1999年7月28日的《财经时报》发表了一组关于债转股的讨论。其中张春霖的文章认为,债转股的难点有以下几点:1.将债权转为某个国有企业或单位账上便再无人过问;2.地方政府是否能够接受新投资者并与之合作?3.资产管理公司不论是直接出售债权还是转成股权,最后收回的 The “Financial Times” on July 28, 1999 published a group of discussions on debt-to-equity swaps. Among them, Zhang Chunlin’s article argues that the difficulties in debt-to-equity swapping are as follows: 1. The transfer of debts to a state-owned enterprise or unit account will no longer be questioned; 2. Can local governments accept new investors and cooperate with them? ?3. The asset management company repossesses whether it directly sells the debt or converts it into equity.