债转股弊端分析

On the Disadvantages of the Policy Shifting-Debt-to-Share

债转股是我国为化解金融风险,搞活国有大中型企业的重要战略举措。作者据掌握的材料,在我国债转股实践中,存在“败德风险”、资产管理公司面临风险、忽视资金成本等问题。为此,要使作为体制改革和经济发展中的“债转股”举措获得成功,在具体实施中不仅要认识其有利的一面,更要对可能出现的弊端予以足够的重视,并采取相应的防范,才能确保“债转股”的顺利运作和达到预期政策效果。

To shift-debt-to-share is an important strategic means by which China can resolve the financial risks and energise the middle-and-large-scaled state-owned enterprises. There do exist some problems, such as the risks of lacking in commercial moralities, being ignorant of capital costs and impacting on assets management companies in the practice of carrying out the policy. To ensure the success of the policy, for the purpose of the reformation of former systems and the development of economy, enough attention should be focused on the possible disadvantages of the policy and some countermeasures should be taken accordingly. Thus, the successful operation and expected result can be realized.