China's state-owned enterprises have debt problem of old-age pension because of insufficient funds,which result in a risk state of financial stability of public old-age pension funds.Generational accounting,whose present value can objectively measure hidden risk of old-age pension payment ability and compensating anticipated old-age pension debt,is an effective method to evaluate long-term influence of financial policy on benefit distribution effect between two generations.Simulated analysis of old-age pension payment situation of the listed state-owned enterprises in Hong Kong recognizes the pension transfer scale between generations and has important enlightenment on financial report of old-age pension plan,selectable policy adjustment,influenced shareholder group and so on.