Issuing green financing policies and enlarging green investing market attract lots of green investors accompanying with “greenwashing”. This paper, aiming at how firm's environmental harness attracts green investors, analyzes if the green investors are really “green” from perspective of investors' decision-making, uses stock-listed firms data from 2008 to 2020 to establish a Logit regression model to test the impacts of firms' environmental harness input on green investors, and selects non-expected earnings and over-expected returns as mediating variables to establish a mediating effect model, which is employed to study mechanism of firms' environmental harness on green investors by means of binary classification mediating effect. Firms that actually conduct environmental harness probably attract green investors. Category variable mediating effect model indicates that firms' environmental harness casts an attracting effect through short-term trading gains rather than long-term harness mechanism. It reveals that green investors tend to be more speculative and invest primarily for the short-term gains. Pollution industry and private firms can attract green investors through outstanding short-term gains from environmental harness, suggesting green investors are more sensitive to pollution industry and private firms while chasing short-term gains. Participation of green investors will increase firms' market share, especially for firms with larger market share, suggesting investors' decision preference intensifies firms' monopolizing power with higher market share, thus hindering green development. Green investors shall aim at both economic and social benefits to have a long-term investing will. Local governments shall avoid “selecting best” strategy when issuing allowance policies, support small and medium-sized firms in environmental harness to reach a win-win during green production. This paper offers new empirical evidences in disclosing green investors' “greenwashing” behavior, and helps to improve China's green financing system and guide the investment concept of capital market

This paper, based on a case study of Songtao manganese integrated exploration area in Guizhou, uses entire life cycle to discuss its environmental issues during manganese mining and processing, evaluates servicing values of ecological system, regional carbon fixation capacity, and carbon emission from mining, shipping and fine processing, and studies its environmental impacts evolutional path of study area from 2003 to 2015. Mine environment has been severely impacted in the three stages, of which loss in ecological system service is in mining stage, carbon emission impacts in shipping and processing. The regional ecological environment is increasingly impacted as mining and developing manganese activities grow. This paper presents suggestions on consolidating mining rights, raising concentration of electrolytic manganese companies, improving mining technology and boosting environmental controls in order to reduce environmental impacts.