债转股，这是中央为化解金融风险、减轻国企债务负担、促进国有企业脱困的一项重大战略措施，实施债权转股权是一项政策性很强的工作。然而这项只能由国家慎重拍扳的政策却被内蒙古阿拉善左旗“套用”在了一家私营造纸厂身上，把这家私营企业改成了“国有控股企业”，引出了一 Debt-to-equity swap, which is a major strategic measure taken by the Central Government to resolve financial risks, ease the debt burden of state-owned enterprises and promote the state-owned enterprises to extricate themselves from difficulties, is a policy-intensive work to implement debt-equity swap. However, this policy, which can only be taken seriously by the state, was “applied” by a private paper mill in Alxa Left Banner in Inner Mongolia. This private enterprise was transformed into a “state-controlled enterprise” and led to a