在中国产业结构优化升级的过程中，外商直接投资对产业研发创新的重要性日益凸显，与此同时，为应对日益严峻的环境污染问题所制定的环境保护政策是否会对外资企业研发创新造成影响。文本利用2004~2007年企业层面微观数据，采用倾向得分匹配方法全面系统地评估了环境约束对外资企业研发创新的影响。结果表明：环境规制与外资企业研发创新存在显著的相关关系，其对外资企业研发创新的影响不仅具有即时性，同时具有持续性；此外，研究还发现环境规制对不同行业类型外资企业研发创新的影响也存在差异。

In the process of China's industrial structure optimization and upgrading, the importance of foreign direct investment to industrial innovation has become increasingly prominent. At the same time, whether the environmental protection policies formulated to deal with the increasingly serious environmental pollution will affect the innovation of foreign-funded enterprises. This paper tries to answer the question through using the micro enterprise data from 2004 to 2007 and using propensity score matching method. The results indicate that: environmental regulation has a significant correlation with innovation of foreign-funded enterprises, and the promotion effect on innovation of foreign-funded enterprises is not only real-time, but also persistent. In addition, the study also find that the effects of environment regulation on different industries are differently.