债转股在实践中的问题及对策

债转股是化解银行不良资产和推进国有企业改革与发展的一项重大举措,但是在具体执行过程中存在着许多问题。本文从企业的道德风险、企业和资产管理公司的治理结构、债转股后的资产报酬率、资本市场和中介机构等方面就债转股过程中存在的问题进行了分析,并提出了相应的对策及建议。

Some Practical Problems and the Countermeasures in Transforming Debts into Stocks

It is a very important measure to transform debts into stocks in order to reduce the risks of bad assets of banks and boost the reform and development of the state-owned enterprises. However, there are many problems in carrying out this measure. This article analyses the problems in transforming debts into stocks from the aspects of the moral risks of enterprises, the managerial structure of the enterprises and the assets administrating companies, the rate of return of the transformed assets, the capital market and the intermediary organizations. At the same time, it proposes some countermeasures and suggestions.