Voluntary　disclosure　on　corporate　Website　is　a　growing　prevailing　phenomenon.　Using　a　sample　of　SSE　A-share　listed　companies　in　2006,　the　paper　studies　the　voluntary　disclosure　on　listed　company＇s　Website　and　its　impact　on　firm　value.　We　use　content　analysis　method　to　build　Internet　Voluntary　Disclosure　Score　(IVDS)　system,　in　order　to　evaluate　the　level　of　disclosure,　while　use　Tobin＇s　Q　to　evaluate　the　firm　value.　Then,　we　use　multiple　regression　analysis　to　test　the　relationship　between　them.　The　result　reveals　that,　corporate　website　voluntary　disclosure　and　firm　value　is　significantly　positively　correlated　when　we　control　some　elements　such　as　company　size,　capital　structure,　ownership　concentration　and　corporate　risk.