债转股不是企业最终目标 ,而是国有企业实现脱困与改革的“杀手锏”。目前 ,债转股已进入了资产管理公司独立评审、确认债转股企业名单、与企业签定债转股协议的阶段 ,这是确保债转股“杀手锏”作用真正发挥的关键阶段。债转股是一项政策性很强的工作 ,当前应从四个方面端正对? Debt-to-equity swaps are not the ultimate goal of the enterprise but the “killer” for the state-owned enterprises to realize their destitution and reform. At present, debt-to-equity swap has entered a stage where asset management companies independently review and confirm the list of debt-to-equity swap companies and sign the debt-for-equity swap agreement with the enterprises. This is a crucial stage for ensuring that the debt-for-equity swap acts as a killer. Debt-to-equity swaps are a very policy-oriented work and should be dealt with correctly in four aspects at present.