資訊透明度的研究在探討資本市場對資訊揭露的反應，過去的研究發現盈餘資訊與報酬攸關性下降，主要原因之一係因會計資訊揭露的時效性，本研究採用Lundholm and Myers（2002）之方法，調查資訊透明度對當期報酬與未來盈餘的影響。研究結果發現資訊透明度較佳的企業揭露較多未來盈餘的資訊，而且該資訊反應在當期的報酬中，因此資訊透明度具有資訊內涵。此外，本研究亦發現在相同評鑑成績群組，自願性揭露較佳企業之未來盈餘資訊性並未優於自願性揭露較差企業，表示投資人對自願性揭露資訊信心不足，提供給政府當局或市場管理者作參考。

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.