债转股是国家为解决银行巨额不良债权 ,企业沉重债务负担而推出的一项政策 ,它是继“拨改贷”后我国投融资体制的又一重大改革 ,财政全额出资组建的金融资产管理公司是债转股的行为主体。它与国家财政具有风险趋同性。财政在债转股运作过程中的风险主要表现在保全风险、交易风险、产权风险和套现风险四个方面。 Debt-to-equity swap is a policy launched by the state to solve the huge amount of bad debts of banks and the heavy debt burden of enterprises. It is another major reform of the system of investment and financing in our country after the policy of “appropriating and changing loans”, and the financial assets fully financed by the government Management company is the main body of debt to equity. It has the same risk with national finance. The financial risks during the operation of debt-to-equity swap are mainly manifested in four aspects: preservation risk, transaction risk, property rights risk and cash risk.