This article uses the data of listed manufacturing companies in 2014- 2019 as a sample. First, it will go deeper from the three dimensions of segment division certainty, accounting information integrity and economic feature differences to examine the impact of operating segment information disclosure on the cost of corporate equity capital. Then explore the moderating role that analysts are concerned about, and finally test heterogeneity based on whether the overcapacity is the standard group. The study found that: (1) The three dimensions of operating segment information disclosure can not only directly affect the cost of equity capital; but also under the concern of analysts, the certainty of segment division and the integrity of accounting information can reduce the cost of equity capital, while the difference of economic characteristics can increase the cost of equity capital. (2) Heterogeneity test shows that enterprises with overcapacity can improve the certainty of division and the integrity of accounting information can effectively reduce the cost of equity capital. Non overcapacity companies will take the opposite effect if they take this action. Analysts can suppress the positive impact of non overcapacity companies on improving the divisional certainty and the integrity of accounting information on the cost of equity capital, while also exacerbating the exclusive costs of overcapacity companies.