“债转股”是在金融资产管理公司依法处置银行原有不良资产时,把部分企业对银行的债务转变成以金融资产管理公司作为投资主体的股权。也就是把原来银行与企业间的债权债务关系,转变为金融资产管理公司与企业间的持股与被持股或控股与被控股的关系,原来的还本付息转变为按股分红。“债转股”以后,金融资产管理公司成为企业的“阶段性”股东,依法行使股东权利,参与公司重大事项的决策,但不参与企业的日常生产经营活动。在企业经济状况转好后,可以通过上市、转让或企业回购的形式收回这笔资产。这一形式表明,“债转股”不是把企业对银行的负债直接转为银行的股权,而是通过金融资产管理公司这一中间机构,将银行对企业的债权转变为金融资产管理公司对企业的股权。 “Debt to Equity Transfer ” is the conversion of the debts of some enterprises to banks into the equity investors with financial asset management companies as their investment entities when the financial asset management companies dispose of their original non-performing assets according to law. That is, the original debt-service relationship between the bank and the enterprise is transformed into the relationship between the holding of the financial asset management company and the enterprise, the holding or the holding and the controlled holding, and the original debt service is converted into dividends per share. After the debt-equity swap, the financial asset management company becomes the “stage shareholder” of the enterprise, exercises the shareholder’s rights in accordance with the law and participates in the decision-making of major issues of the company, but does not participate in the daily production and business activities of the enterprise. After the economic situation of a company turns for the better, it can be recovered through listing, transfer or corporate repo. This form shows that “debt-equity-to-equity” does not transfer the enterprise’s liabilities to banks directly to the equity of the banks, but instead converts the bank-to-business claims into financial asset management companies through the intermediary of financial asset management companies Equity to the business.