90年代初,三角债成为制约中国企业发展的一大瓶颈,大量企业因为银根收紧导致流动性变差使得经营出现了严重问题。1992年,三角债问题才得以基本解决。然而到了2009年,三角债问题死灰复燃并影响至今。本文分析了新一轮企业三角债的成因,通过了解借鉴国外解决三角债的经验,为今天的新三角债问题开出治病良方。 In the early 1990s, the triangular debts became a big bottleneck restricting the development of Chinese enterprises. A large number of enterprises faced serious problems in their operations due to the deteriorating liquidity resulting from monetary tightening. In 1992, the problem of the triangular bonds was basically solved. However, by 2009, the issue of triangular bonds resurfaced and has affected so far. This article analyzes the causes of a new round of corporate geo-debt. By learning from foreign experience in solving geo-debt, this article provides a good remedy for today’s new triangular debt issue.