Based on the data of 828 listed heavily polluting companies between 2010 and 2016,the paper uses the fixed effect model to analyze the economic effects of performance and absence of environmental responsibility of heavily polluting companies from three aspects: earnings quality,market value and market share. In addition,it explores the interaction effects between financial risk,executive stock ownership,property right character,scale and environmental responsibility performance. Furthermore,it makes a conservatism test by the paired grouping method. The findings indicate that: It’s obviously that fulfilling CER can improve earnings quality,market value and market share. Under lower financial risk,fulfilling CER can significantly improve earnings quality and market value. Under lower executive stock ownership,fulfilling CER can significantly improve earnings quality and market share.With state-owned nature,fulfilling CER can significantly improve earnings quality. With larger size, fulfilling CER can significantly improve market value.