This paper analyzes the impact of public participation-based environmental regulation on corporate green governance performance, based on the temporal differences in the implementation of related policies across cities following the release of the “Guiding Opinions on the Implementation of the Environmental Violation Reporting Reward System” by the Ministry of Ecology and Environment in April 2020. The results indicate: (1) the implementation of the Environmental Violation Reporting Reward System significantly improves corporate green governance performance; (2) from an internal perspective, environmental protection tweets on the government WeChat platform can enhance the role of the “Rewarded Environmental Protection Reporting System” in promoting public supervision by raising public environmental awareness; (3) from an external perspective, the strengthening of local government regulatory environmental regulation can enhance the role of the “Rewarded Environmental Protection Reporting System” in promoting public supervision. This study not only verifies the important role of public participation in environmental governance, but also reveals the key role of information dissemination and government regulation in optimizing the effectiveness of public participation, providing empirical evidence and policy recommendations for improving the public supervision mechanism and promoting corporate green governance.