This study attempts to explore the relationship between the score of information disclosure and evaluation system and market microstructure. The empirical results show that the score of the information disclosure and evaluation system has negative influence on market volatility and the degree of order imbalance. Moreover, the raise of deviation between voting rights and cash-flow rights could diminish the score of the information disclosure negative influence market volatility and the degree of order imbalance. Consequently, advancing information transparency and enforcing corporate governance may reduce firm's information asymmetry and, meanwhile, mitigate its market volatility and the degree of order imbalance.
