“债转股“是我国实施国企改革的重要举措，它能否成功，将直接关系列国企改革战略目标的实现。但对于“债转股”在具体实施中中的利与弊的辩证关系，应认真加以研究，同时对“债转股”的利弊做深层的探讨。 “Debt-to-equity swap” is an important measure for the implementation of the reform of state-owned enterprises in our country. Whether it can succeed or not will directly affect the realization of the strategic objectives for the reform of state-owned enterprises. However, for the dialectical relationship between the advantages and disadvantages of “debt-for-equity transfer” in the concrete implementation, we should study it carefully and make a deep discussion on the pros and cons of “debt-for-equity transfer”.