Taking A-share heavy polluting listed companies from 2006 to 2015 as samples, this paper investigates the motivation of enterprises supported by industrial policy of environmental protection to participate in environmental governance. We find that the environmental investment behavior of enterprises supported by industrial policy of environmental protection is both based on the motivation of value creation and the motivation of executive self-interest, which is mainly embodied in non-SOEs or high financing constraint enterprises. Further research shows that environmental investment of enterprises supported by industrial policy of environmental protection is beneficial to the enterprise value creation, but has the time lag. Specifically, environmental investment based on the motivation of value creation can enhance the value of enterprises, while the environmental investment under the self-interest motivation of executives is not conducive to improve enterprise value. This paper expands and enriches the research perspective of industrial policy of environmental protection and the related research of enterprise environmental investment. What's more, it also provides empirical evidence for the government to optimize environmental policy from the perspective of executive motivation to achieve high quality sustainable development.