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针对我国国有企业债务风险加大的情形,本文对日本20世纪90年代中后期和本世纪初采取的一系列金融再生和产业再生政策进行研究,总结日本政府对产业再生的主导和支持、专业机构规范运作、金融再生与产业再生的有机融合、多方共同参与的经验,提出实施“债转股”应当坚持金融手段和实体经济发展并举的路径、推动部分中央企业债务重组、探索成立专门负责不良资产处置的国有资本运营公司、建立国有企业经营责任追究机制等政策建议。
In response to the increasing debt risk of state-owned enterprises in China, this paper studies a series of financial regeneration and industrial regeneration policies adopted by Japan in the mid-to-late 1990s and early 2000s, summarizes the Japanese government’s dominance and support for industrial regeneration, Standardize the operation, the organic integration of financial regeneration and industrial regeneration, the experience of multi-party participation, put forward the implementation of “debt-equity transfer” should adhere to the financial means and the real economy to promote the path of both, promote the debt restructuring of some central enterprises to explore the establishment of a special responsibility The disposal of non-performing assets of state-owned capital operation companies, the establishment of state-owned enterprises operating accountability mechanism and other policy recommendations.