试述债转股动作中的问题与政策建议

文章指出债转股运作中存在着道德风险，企业对股权回购压力大把握小，分离企业办社会职能和安置富余人员困难大，债转股不能解决企业和银行的所有问题，针对所存在的问题提出了明确主体目标，完善资产管理公司的职能建立有效的激励约束机制，积极拓宽股权退出通道及大力发展中介机构并加强信息披露等政策建议。

Problems in the Operation of Liability-equity Swap and Policy Suggestions

In this article,the author points out that there're problems in the operation of liability-equity swap, such as moral hazards,difficulties for enterprises to repurchase the equity,difficulties to seperate social functions from enterprises and rearrange the unnecessary workers.To swap liability with equity can not solve all the problems faced by enterprises and banks.So the author gives some policy suggestions, that is,to make clear the main objects, to perfect functions of assets management company, to build up efficient incentive-restraint mechanism, to enlarge passage for equity exit, to develop social intermediaries and to strengthen requirements of information disclosure.