在强调化解金融风险，实现国企三年脱困的今天，人们对“债转股”寄予厚望。理性认识“债转股”，透过表层，从本质上更现实、更深刻地去认识和把握“债转股”，对于这一政策取得预期效果至关重要。　　（一）对国有企业而言，债转股并非只是既销债、又免息的套餐，而是整合股 Today, with emphasis on resolving financial risks and striding out state-owned enterprises for three years, people have great hopes for “debt-to-equity swap.” Rational understanding of “debt-to-equity” through the surface, in essence, a more realistic and deeper understanding and grasp of “debt to equity” is essential for this policy to achieve the desired results. (A) For state-owned enterprises, debt-equity-to-equity conversion is not just a set package that serves both debt-relief and interest-free but an integrated unit