【摘要】 从企业管理者、股东和债权人之间的利益分配关系看,目前我国还没有建立起一个以债权人为主导的企业筛选机制。建立和完善企业筛选制度,不仅是我国市场化进程中的一个重要环节,是实现资源市场化配置的必然渠道,而且是不良资产清算的制度保证;不良资产的多样化出售的目的主要是最大限度地以最高价格出售不良资产,为此需要在信用增级、公开操作原则、间接出售方式和完善的市场环境支持出售等各个环节上进行创新;“债转股”是常规不良资产清算手段难以奏效而破产清盘损失又太大时债务重组的最后一招,中国是典型的“政策型”债转股,并因此而生成了不少实施风险。中国的债转股要取得成功,一要建立健全资产管理公司的激励和约束机制,二要全力提高资产管理公司的能力,使其有动力也有能力高效率地完成任务。更多还原

【Abstract】 In the perspective of the interest distribution relationship among enterprises managers,shareholders and creditors,we haven’t established the creditor-oriented filtrating mechanism of enterprises,which is not only one of the important parts in our country’s market process,an inevitable channel of market allocation of resource,but also an institution guarantee for the liquidation of bad assets.The main purpose of diversification sale is to sell the bad assets furthest at a maximum price,therefore it is necessary to innovate in credit upgrading,opening of operating principles,modes of indirect selling and perfecting of market environment in support of selling,etc."Debts Converted into Shares" is the last way when the liquidation of bad assets doesn’t work and the expense of administration in bankruptcy is too high,however,typical policy of "Debts Converted into Shares" of China has led to many risks during the implementation.Thus for the successful implementation of "Debts Converted into Shares" in China,on the one hand,we need to establish and perfect the stimulating and regulating mechanism of asset management enterprises,and on the other hand,we need to improve the enterprise’s capacity so that they can complement their mission efficiently.更多还原