转股悖论的分析

从表面来看,我国债转股实施过程中出现非债非股等问题是因为转股操作程序本身的倒置,但从深层次来看,由于国家所实施的债转股是一种政策性的资产处置方式,转股程序的倒置在某种意义上成为这一制度安排的一部分,其结果必然是处置规模扩大,而处置价格降低,表现为非债非股等一系列问题.这在一定程度上符合地方政府和企业的利益,但随着转轨的深入,其潜在风险也在不断增大.

Analyses of the dilemma about conversion of debt into stock

The problems of non-debt or non-stock and others have been engendered during the practice of debt into stock.The superficial reason for them is the perversion of the procedure and the faultiness of the policy;but when taking into deep consideration,the conversion of debt into stock is a political disposition.Therefore,it is inevitable that the conversion has become a part of the system,and the result is that the scale is enlarged while the price of disposition is reduced,thus engendering a series of problems.Although it meets the needs of local governments and enterprises,its latent risk increases continually with the deepening of the transition.