债转股：对企业经营者产权约束的思考

在发达的市场经济条件下，股权代表控制权，股权约束比债务的约束更为直接，对陷入财务困境的企业实施债转股比迫其破产对银行更为有利；处于转轨改制阶段的中国，股权约束是较债务约束更软的约束形式，对陷入债务危机的国有企业，实施债转股能否化解银行的不良资产，有较大的不确定性。因此，在债转股的进程，生成有剩余索取权的监控主体，促使国有管理方式的变革以有确立规范的股份制等，是债转股新的功能定位。

Debt-to-Equity Swap A consideration Based on the Property-Right Restriction of Manager

In the developed market-economy, stock right which is more direct than liability restriction implies control right to cap out debt-to-equity swap in the debt-ordered enterprises is more beneficial for banks than to claim them bankrupted. In the system-transferring China, stock restriction is for than that of liabilities. It is doubtful, therefore,that the practice of debt-to-equity swap in the debt-ridden state-owned enterprises could decrease the bad loan.This paper concludes that in the swap process, it is necessary to set up monitor body which has the residual claims, and improve the reform of the methods of capital management,establish the standard stock system.