债转股将在引导中国实体经济杠杆率合理下行中扮演重要角色。本文拟结合不良资产处置和债转股的历史回顾,对当下中国债转股的可能取向给出政策建议。中国在亚洲金融危机后经历了三次和债转股相关的不良资产处置。从国际比较和中国历程来看,债转股和不良资产处置有如下值得关注之处:一是金融机构资产质量和盈利能力的顺周期性,决定了无论采取债转股还是其他处置方式,都需要耐心等待经济周期的复苏;二是债转股不应成为重整强制裁定机制的序曲;三是在债转股中,市场化取向永远是积极因素,而非可有可无。 Debt-to-equity swaps will play an important role in guiding the real economic leverage of China downwards. Based on the historical review of non-performing assets disposal and debt-for-equity swap, this paper proposes policy suggestions on the possible orientation of the current conversion of China’s debt into equity. China experienced three non-performing assets related to debt-to-equity swap after the Asian financial crisis. From the perspective of international comparison and the course of China, debt-for-equity and non-performing assets disposal are worth noting: First, the pro-cyclical nature of the financial assets and profitability of financial institutions determines that both debt-for-equity swap and other disposal methods Need to wait patiently for the recovery of the economic cycle. Second, the debt-equity swap should not become the overture of the mechanism of restructuring the mandatory adjudication. The third is that in the debt-to-equity swap, the market orientation will always be a positive factor rather than an indispensable one.