对国有企业进行改组、改造是减低国有企业债务负担的必要措施。本文从国有企业过度负债的现状出发 ,分析了国有企业债务危机的成因。针对目前国家提出的“债转股”方案 ,按照现代企业制度的要求 ,提出国有资产分散化、民间资本社会化的思路 ,充分发挥资本市场的有效配置作用 ,通过资本市场寻找新的重组者 The reorganization and transformation of state-owned enterprises are necessary measures to reduce the debt burden of state-owned enterprises. Based on the current over-indebtedness of state-owned enterprises, this paper analyzes the causes of debt crisis of state-owned enterprises. In view of the current “Debt-Equity Swap” plan put forward by the state, in accordance with the requirements of the modern enterprise system, we put forward the idea of ​​decentralizing state-owned assets and socializing private capital, giving full play to the effective allocation of capital markets and finding new reorganizers through capital markets