对债转股相关问题的思考

On the Problems of Changing Credit into Stock

债转股运行中主要应解决三个问题：一是债转股企业的现金流量问题。国企经营困难的根本原因不是高负债率，而是现金流量无法维持企业的正常运转，因此，企业必须强化对现金流量的监管；二是金融资产管理公司的资金问题。金融资产管理公司必须拓宽筹资渠道，加大资金回收力度；三是债转股的风险问题。债转股运行中应着力解决企业的信用风险、企业的经营风险、银行的金融风险、金融资产管理公司的投资风险。

Three problems should be solved in changing credit into stock: (1) The cash flow of the enterprises changing credit into stock. The main reason which causes difficulty in running the state owned enterprises is not that the enterprises have a high ratio of liability to assets but that cash flow can not maintain the normal operation of the enterprises, and therefore, the enterprises must enforce to supervise it; (2) The fund of the financial assets management company. The company must broaden the channels to raise funds and strengthen force to retrieve the funds; (3) Risks in changing credit into stock. In the operation of changing credit into stock, efforts must be made to cope with the risk of the credit of the enterprises, the risk in operation of the enterprises, the financial risk of the banks and the investment risk of the financial assets management companies.