“债转股”实施中的难点与思考

The Problems and Ponderation over the Implementation of "Transforming Debts into Shares

“债转股”是一举三雕的最佳之举吗 ?不少人对此曾寄于厚望 ,笔者却不敢苟同。“债转股”只是国企脱困的治标之策 ,在实施过程中仍有不少难点 ,比如债转股企业条件的把握、道德风险的防范、资本市场欠发达问题等 ,为此 ,本文特提出若干建议 ,以保证实施“债转股” ,达到预期目标。

Is 'transforming debts into shares' the best action of killing three birds with one stone? Although quite a few people placed great hopes on it, yet the authors beg to differ. Since implementing debts into shares is only a strategy of taking stopgap measures for extricating SOE from a prodicament, there exist still many problems in the course of implementing it, for instance, the problems of determination of qualifications of the enterprises needing for transforming debts into shares, guarding against moral risks, the underdevelopment of capital markets in this connection so as to ensure implementing the transformation of debts into shares and achieve the desired results.\;