在市场与政策的双向推动下,本轮大规模债转股已经扬帆起航。本文比较了本轮债转股与上一轮的差别,认为上一轮的债转股主要是报表重组,而此次债转股面临的情况更为严峻,其成功的关键是企业价值重构。在此过程中还存在着很多问题,在进一步的推进过程中应该注意解决好政策预期的影响以及银行选择的标的问题。在以“三去一降一补”为主的供给侧结构性改革过程中,第二次大规模债转股重出江湖,成为国有企 In the bidirectional promotion of the market and policies, the current round of large-scale debt-to-equity swap has started its sail. This article compares the difference between the current round of debt-to-equity swap and the previous one, and considers that the last round of debt-to-equity swap is mainly the report restructuring. However, the debt-for-equity swap is even more severe. The key to its success is the reconstruction of corporate value . There are still many problems in this process. In the further advancing process, we should pay attention to solving the influence of policy expectation and the subject matter of bank choice. In the process of supply-side structural reforms dominated by “three reductions and one subsidy”, the second large-scale debt-for-equity swapped out of the arena and became a state-owned enterprise