This paper constructed extended CDM model to study the effects of environmental regulation on industrial innovation and productivity based on the perspective of strong and weak "Porter hypothesis",by using 28 manufacturing industry panel data of 2003-2014. The findings reveal that:(1) the impact of environmental regulation on R&D intensity lags behind. In the long run,environmental regulation intensity has a significant role in promoting R&D investment in manufacturing industry.(2) The R&D has a significant role in promoting the substantial innovation of manufacturing industry, and has a strong lag and continuity. However, the R&D intensity has no obvious effect on strategic innovation of manufacturing industry.(3) The substantial innovation doesn't significantly promote the economic performance of manufacturing industry, but it has a significant role in promoting the energy performance of manufacturing industry, and the substantial innovation plays a significant role in promoting environmental performance in the long term. The strategic innovation significantly promotes the economic performance of manufacturing industry, and it inhibits the energy performance and has no significant effect on environmental performance in the short term. It can promote the energy performance of manufacturing industry, but significantly inhibit environmental performance in the long term.(4) Environmental regulation has significantly suppressed the substantive innovation and strategic innovation of manufacturing industry, and the weak Porter hypothesis has not yet been supported. In the short term, environmental regulation inhibits manufacturing economic performance, but it can promote energy and environmental performance. In the long run, environmental regulation promotes the economic and energy performance of manufacturing industry, but it inhibits environmental performance. The establishment of strong Porter hypothesis has a certain scenario.
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