Is the green innovation under the pressure of new environmental protection law of PRC substantive green innovation

China's economy is developing rapidly, and the environmental pressure brought by it has attracted much attention. New amendment comes amid growing emphasis on "green hills and clear waters ". From the new perspective of whether the new Environmental Protection Law plays a practical role in the capital market, this paper divides green innovation behavior to study the impact of the new Environmental Protection Law (EPL) pressure on green innovation of heavily polluting enterprises. And it takes the change of environmental information through enterprise green innovation as a point of penetration to study that under the pressure of EPL, the green innovation of heavy pollution enterprises become substantive green innovation or instrumental green innovation. Based on the green innovation data from 2012 to 2016, this paper uses multiple regression model and generalized least square method to analyze the data, and finds that the green innovation of heavy polluting enterprises increased significantly under the pressure of the new EPL; after the green innovation, the environmental information disclosure of these enterprises did not significantly increase, indicating that the green innovation under the pressure of the EPL is not substantive green innovation, it is an instrumental green innovation in response to the law.