Abstract: Basing on the data of China’s listed companies in Shanghai and Shenzhen A-share manufacturing industry from 2010 to 2015, this paper investigates the impact of environmental regulation on the corporate R&D activities and the adjustment effect of regulation capture on the relationship between environmental regulation and corporate R&D activities. The results show that environmental regulation has a significant positive impact on the corporate R&D activities. Environmental regulation play a negative adjustment effect on the relationship between environmental regulation and corporate R&D activities. Furthermore, In the aspect of corporate heterogeneity, regulation capture has a greater negative adjustment effect in the corporate which belonging to heavy pollution industry and the weak product market competitiveness. In the aspect of regional heterogeneity, regulation capture has a greater negative adjustment effect in the corporate which situated in the area which is prone to breed regulation capture and bear heavy environment protection pressure.