债转股:有效有险的政策选择

Debt-to Equity swap is a choice of policy with Efficiency and Risk

国有企业债务困境不能完全归因于企业,政府也有不可推卸的责任,因此政府必须介入企业债务问题。纯市场手段和纯行政手段都不可取,债转股是理性的选择。但债转股又存着道德风险、反效率风险、社会成本增大风险、企业约束软化风险等,因此在操作时要慎重,要严格目标企业的选择,创设有效的运行机制,寻找最佳的出路,通过制度创新以实现预期的政策目标。

The difficult position in stateowned enterprises' debt cann't be completely due to enterprises, the government should hold responsibility that cann't be shrinked onto others. So the government should get involved in enterprises' debt problems. Debt - to - Equity swap is a reasonable choice, for niether pure market means nor- pure administration 'means is desirable. However, there is ethics risk, anti-efficidncy risk, the risk of enlarging social cost and softening enterpises' restrain, so it needs operating prudently, strictly choosing goal enterprise, estabishing effective operational mechanism, looking for optimal way out and implementing desired polily goal by new creative systems.