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债权转股权是 1999年我国推出的落实国有企业脱困和化金融风险的一项政策措施。债转股并非能解决国有企业的所有问题 ,只有与转换企业经营机制相结合 ,它才能成为治疗国有企业病症的一剂“治本良药”。债转股成功的关键 ,在于能否以此为契机 ,转换企业经营机制。与国际相比 ,我国的债转股具有特殊性 ,债转股将长期存在。并且应采取具体措施防范道德风险。
The transfer of claims to equity is a policy measure put forward by our country in 1999 to ease the risks of state-owned enterprises and reduce their financial risks. Debt-to-equity swaps can not solve all the problems of state-owned enterprises. Only when combined with the transformation of the operating mechanism of state-owned enterprises, can they become a “cure” for the treatment of state-owned enterprises. The key to the success of debt-to-equity swap lies in whether we can take this as an opportunity to transform the business operation mechanism. Compared with the international, China’s debt-to-equity has its own particularity. Debt to equity will exist for a long time. And should take concrete measures to prevent moral hazard.