一、债转股出台的背景分析改革开放二十年来,中国在搞活国有企业方面实施了许多得力的政策,各项政策在各自的历史阶段都取得了一定效果,但也总有不尽人意之处,某些政策在实施时甚至被人曲解,比如“承包经营责任制”损了企业、肥了承包人的私囊,造成收人分配不公平;“清理三角债”注入的资金变成了项目建设款;“抓大放小”导致企业的巨龙化,已潜伏着像97年金融危机爆发时韩国那样的金融危机风险;“建立现代企业制度”只是把厂长变成了董事长和总经理。这样,早在80年代初就被作为国有企业改 I. Background Analysis of Debt to Equity Swap Since the reform and opening up two decades ago, China has implemented many effective policies in invigorating the state-owned enterprises. All policies have achieved some success in their respective historical stages, but there are also always unsatisfactory At the time of implementation, some policies were even misinterpreted. For example, the responsibility system of contracting management has damaged enterprises and fathered contractors’ private assets, resulting in unfair distribution of income. The capital injected into “clearing the triangular bonds” Has become a project construction funds; “grasping the big one” led to the dragon business, has lurked as the financial crisis in South Korea in the financial crisis in 1997, the risk of financial crisis; “to establish a modern enterprise system,” just to the director Become chairman and general manager. In this way, it was reorganized as a state-owned enterprise as early as the early 1980s