自中国信达资产管理公司实施债转股试点开始,债转股便立刻成为人们议论的焦点。1999年,当另外三家资产管理公司华融、东方、长城先后挂牌开始营运后,全国的企业界更是一片沸腾,一时间把债转股推向了高潮。那么债转股究竟是“天下掉下的馅饼”,还是“一道最后的晚餐”?综观债转股以来的方方面面,笔者认为: Since China Cinda Asset Management Corporation to implement the pilot program of debt-to-equity swap, debt to equity will immediately become the focus of discussion. In 1999, when Huarong, the East and the Great Wall, the other three asset management companies, went on the market and started operation, the business community in the country was even more boiled. At one time, the debt-to-equity swap took the climax. So what is the debt-to-equity swap, “pie falling from the world,” or “a final dinner?” Looking at all aspects of debt-to-equity conversion, the author believes that: