|This study investigates analytically information disclosure strategies of manager who has two types of information from three viewpoints. (1) Manager has multi-information about asset value. (2) Some traders acquire information by using time and money and utilize for investment decision. (3) Manager chooses investment and leads to maximize firm value. This paper explains the situation of recent years when manager voluntary discloses positively. On the other hands, manager may choose non- disclosure. It may happen that the quality of information manager can choose disclosure is low and the correlation this information and non-disclosure information is high. Considering features of voluntary disclosure information, when manager voluntary discloses, disclosure information is independence from non-disclosure information and high quality about asset value.