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.

摘要： 本文以2010~2015年沪深A股制造业上市公司面板数据为样本，就环境规制对企业研发创新活动的影响以及规制俘获行为对于环境规制与企业研发创新关系的调节效应进行考察。研究结果表明：环境规制对企业研发创新活动具有显著地促进作用；规制俘获负向调节环境规制对于研发创新的促进效应；企业异质性方面，规制俘获对于重污染行业以及产品市场竞争优势较弱企业环境规制与研发创新关系的负向调节效应相对更大；地区异质性方面，规制俘获对于位于规制俘获活跃地区以及环境规制压力较小地区企业的环境规制与研发创新关系具有更大的负向调节效应。