理论界对国企改革的讨论,好像没有前些年热烈,但近来债转股算是比较抢眼的,很多人称,这是银行企业的双赢“方略”。 提起债转股,很容易让人联想起“拨改贷”。按理说,政府是国有企业的老板,理应向企业拨付必要的资本金,包括一部分流动资金。事实上,改革开放以前,政府一直也是这么做的。但随着摊子越铺越大,财政资金日趋紧张,于是在1983年,国务院先是停止了向企业拨付流动资金,全部改由银行供应,又在1985年,进一步实行了“拨改贷”。企业进行固定资产投资,政府也不拨款了,而是把财政资金转给建设银行,由建设银行贷给企业,企业承担还本付息的责任。这样一 The discussion on the reform of state-owned enterprises in the theoretical circles does not seem to have been enthusiastic in previous years. However, the debt-to-equity swap has recently been regarded as more eye-catching. Many people claim that this is a win-win “strategy” for banking enterprises. Debt to equity transfer, it is easy to remind of “change credit.” It stands to reason that the government is the boss of state-owned enterprises and should allocate the necessary capital to the enterprises, including part of the working capital. In fact, the government has always done the same before the reform and opening up. However, as the stalls became larger and larger, the fiscal funds became more and more tense. Therefore, in 1983, the State Department first stopped the appropriation of liquidity to the enterprises and all the supplies were replaced by the banks. In 1985, the State Council further implemented the policy of “appropriating and changing loans.” Enterprises to invest in fixed assets, the government does not allocate funds, but the transfer of financial funds to China Construction Bank, China Construction Bank loans to businesses, enterprises bear the responsibility for debt service. This one