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债转股是国家为解决国有企业走出困境和降低国有商业银行不良资产的政策选择。鉴于我国转轨阶段体制、法制环境缺乏监督机制的软约束现象 ,资产管理公司在债转股操作中遇到许多困难和法律障碍。同时 ,债转股的运行是以政府为主导还是以市场为基础 ,关系到债转股试点的成与败。笔者认为 ,坚持政策指导下的市场要求为主的原则 ,寻求法律的支持与政策的协调 ,是解决问题的关键所在
Debt-to-equity swap is a policy choice for the state to solve the problem of state-owned enterprises getting out of their predicament and reducing the non-performing assets of state-owned commercial banks. In view of the soft constraints in the transitional system and legal environment in our country, asset management companies have encountered many difficulties and legal obstacles in the operation of debt-to-equity swap. At the same time, the operation of debt-to-equity swaps is dominated by the government or is based on the market, which has a bearing on the success or failure of the pilot program of debt-for-equity swap. The author believes that the principle of adhering to the market-oriented policy under the guidance of the policy, seeking legal support and coordination of policies is the key to solving the problem