1999年4月20日,中国信达资产管理公司正式挂牌标志着中国国全改革中债权转股权政策的正式提出。作为中国首家金融资产管理公司,中国信达资产管理公司的使命是处理四大国有独资银行之一——建设银行高达2000亿元的不良资产。随后,另外三家资产管理公司也陆续成立,它们分别处理工商银行、农业银行和中国银行的不良资产问题。本文试从当前债权转股权的可行性、积极意义方面以及可能出现的陷阱作理论上的探讨和分析。 On April 20, 1999, the official listing of China's Cinda Asset Management Corporation marks the official proposal of the transfer of debt-equity policy in China's reform. As China's first financial asset management company, China's Cinda Asset Management Corporation's mission is to deal with one of the four state-owned banks - China Construction Bank up 200 billion yuan of non-performing assets. Subsequently, three other asset management companies were set up, which dealt with the non-performing assets of ICBC, ABC and Bank of China respectively. This article tries to probe and analyze theoretically from the feasibility and positive significance of the transfer of debt to equity and the possible pitfalls.