【摘要】 由于历史的、政策的或法律的原因， 我国国有商业银行多数不良资产来源于国有企业的贷款。这种银企关系的特殊性决定了资产管理公司（ＡＭＣ） 的所有制形式最有可能是国有的。ＡＭＣ的政府职能和行为模式决定其不应具有存续性。企业、资产管理公司和银行都是国有的， 债转股并没有出现真正市场经济意义上的所有权转移。债转股作为一种延缓矛盾和风险爆发时间应急性措施的债务重组手段再次提出有其积极意义， 但它成功的关键还在于能否以此为契机， 催生出一种国企良性运行的新体制： 切实规范企业治理制度， 彻底转变企业经营管理机制。更多还原

【Abstract】 Owing to historic,policy and legal reasons,most of the bad assets of the state-owned commercial banks in China stemmed from the loans by the state-owned enterprises.This peculiarity for the relations between banks and enterprises determined the ownership form of assets managing company (AMC) would most probably be state-owned.AMC’s governmental function and behavior pattern decided it should not have the existing continuousness.Since enterprises,AMC and banks are all state-owned,the transformation of debts into shares does not turn up the transformation of ownership in the real market economy.The secondarily proposing the transformation of debts into shares,as an emergent measure to delay the time bursting out contradictions and risks for debts’ reconstructing,would be of active significance.The key to its success depends on creating a new operational system for the state-owned enterprises:practically standardizing the administrative system of enterprises and completely changing the operational system of enterprises.更多还原