債轉股在廣義上是一種債務重組手段，但大陸現行的債務轉股制度是一個政策性的債轉股，有其特定的目標及指向；由於大陸債轉股制度設計之缺陷，缺乏法律宏觀考慮和配套措施，按經濟思維之方式運作，致現實操作過程中產生諸多問題，能否藉由此契機催生出一個國有企業的新體制，徹底轉變經營管理機制；能否解決銀行不良資產的問題，並使金融資產管理公司全身而退，實有待觀察。本文除對大陸債轉股政策相關法令介紹外，亦分析此一政策制度之缺陷、風險及其防範策略，並藉由國際經驗得知，債轉股是一種解決銀企關係緊張的有效措施。

As a means of for structural improvement, debt-equity swap in China's state-owned enterprise reformation has its specific policy oriented goals and objectives. However, focusing only on economic consideration rather than marco analysis on legal perspectives and supporting measures, such as enterprise management and corporate governance, have caused many proglems when banks write off bad assets through assets management corporation. In order to provide more effective measures, this article will first review the existing debt-equity swap policies, laws and regulations in China. Secondly, the shortcomings and risks of existing policy-oriented practices will by analyzed as well as safeguard strategies. Finally, suggestions on easing the tension between banks and enterprises will be discussed through international and comparative studies.