The purpose of this study is to clarify the consequence of financial disclosure by private universities. The previous researches （e. g. Saxton et al. 2014） mention the possibility of providing signals to stakeholders by voluntary financial disclosure on not-for-profit organizations, while they have not been clarified signaling effect of voluntary financial disclosure. I test the model of the consequence of financial disclosure to verify the signaling hypothesis by using financial database of Japanese private universities from 2007 to 2010. As the result, if private universities have good information, it finds the positive relationship between the changes of examination fee or income from tuition and new financial disclosure by private universities. This result means private universities having good information disclose financial information for users as a signal.