The listed firm' information disclosure violation is the expectation result of violation cost-benefit under improper Corp governance. The information disclosure violation penalty imposed by CSRC and Stock Exchange doesn't prevent the violation behavior. The author puts forward Penalty effect issue of information disclosure violation and applies SUR event study method to statistical data. The empirical study yields several findings: 1) the penalty doesn't have enough intensity; 2) market response correlates to disciplinary action with publicity and severity; 3) penalty as a whole doesn't increase the violation cost. At last the paper presents some propositions based on the empirical analysis.