Taking 2010—2012 A share and H share listed companies with non standard audit opinions issued as the research object, this paper makes a comparison on the impact of audit opinions of Hongkong and mainland listed companies on stock prices, with the excess earnings method, the cumulative average abnormal return rate method for empirical analysis. The results find that: (1) A share listed companies with non standard audit opinions issued does not have a more significantly negative impact on stock price than A share listed companies with standard audit opinions issued. (2)non standard audit opinions of H share market will lead to the fall of stock price. (3)non standard audit opinions of H shares and A shares have different effects on stock prices.