By throwing penetrating light on the root of risks , we may conclude briefly that they are : the problems of the state - owned property ; the " over - supply " and " insufficient - supply " by the government coexist ; the absence of advanced capital market concluding above researches , we may get down to the main context of risks eluding as such : exploring the deep root of risks in order to depress the stimulation for the opportunism of the market participants . the basic ways would be that : to deal with effectively the deficiencies which the stock shares in the operation of debt - in - lieu - equity inflict upon the administration capability , to optimize the corporation governance - structure in the state - owned enterprises should be the core measures in the risks shunning operation 尤其在審批者缺乏有效的鑒別手段,且自身存在較強的道德風(fēng)險的倩況下,國有企業(yè)具有更大的逆向選擇酮;隴在著逆向示范風(fēng)險:一方面?zhèn)D(zhuǎn)股按帳面價值轉(zhuǎn)移國有椅業(yè)銀行的不良資產(chǎn),對其既往不咎,容易導(dǎo)致商業(yè)銀行的道德風(fēng)險;另一方面,在我國特定的制度背景下,所有的國有企業(yè)都將債轉(zhuǎn)股視作一項優(yōu)惠政策,而這種“優(yōu)惠”又往往是為“壞”企業(yè)設(shè)置的,這對非轉(zhuǎn)股的好企業(yè)就會形成逆向激勵,從而選擇拖欠本息、松懈管理。