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.

中文翻译：

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公司现金短缺和融资决策

摘要

鉴于其实际收入和支出，大多数净股票发行人和绝大多数净债务发行人将在没有外部融资的情况下立即面临现金枯竭的问题。债务发行人往往有短暂的现金需求，而股票发行人往往有持久的现金需求。平均而言，债务发行人会立即花费几乎所有收益，而股票发行人会保留大部分现金收益。预期的近期现金需求和固定融资成本有助于解释所保留收益的一小部分。我们的发现支持了一种资金水平理论，在该理论中现金需求和现金需求的性质促使了融资决策。