The research of information transparency discusses the reaction of capital market on disclosure. Previous studies have found that there exists a declining relation between annual stock returns and contemporaneous annual earnings. Timeliness of accounting information is one of major reasons。 Following Lundholm and Myers (2002), this paper investigates the effects of information transparancy on the relation between current returns and future earnings. The results show that firms with relatively more informative disclosures bring more future information and this information is incorporated into the current stock return. In other words, information content existed in information transparency. This paper also finds that with the same ranking results, good voluntary disclosure enterprises are not better than non-good voluntary disclosure enterprises. It implies investors lack confidence in voluntarily disclosed information. The findings of this paper can serve as reference for government authorities or market regulators.