摘要
股权分置问题是制约我国资本市场发展的一大难题,由此引申出的非流通股股东与流通股股东利益诉求间的矛盾,也已成为理论与实务界追究股票市场持续低迷的众矢之的。正是在此大环境下,我国政府在经历了一系列的尝试之后,最终发起了一场针对股权分置问题的改革,下决心彻底根治这一痼疾。
作为一场“改革”,其必然需要理论上的指导。在本文的第二章中首先就对我国股票市场产生、发展和针对其的改革尝试以及各阶段指导思想的沿革,以时间为序进行了讨论,并最终得出结论:我国股权分置改革的理论与实践实质上是孕育于国有股“减持”阶段,并且经历了“全流通”的“思想准备”阶段。正是这两个阶段为现在的股权分置改革实践积累了丰富的理论与实践经验,并且更重要的是为现在的改革创造了良好时机。
股权分置改革所带来的影响是巨大的,对于构成股票市场的细胞——上市公司而言,这种影响充分的体现在了财务与会计之上,这种影响既有改革过程中的,也有改革之后(称为后股权分置时代)的。本文三、四章则主要从财务与会计两个方面进行阐述。
第三章有关上市公司财务方面,主要涉及上市公司理财行为(包括筹资、投资与分配方面)的改善,以及对股权分置改革中人们所关注的一个焦点——“对价”确定问题进行了论述。其中笔者借助公式化的分析方法,并引用了期权定价模型对上市公司股权分置改革中“对价”形式的实际选择给出了自己的理解。
第四章有关上市公司会计方面,主要涉及上市公司改革过程中对不同方案的会计处理。本文写作中,财政部颁布了《上市公司股权分置改革中相关会计处理暂行规定》,结合本文件,笔者提出了自己的一些看法。另外,考虑到上市公司股权分置改革具体行为在后股权分置时代,上市公司会计核算无疑将肩负更多的“任务”,针对于此笔者也提出了自己的担忧。
后股权分置时代股票市场逐步实现真正意义上的“全流通”,规范了的市场必然会带给人们无限的憧憬,然而与之相应,对上市公司财务与会计工作的关注程度也将随之提升,而它们应有职能的正常发挥才是决定未来我国资本市场命运的关键。
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 china
indeed.
引文
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