中文摘要：

本文以34个全球主要股票市场全面采纳IFRS前的股价同向涨跌率为参照系，观察全面采纳IFRS后股价同向涨跌率是否显著降低，据此判断按照IFRS要求披露的上市公司财务报告是否向投资者传递了更多关于会计主体的特质信息。本文还将上述样本分为成熟股市和新兴股市，英美法系国家股市和大陆法系国家股市进行比较研究，据此观察各个国家（地区）产权保护与信息环境对于IFRS执行效果的影响。研究发现：全面采纳IFRS后，成熟股市的股价同向涨跌率整体下降且显著，但是新兴股市的股价同向涨跌率虽整体下降但不显著。研究还发现：全面采纳IFRS后，英美法系国家股市与大陆法系国家股市相比，前者股价同向涨跌率之下降更为显著。研究结果提示：上市公司财务报告能否向股票市场传递更多关于会计主体的特质信息，不仅取决于编制财务报告所依据的高质量会计准则，而且有赖于确保高质量会计准则被严格遵循的产权保护制度以及高质量会计信息能够被充分准确解读的信息环境。

英文摘要：

Using 34 stock markets data,this article wants to test whether the Stock Price Synehronicity decreased or not after IFRS adoption, which means that IFRS will convey more specific knowledge to investors. Dividing the sample into mature and emerging stock markets, the common and code law countries, we test whether the institutional facts will effect the adoption of IFRS. The result shows that the Stock Price Synchronicity decreased after IFRS adoption in the mature markets, but the result in emerging markets are weak. Comparing with code law countries, the decreasing of Stock Price Synchronicity in the common law countries is more significant. The evidence shows that where more specific information the financing reports conveys to market depend on not only the high quality standards but also the property protection and the information environment.