随着信达、华融、长城和东方四家金融资产管理公司的相继成立和运作，银行不良资产的处理手段之一──债转股也受到关注。本文拟就债转股的积极作用、应注意的问题及其在银企改革中的定位加以探讨。 一、债转股的实质 债转股是由金融资产管理公司作为投资主体，将商业银行有的 With the establishment and operation of four financial asset management companies, namely Cinda, Huarong, the Great Wall and the East, one of the ways to deal with the non-performing assets of banks ─ debt-to-equity swap has also drawn attention. This article intends to discuss the positive role of debt-to-equity swap, the issues to be paid attention to and its positioning in the bank-enterprise reform. First, the real debt to equity swap Equity is a financial asset management company as an investment entity, some commercial banks