Taking the public fund of China’s Shenzhen A share listed company in 2004—2018 as a sample, this paper explores the impact of the fund investor network on the voluntary information disclosure of enterprises. The research shows that the higher the network center of fund investors, the stronger the tendency of enterprises to disclose information on a voluntary basis, and this relationship is more significant in sample enterprises with non state owned enterprises and a higher proportion of fund positions. Further research found that the fund network mainly played the role of supervision and reduced the cost of information disclosure in this process. And the fund investor network will not only affect its heavy holding company, but also have spillover effects on non fund holding companies in the industry, thus optimizing the industry information environment. The research conclusions provide a theoretical explanation and empirical evidence for the institutional investor governance role in China. It also provides a reference for the institutional design of government regulatory authorities.