The implementation of the new audit reporting standards aims to improve the informativeness of audit report and the relevance of decision-making. With the data from 2015 to 2018 of non-financial listed companies in Shanghai and Shenzhen exchange stock market, it is found that with the new audit reporting standards, price synchronicity decreases significantly, while the percentage rate of firm-specific informativeness and stock price information efficiency increase significantly. Incremental information for company managers is increased by the new audit reporting standards. Further research is about the transmission mechanism between the new audit report standard and the information efficiency of capital market. The investor attention shows a significant partial mediation effect in the process of the new audit report, as well as the disclosed amount of KAM, affecting the information efficiency of capital market. Empirical results with delivered samples show that though there is little difference between companies listing crossly in A-H stock markets and companies listing only in A stock market, the trend of the two groups is similar. Through the analysis of the impact of the new audit report, the influence of the policy on the capital market could be understood deeply.