Leveraged buyout markets in the Asia Pacific have grown substantially since the 1980s and now play an important role in the market for corporate control. This paper undertakes an international comparative analysis of the emergence and growth of leveraged buyout firms in the Asia Pacific and their role in corporate restructuring, with a focus on Australia, Japan and South Korea. Three distinct periods in the development of these markets are identified. The paper highlights the importance of state involvement and changes in domestic economic policy around financial crises, where governments created new rules to facilitate buyouts as an organisational restructuring solution to distressed companies.

中文翻译：

---

1980-2010 年亚太地区的企业重组和杠杆收购

自 1980 年代以来，亚太地区的杠杆收购市场大幅增长，现在在公司控制权市场中发挥着重要作用。本文对亚太地区杠杆收购公司的出现和增长及其在企业重组中的作用进行了国际比较分析，重点是澳大利亚、日本和韩国。确定了这些市场发展的三个不同时期。该论文强调了国家参与和围绕金融危机改变国内经济政策的重要性，政府制定了新的规则来促进收购，作为对陷入困境的公司的组织重组解决方案。