The governance effect of the audit committee on the managements strategic disclosure behavior has not attracted more attention in Chinas capital markets. Using the MD&A of the annual reports of A share listed companies in Shanghai Stock Exchange from 2014 to 2019, the relationship between audit committee financial expertise and managements strategic behavior from the two perspectives of the text tone and readability is investigated. According to empirical test results, the conclusion can be presented that audit committee financial expertise can play the governance role in managements strategic behavior. From the perspective of the tone of MD&A, the governance effect of the financial expertise of the audit committee is better in “good news” enterprises than “bad news” enterprises. While from the perspective of the readability of MD&A, there is no significant difference of the governance effect in “good news” enterprises and “bad news” enterprises. Furthermore, regional marketization process has a positive moderating effect on the relationship between the audit committee financial expertise and managements strategic behavior. This study not only expands the related research of managements strategic information disclosure from the dimension of formal quality, but also provides new evidence for the effectiveness of audit committees performance, which can contribute to the improvement of the audit committee system.