Abstract: This paper examines the correlation of environmental information disclosure on financial performance using unbalanced panel data of heavy pollution industries in China. Environmental information disclosure of listed firms exhibits a significant causality correlation with financial performance at the 5% confidence level. Environmental information disclosure degree of listed firms exhibits a significantly negative correlation with firms’ market value at the 1% confidence level, however environmental information disclosure exhibits a significantly positive correlation with market value of intangible assets at the 1% confidence level. The effects of environmental information disclosure of listed firms on financial performance have different period deviation.