This　paper　takes　the　China＇s　A-share　listed　companies　in　the　heavy　pollution　industry　from　2010　to　2021　as　the　research　sample　and　constructs　a　corresponding　model　to　explore　the　existence,　heterogeneity,　and　economic　consequences　of　peer　effect　of　green　innovation.　The　results　show　that　the　enterprises＇　green　innovation　not　only　has　strategic　behaviors　of　direct　imitation,　but　also　receives　the　environmental　information　disclosed　by　peer　enterprises　to　correct　their　own　decision-making;　that　is,　there　are　two　types　of　peer　effects:　imitation　and　reference.　At　the　same　time,　the　enterprises　tend　to　imitate　and　learn　from　large-scale　and　high-quality　enterprises　with　high　governance　level　while　making　decisions　on　green　innovation.　External　situational　characteristics　can　moderate　the　peer　effects　of　green　innovation.　The　strengthening　of　intellectual　property　protection　and　the　improvement　of　market　competition　will　promote　mutual　learning　and　reference　among　enterprises,　and　the　improvement　of　the　institutional　environment　will　inhibit　the　interaction　of　enterprises.　Further　analysis　shows　that　the　peer　effect　of　imitation　amplifies　the　promoting　effect　of　green　innovation　on　business　performance,　while　the　peer　effect　of　reference　does　not　show　obvious　spillover　characteristics.　The　above　analysis　is　helpful　to　reveal　the　more　real　decision-making　motivation　and　potential　driving　mechanism　for　enterprises　to　take　green　innovation　actions　and　provides　new　ideas　and　experience　for　green　innovation　to　serve　the　development　of　entity　enterprises.