Under the background of high-quality economic development, environmental information disclosure has aroused widespread attention of the whole society. The study, based on the panel data of Shanghai and Shenzhen A-share listed companies from 2007 to 2019, takes investor attention as the mediating variable to reveal the mechanism of environmental information disclosure on business performance of enterprises. The conclusions of the study indicate that: environmental information disclosure has a significant positive incentive effect on business performance, and investor attention plays a part of the intermediary effect. Further research shows that there is a significant single threshold effect when the shareholding ratio of institutional investors is taken as the threshold variable. When the shareholding ratio of institutional investors is higher than a certain threshold value, environmental information disclosure can significantly improve the business performance of enterprises; otherwise, the incentive effect is not significant. At the same time, the heterogeneity analysis found that the heavily polluting industries and the environmental information disclosure after 2015 had more significant effect on the incentive effect of business performance. The conclusions of this paper help enterprises to understand the economic benefits of environmental information disclosure more rationally, and provide ideas for the government, enterprises and investors to jointly build a high-quality environmental information disclosure system.