Abstract: Taking the A-share listed companies in China that have had production safety accidents from 2001 to 2019 as the research object, and empirically test the impact mechanism of production safety accidents on firm value.The results show that the occurrence of production safety accidents will bring significant negative market reaction to firms; meanwhile,the use of the propensity score matching method empirically finds that safety production accidents will indirectly affect the value of enterprises through the two paths of government supervision and bank loan.Therefore, grasping the two means of government supervision and bank loan, and extending high-quality development to production safety, will not only help to promote the high-quality improvement of firm value, but also drive firms to fulfill their social responsibility and promote the sustainable and sound development of economy.