| Strict environmental regulations requires that enterprises increase environmental protection input, improve the technological innovation, and develop environment-friendly products (Nakao et al.,2007), which is conducive to environmental protection and resource conservation and must be to have a greater impact on enterprise performance, so it isn’t the best choice of enterprises. Therefore, Researchers actively explore the relationship between environmental regulation and corporate performance and become a research hotspot. Eyes of the beholder, the wise see wisdom. Enterprise investment in environmental protection is not only the need of enterprises to adapt to environmental regulation, but also the performance of take concrete actions to fulfill its corporate social responsibility. Through investment in environmental protection, especially green investment, that can provide opportunity for enterprises to build long-term strategies and then can bring high performance and competitive advantage. So, this paper combines environmental regulation, corporate performance and with environmental protection investment, both pay attention to environmental effects of environmental regulation and the increase of enterprise performance. At the same time, this paper also discuss the conduction of environmental investment.Firstly, This paper discusses the impact theory of environmental regulation what have on corporate performance in theory, and how does it impact on enterprise performance. After the addition of the conductivity variable environmental investment, the impact mechanism and affect the outcome of what will happen to change and do a summary for those theories. on the basis of research results at home and abroad, this paper use Structural Equation to conduct research framework and model, and proposes research hypothesis. Then, this paper take heavy polluting enterprises for examples, combine research hypothesis and use Likert Seven Scale to design the questionnaire. Conduct a survey to heavy polluting enterprises and finally select 185 valid questionnaires. After that,We use SPSS 19.0 to analyze data and use structural equation regression to analyze the impact of environmental regulations on corporate performance and the conduction of investment in environmental protection. The results show that environmental regulation have no significant positive impact on improving enterprise performance, the impact need to be conducted by environmental investment. In the process of the impact on enterprises performance, environmental investment plays a role of a bridge and intermediary. The influence of environmental investment on firm performance is bigger than the influence of environmental regulation on enterprise performance. Environmental regulation will promote enterprise investment in environmental protection, increase enterprise investment in environmental protection and increase enterprise performance. Finally, this research clarify the company’s value creation under the current regulatory environment, according to the theoretical analysis and empirical research, put forward suggestions about improving the environmental regulations and policies, increasing investment in environmental protection and promote public participation in oversight. This paper hope that the research can help guide enterprises to embark on the road of sustainable development, provide theories and practices for Chinese enterprises to adapt regulation to improve performance and finally achieve harmonious relationship between environment and economy.
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