债转股,是指由金融资产管理公司作为投资的主体,将商业银行原有的不良信贷资产――也就是国有企业的债务转为金融资产管理公司对企业的股权。它不是将企业债务转为国家资本金,也不是将企业债务一笔勾销,而是由原来的债权债务关系转变为金融资产管理公司与企业间的持股与被持股、控股与被控股的关系,由原来的还本付息转变为按股分红。 Debt-to-equity swap means that the financial asset management company, as the main body of investment, transfers the existing bad credit assets of commercial banks - that is, the debts of state-owned enterprises to the equity of financial assets management companies. It is not the corporate debt into state capital, nor is it a write-off of corporate debt, but from the original debt-debt relationship between financial assets management companies and enterprises and held by the holding, holding and controlled by the relationship, From the original debt service into dividends per share.