债转股作为国企扭亏脱困的“杀手锏”之一,为国有大中型企业顺利实现“三年两目标”曾立下汗马功劳。然而,债转股到目前为止所取得的成效还只能说是阶段性的。笔者认为,就完整意义上的债转股而言,应完成如下三个“脱离”:第一,企业债务从银行脱离而转为资产管理公司对企业的股权;第二,企业的非生产经营性资产脱离生产系统,后勤及辅助人员进入社会由地方政府接管;第三,金 Debt-to-equity swaps, as one of the “killers” of state-owned enterprises turningaround from difficulties, made a great contribution to the successful realization of the “three-year two-goal” goal by state-owned large and medium-sized enterprises. However, the effectiveness of the debt-to-equity swap so far can only be described as phased. The author believes that in terms of debt-for-equity conversion in terms of completeness, the following three “departures” should be completed: First, the corporate debt is transferred from the bank to the equity of the asset management company; secondly, the non-production and operation of the enterprise Sex assets are separated from the production system, logistics and support staff into the community to take over by the local government; third, gold