Three Decades of Financial Distress and Corporate Restructuring in Australia

企业财务困境对澳大利亚经济来说代价高昂，具有破坏性。虽然股东是第一个损失的，但流动效应包括破产、失业和对经济增长的负面影响。通过分析澳大利亚三十年的经验，我们的目标是更深入地了解财务困境和企业重组背后的动态。潜在的好处包括改善公司应对金融困境的做法，改善ASX的治理（特别是关于上市规则和透明度，对于小资本公司而言），并最终通过阐明公司部门在整个商业周期中的动态反应来改善经济政策。

Corporate financial distress is costly and disruptive to Australia's economy. While shareholders are the first to lose, the flow-on effects include bankruptcies, unemployment, and a negative impact on economic growth. By analysing three decades of Australian experience we aim to gain a deeper understanding of the dynamics underlying financial distress and corporate restructuring. The potential benefits include improvements to corporate practice in responding to financial distress, improvements to ASX governance (regarding listing rules and transparency in particular for small-capitalization firms), and ultimately to economic policy by elucidating the corporate sector's dynamic response across the business cycle.