在经济新常态下，经济发展与环境保护之间的关系，成为政府和学界关注的热点话题。本文利用省级层面的环境规制数据和微观层面的中国工业企业的数据，实证检验了中国地区环境规制强度对企业全要素生产率的影响及其机制。研究发现，地区环境规制强度与企业全要素生产率之间存在倒U型关系，即随着环境规制强度的提高，企业全要素生产率会逐渐提高，但环境规制强度提高到一定程度后，企业的全要素生产率会下降。研究进一步发现，适宜的环境规制强度能激发企业的“创新补偿效应”，从而不断弥补创新的“遵循成本”，提高企业的全要素生产率。本文使用了不同的环境规制强度指标，进行了稳健性检验，并用环保人数作为环境规制强度的工具变量来克服可能存在的内生性问题。研究结果表明，实施严格且适宜的环境规制可以实现环境保护和生产率提高的“双赢”结果。

Based on China's industrial database datum, this paper empirically examines whether and how environmental regulatory stringency effects on the Total Factor Productivity(TFP) of enterprises. The study finds that the environmental regulatory stringency has an inverted U-shape in the TFP of enterprises, namely, the TFP of enterprises gradually increase with the increase of regulatory stringency, however, when environmental regulatory stringency increases to a certain extent TFP of enterprises will decline. Further study finds that the appropriate environmental regulation triggers cost-saving innovation more than compensates for the cost of compliance to improve the TFP of enterprises. This paper conducts Robustness Test using different indicators of regulatory stringency and instrumental variable. These results show that the more stringent and properly designed environmental regulation leads to win-win effects between environmental protection and enterprise productivity gains.