Taking 265 private enterprises in Guangdong Province as samples, this paper studies the impact of environmental protection strategy on green technology innovation efficiency and the contingency effect of bargaining power and natural environment turbulence from the perspective of stakeholder theory. The main conclusions are as follows: first, there is a U-shaped relationship between the active or passive environmental protection strategy and the external benefits of green technology innovation; second, the bargaining power of enterprises can positively regulate the U-shaped relationship between the passive environmental protection strategy and the external performance of green technology innovation; third, the turbulence of the natural environment of enterprises can positively regulate the active environmental protection strategy and green technology innovation U-shaped relationship of external performance.