德隆的破产几乎是个零和结局。那么,如何激活德隆这盘“困棋”?主要有两种重组思路围绕德隆展开。一为行政主导,出售部分资产以清偿债务;一为市场力量主导,将德隆予以整体重组、彻底开放股权。哪条道路能走得通,现在仍是悬案。但我们有理由相信,德隆重组案将给政府、企业、社会都留下某些遗产。拯救德隆,正是金融创新、制度创新的好机会。 Deron's bankruptcy is almost a zero-sum outcome. So, how to activate Delong this “sleep chess”? There are two main reorganization ideas around Delong. One for the executive-led, the sale of some assets to pay off the debt; one led by market forces, will be the overall restructuring Delong, the complete liberalization of equity. Which road to go through is still an open case. However, we have reason to believe that the Delong restructuring will leave some legacy to the government, enterprises and society. To save Delong is a good opportunity for financial innovation and system innovation.