Consistent with the funding-horizon theory, we find that cash shortfalls are important determinants of external financing in both the US and Japan. Japanese firms seem less likely to raise external financing compared with US firms. However, after we control for cash shortfalls and other factors known to affect external financing decisions, Japanese firms are as likely to issue debt and equity as US firms.

中文翻译：

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企业现金短缺和外部融资：美国 vs 日本


与融资期限理论一致，我们发现现金短缺是美国和日本外部融资的重要决定因素。与美国企业相比，日本企业筹集外部融资的可能性似乎较小。然而，在我们控制了现金短缺和其他已知影响外部融资决策的因素之后，日本公司发行债务和股票的可能性与美国公司一样。