本文在合法性理论的基础上,借助对中美有关环境信息披露法律法规的分析比较,探讨境外有关环境信息披露的规制对于境内企业环境信息披露水平的影响。本文以沪市A股重污染行业企业为研究样本,分析检验了境外上市和外资股东对于企业环境信息披露的作用。研究发现:企业在境外上市能显著提升其环境信息披露水平;而企业的主要股东中是否有外资股东,并不影响企业的环境信息披露水平。本研究及其发现对认识资本全球性流通对于企业环境信息披露的影响、以及证券市场开放性的利弊提供了新的视角和证据。 Based on the theory of legitimacy, this paper analyzes and compares the laws and regulations on environmental information disclosure between China and the United States to explore the impact of the regulations on disclosure of environmental information outside China on the level of environmental information disclosure in domestic enterprises. In this paper, a sample of heavily polluting industries in Shanghai Stock Market is taken as a sample to analyze and test the effect of overseas listing and foreign shareholders’ disclosure on corporate environmental information. The study found that: companies listed abroad can significantly improve their disclosure of environmental information; and whether the majority of shareholders have foreign shareholders, does not affect the level of corporate environmental information disclosure. This research and its findings provide new perspectives and evidences for understanding the impact of global circulation of capital on the disclosure of corporate environmental information and the advantages and disadvantages of the openness of the securities market.