Based on the panel data of Listed Companies in China's A-share heavy pollution industry from 2012 to 2019, the method of empirical analysis is used to test the effect of heterogeneous environmental regulation. The results show that heterogeneous environmental regulation can significantly promote enterprises to carry out green technology innovation. Command control environmental regulation, market incentive environmental regulation and public participation environmental regulation all verify the strong “Porter Hypothesis”. Under environmental regulation, green technology innovation can play its intermediary role and significantly promote the improvement of financial performance. In further research, the group regression of heterogeneous environmental regulation in property rights and regions shows different regression results. According to the research results, relevant suggestions for the government to reasonably adjust environmental regulation and enterprises to treat environmental regulation correctly are put forward .