The Reform Of Shares Separation And The Issues Of Finance And Accounting In Listed-companies

The separation of shares is one of the hardest problems embarrasses the capital marketdevelopment in china. The conflict between the non-transferable shareholders and thetransferable shareholders based on this problem is blamed as the reason of stock market'sdownturn by the theory and the practice field. In this condition the government starts a reformaimed to heal the chronic illness completely after a series of practices. The reform needs the guide in the theories indeed. The second part of this paper provides anevolution of the theory in the origin and the development of the stock market in china by thesequence of time, and all these come to a conclusion that the last reform is origin from theformer one named as "Reduction of state-owned stocks" and takes the "completely transferable"as a preparation of theory. With the accumulated of theories and practices, even the goodoccasion, provide by these two steps mentioned above, the reform of shares separation has agood start so far so good. The inflections brought by this reform are huge in every sense, and it is obviously true to thefinance and accounting of listed companies both in and after the reform. The third part and thefourth part are going to give discussions form these two aspects. The third part is focus on the improvement of financial behaviors of the listed companiesincluding the financing, investing and dividend. It also has a discussion about the considerationissue in the reform witch is attracted lot people's attention. The discussion is based on ananalysis by the formula, and also in this way, the paper gives an understanding of the choicemade by the listed companies in the all kinds of consideration forms in practice. The fourth part is focus on the accounting aspect including the record to the reform scheme.In the writing of this paper, the government issued a provisional rule related to the accountingrecord in the reform to which I am trying to give my opinion. Otherwise, based on the reform theaccounting in the listed companies will play a special role after when the reform is completed.And this will also bring a lot of new problems to the accounting practice which needs us toresolve in the future. As the time of completely transferable closing to us, we may feel very happy for this. Butwe also will see that the finance and accounting in listed companies should have a much moreresponsibility. And the good job of them should be the bright future of capital market in chinaindeed.