Abstract: From the perspective of investors value maximization,clean reform model was established based on corporate characteristics divided and investment preference equilibrium and parameters simulation to explore the impact of green investor on capital cost of corporate capital cost as well as whether reform cost raised these impacts. Research results showed as follows:(1)the effect of green investors on capital cost for pollution and reform corporate were significant while it was yet not for clean corporate. Reform cost strengthened the influence of green investors on corporate capital cost and corporate cleaning reform;(2)Before pollution enterprise entered into cleaning reform,it was negative relationship between green investors and comprehensive capital cost. Even though comprehensive capital cost was the lowest in the neutral investors market,green investor was induced by ethical concept to boycott pollution corporate,so its share price deduced and capital cost increased;(3)Once comprehensive cost was maximum,pollution corporate entered into cleaning reform. After that it was positive relationship between green investors and comprehensive capital cost. With the increase of green investors,reform accelerated,the comprehensive capital cost gradually reduced,the proportion of reform enterprise increased. As all the investors were green,pollution corporate finished cleaning reform,the proportion of reform enterprise was maximum,comprehensive capital.cost was minimum.