论债转股与国有企业脱困

On the Change of Debts into Shares and the Enterprises' Deprivation of Distress

实行“债转股”，这是我国国有企业改革道路上迈出的关键性的一步，无疑将给一部分国有企业特别是大中型企业脱困带来极大的推动作用。但是面对历史形成的制度性痼疾，我们不能单纯依赖“债转股”的形式，而更应注重国有企业产权制度的改革与创新。因为制度的改革与创新才是治本之策，何况就债转股实践而言，我们面前尚有许多工作要做。国有企业脱困任重而道远。

“The change of debts into shares” is key to China's enterprise reform. It will undoubtedly give great impetus to some enterprises' deprivation of distress. But owing to the historical system defects, the form of changing debts into shares can not be solely relied on. More emphasis should be laid on the reform and the innovation of the enterprises' property rights. The state-owned enterprises still have a long way to go in the practice of changing debts into shares.