Capital Financing Strategies of the Japanese Semiconductor Industry
研究了日本半导体企业自1977年起大幅降低债务权益比率的原因，分析其背后的动机、日本金融体系背景及对美日资本成本差异的影响。
It is commonly argued that some Japanese firms enjoy lower capital costs than their U.S. counterparts because of their ability to employ a high degree of debt leveraging. However, since March 1977, several of Japan's major semiconductor manufacturers have made large reductions in their debt-to-equity ratios. This article examines the motivations behind this change, places it in the context of the Japanese financial system, and explores its implications for the relative costs of capital in the United States and Japan.