摘要:This article divided environmental regulation tools into market-oriented environmental regulation, environmental administrative control and environmental pollution regulation, divided enterprises into pollution intensive and clean production enterprises. Take Chinese manufacturing listed companies as research object, through panel data analysis, this article measured short-term and long-term value compensation effect and the possible existence of the threshold effect and cumulative effect of different environmental regulation tools for different types of micro enterprises to inspect Porter hypothesis and to inspect the effect of Chinese environmental regulation.