Reasonable environmental regulation is beneficial to promote green innovation and sustainable development, but the current lack of research of environmental regulation and collaborative innovation intention. Based on this, this paper constructs an evolutionary game model of green collaborative innovation between enterprises and financial institutions from the perspective of enterprise information disclosure and financing constraints, and explores the specific effects of different types of environmental regulation through case analysis and numerical simulation. Case studies show that the cooperation between enterprises and financial institutions is conducive to the realization of green innovation, but there is still no effective restraint mechanism. The numerical simulation results show that the combination of market-incentive and command-controlled environmental regulation can better stimulate the willingness of collaborative innovation, but the former has more significant incentive effect. Further, for enterprises, the government’s cost subsidy or revenue incentive coefficient positively affects the cooperative innovation willingness of both parties. Similarly, the improvement of the cost subsidy or income incentive or even punishment coefficient by the government to financial institutions also has the same effect; increasing the cost subsidy coefficient is more significant, and enterprises are more sensitive to this. This paper provides reference for Chinese government to make reasonable environmental policy.