On the Policy Effect of the Debt’s Changing into Stock

There is good effect on bank bad capitals and state enterprise debt when debt is changed into stock,but there is also bad effect.How to obtain the best policy effect after debt's changing into stock? The key to this problem is to combine "the debt's changing into stock" with "the strategic recession of state-owned economy",and to realize the privatization of the enterprises which have changed their debts into stocks.