with the increasingly serious environmental problems today, the carbon emission behavior of enterprises is concerned by many stakeholders, especially when the mass media participate in the supervision team, it will bring huge risk pressure to enterprises. Based on China"s a-share listed 76 companies of heavy polluting industry data from 2012-2016 as the research sample, empirically the media attention to the risk of carbon change on the influence of corporate debt financing costs, the results showed that the risk of carbon increase will raise the cost of corporate debt, and media coverage of the situation and the positive relationship between the change of the debts of the enterprise cost, namely negative reports making due to increase the burden of debt costs rise, and vice versa, A further test the interaction effect of the two, find media weakens the carbon impact on the cost of debt risk, and negative reports contributed to this effect.