Study On The Risk Of Chinese State-Owned Enterprises' Debt Changing Into Bonds

For the time being, It is on a striking point for the Chinese economy. As the backbone ofChinese economy, The state-owned enterprises are enduring the huge stress--high taxburdem high capital-debt ratio big social burden and low effiency. And now hi China, They are in face of global-economy-incorporation and severe competition of international market. .It is very difficult for the enterprises to grow by the new augment and most of them have already lost the possibility to get loan from banks.Most people work together to have the accordent idea: A good way for the state-owned enterprises to get out of the stress is to ptactise "debt changed into bonds", "debt changed into bonds" is an important movement to settle the finance risk and the difficulties of the state-owned enterprises. And it is a good opportunity for both state-owned banks and state-owned enterprises.The paper sum up the experiences and lessons of the reform of state-owned enterprises from analysing other countries' experiences and the road of our ountries reform, try to open out the significance of the "debt changed into bonds" the function of AMC (Asset Management Company) the questions we have and the ways to solve the problems, the perfection of capital market.The last thing the paper does is to analyse a subject of HAERBIN electric factory to testify the point of the paper.