Using Ohlson's Model (1995), this study first aims to examine the direct and indirect effect of information transparency on firm value. Then, this paper incorporates the life stages as an enterprise attribute to reexamine the relationship between enterprise equity value and information transparency. The results indicate that information transparency can be considered as other information that affects enterprise equity value and as a moderator that moderates the relationship between accounting information and equity value. After incorporating an additional enterprise attribute, this study finds that enterprises in a growth stage have greater positive relationship between information transparency and equity value than that of those in the maturity or decline stage and enterprises in the decline stage have greater positive relationship between information transparency and equity value than that of those in the maturity stage.