利用中国37个工业行业2003-2010年的面板数据，采用两步分析方法，实证分析了环境规制、技术创新和产业经营绩效三者之间的关系。研究发现，环境规制对技术创新有显著的促进作用，表明当前我国的环境保护能够引致企业进行技术创新。但是，环境规制的创新引致效应不够充分，导致对产业经营绩效没有产生促进作用。另外发现，环境规制对产业的不同经营绩效指标影响存在差异。本文的发现说明，“波特假说”提出严格的环境规制将通过引致技术创新，部分甚至是完全抵消环境规制施加给的成本，进而能够提高经营绩效的观点在我国目前没有得到支持。最后，探讨了相应的政策涵义。

On the basis of a panel dataset of two-digit industry during the period 2003-2010 in China, this paper adopts a two-step approach to analyze the links between environmental regulation, technological innovation and industrial economic performance. Empirical results show that environmental regulation is positively related to technological innovation, implying that current strong environmental protection can induce enterprise to implement more technological innovation. However, environmentally induced innovation effect is not sufficient to promote industrial economic performance. Furthermore, environmental regulation has different impact on different industrial economic performance indicators. This finding doesn’t support Porter hypothesis that more stringent environmental regulation can trigger innovation that may partially more than fully offset the costs of complying with them and enhance industrial economic performance in China. At last, some suggestions are provided.