债转股对于国有企业是一个减轻财务压力的机遇,但这并不能成为救命稻草。建立市场化的退出机制,不仅对银行或资产管理公司有重要的激励作用,对整个国有企业股权结构优化和改革更有重要意义。我国非金融企业债务存量从2009年以后开始大幅度上升,从占GDP的99%到2015年的140%。其中,国有企业负债与净资产之比(以下简称杠杆率)快速上升。据万德数据库披露,2015年上市公司中,超过60%的企业息税前利润不足以偿还债务利息。另据 Debt-to-equity swap is an opportunity for state-owned enterprises to reduce financial pressure, but this can not be a lifesaver. Establishing a market-based exit mechanism not only plays an important incentive role for banks or asset management companies, but is also of great significance to the optimization and reform of the ownership structure of the entire state-owned enterprises. The stock of non-financial debts in our country has risen sharply since 2009, from 99% of GDP to 140% of 2015. Among them, the state-owned enterprises debt and net assets ratio (hereinafter referred to as leverage) increased rapidly. According to the Wande database, more than 60% of the listed companies in 2015 do not have sufficient EBIT margin to pay interest on their debts. According to another