<p>Actively assuming environmental responsibility plays a crucial role in driving comprehensive sustainable development. In line with the requirements of the green transition, the purpose of this paper is to explore the impact of corporate environmental responsibility on green innovation efficiency employing a more comprehensive evaluation system. Moreover, the study provides guidance for enterprises to improve their green innovation capabilities. The research uses data of all Chinese A-share listed companies from 2007 to 2021. The results show that: (1) corporate environmental responsibility positively impacts green innovation efficiency in Chinese-listed companies; (2) environmental investment plays an intermediary role in the pathway through which corporate environmental responsibility affects green innovation efficiency; (3) financing constraints significantly weaken the positive correlation between corporate environmental responsibility and green innovation efficiency, particularly in non-state-owned enterprises, high-tech enterprises, and those with low institutional shareholding ratios. Overall, these outcomes are beneficial in motivating enterprises to actively assume environmental responsibility while guiding the government to provide more financing facilities for enterprises’ green governance and innovation initiatives, thereby promoting the enhancement of innovation capabilities.</p>