Using the corporations with A-level information disclosure appraisement from Taiwanese Securities & Futures Institute as sample, this paper extends Ohlson’s model to evaluate the relationship between the transparency of voluntary information disclosure and firm’s market value; and further, it examines the relationship between the interaction of corporate governance with the voluntary information disclosure transparency and firm’s market value. The research results show there are remarkable positive relation between the transparency of voluntary information disclosure and firm’s market value; and it has significant positive relation between the interaction of ratio of independent directors, out-shareholders holding rate with voluntary information disclosure transparency and firm’s market value, but it has not significant relation between the interaction of directors holding rate, government agencies holding rate with voluntary information disclosure transparency and firm’s market value.