编者按:在今年两会期间的总理记者会上,李克强总理在回答记者提问时指出,要通过市场化债转股的方式来逐步降低企业的杠杆率。总理的这一表态引发了业界关于债转股话题的热烈讨论。债转股在我国的实施可以追溯到20世纪末。当时推行的债转股政策旨在处置银行的不良资产,但也带来了道德风险、助长债务膨胀等一系列问题。与上 Editor’s Note: During a press conference held during the two sessions this year, Premier Li Keqiang pointed out in answering a reporter’s question that it is necessary to gradually reduce the leverage ratio of enterprises through the market-oriented conversion of debts to equity. This statement by the prime minister triggered a heated discussion in the industry about the topic of debt-to-equity swap. Debt-to-equity swaps can be traced back to the end of the 20th century in our country. At that time, the debt-for-equity swap policy was designed to deal with the bank’s non-performing assets, but it also brought a series of problems such as moral hazard and debt expansion. With on