Environmental information disclosure is an important measure to promote the modernization of ecological and environmental governance system and governance capacity. Taking A-share listed companies with heavily pollution in Shanghai and Shenzhen from 2009 to 2020 as samples, this paper analyzes the impact of environmental information disclosure on corporate financing methods and reveals its heterogeneity. The empirical results show that the disclosure of environmental information promotes the external financing of enterprises, and debt financing is the main way of external financing. The source of debt financing is financial liabilities rather than operating liabilities. Environmental information disclosure can improve the social reputation of enterprises, optimize the investment structure, improve the trust of external financial institutions, and then attract more financial institutions to lend money. The financing effect of environmental information disclosure has obvious heterogeneity, especially the ofenterprises in high-growth, small- medium-sized and under weak environmental regulation.