近几年,为化解银行和企业的风险,债转股的思路被提出并付诸实践。但债转股思路的提出,有一个假设前提:债权人预期债转股后股权收益高于债权收益,或至少股权损失低于债权损失。否则债权人不会有动力将债权转为股权。也惟有如此,银企风险才会真正得到化解,债转股才会有实际意义。但从目前已实施债转股的企业来看,这一点很令人怀疑。实务中这种股权收益能否高于 In recent years, in order to resolve the risks of banks and enterprises, the idea of ​​debt-for-equity conversion has been put forward and put into practice. However, the idea of ​​debt-to-equity conversion is based on the assumption that creditors expect the return on equity to be higher than the return of debt after the debt-to-equity swap or at least the equity loss is less than the loss of debt. Otherwise creditors will not be motivated to convert their claims into equity. Only in this way, the risk of bank-enterprise will be really resolved, debt-for-equity will have practical significance. But from the current implementation of debt-equity companies, this is very doubtful. In practice, whether this equity return can be higher than