Corporate Cash Shortfalls and Financing Decisions
研究发现多数净债务和净权益发行企业若无外部融资会立即耗尽现金；债务发行者的现金需求短暂，权益发行者则持续，且预期现金需求与固定融资成本解释了留存收益比例，支持融资期限理论。
Abstract Given their actual revenue and spending, most net equity issuers and an overwhelming majority of net debt issuers would face immediate cash depletion without external financing. Debt issuers tend to have short-lived cash needs, while equity issuers often have persistent cash needs. On average, debt issuers immediately spend almost all of the proceeds, while equity issuers retain much of the proceeds in cash. Anticipated near-future cash needs and fixed costs of financing help explain the fraction of the proceeds being retained. Our findings support a funding-horizon theory in which cash needs and the nature of cash needs motivate financing decisions.