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在市场经济的制度环境中,企业陷入经济困境是一种常见的现象,其导因包括技术落后、经营不善、市场波动、宏观经济萧条等。在发生不能清偿到期债务的情况下,破产清算的市场退出机制能够较为及时、彻底地清理债权债务,在一定程度上完成市场筛选。但是,当企业陷入困境时仍有正收入(positive earning),只是无法满足其债务需求,如果改变其资本结构后继续运营,则可能实现社会福利的最大化。因此,20世纪
In the institutional environment of a market economy, it is a common phenomenon that an enterprise is trapped in an economic predicament. Its causes include backward technology, poor management, market volatility and macroeconomic depression. Under the situation that the debts can not be settled due to maturity, the market exit mechanism of bankruptcy liquidation can more timely and thoroughly clean up the claims and debts, and to a certain extent, complete the market screening. However, companies still have positive earning when they are in trouble, simply failing to meet their debt needs and maximizing social welfare if they continue to operate after changing their capital structure. Therefore, the 20th century