The proportion of the Debt-to-equity swap is an important matter in the Debt-to-equity swap operate process, and existent research assumed that the market value of the Debt-to-equity swap enterprises were known. Actually, due to many debt-to-equity swap enterprise are SOE's, so this assumption is unpractical.This paper amends the assumption, that is to say the market value of the Debt-to-equity swap enterprise is unknown, but it can be expressed as a fuzzy number and the matter about the proportion making of the Debt-to-equity swap can be perfected.