulation on enterprise technology innovation have a negative effect,but not significant.（2）the lower internal and external financing constraints can promote enterprise technology innovation,and compared with the external financing,internal financing are more obvious.（3）the lower internal and external financing constraints can support environmental regulation innovation effect or alleviate environmental regulation crowding out effect.（4）considering the enterprise heterogeneity,under the condition of the enterprise according to the property rights group,the effect of internal financing and external financing is different.First of all,the private enterprise is more reliabe on internal financing to support endogenous environmental regulation innovation effect,external financing is failing to play a role of the support significantly.Internal and external financing is beneficial to alleviate the extrusion effect of exogenous environmental regulation,but this effect is not significant.And state-owned enterprises prefer to use the＂other people＇s money＂to support environmental regulation innovation effect or alleviate crowding out effect,internal financing failed to play a role to support significant.Finally put forward policy suggestions for environmental protection,environmental regulation tool selection,promoting enterprise technology innovation and supporting financing mechanism f