資金取得的容易程度一直是過去研究公司投資決策及組織結構的重要議題。在股票市場熱度越高，且公司的資訊不對稱問題越少時，公司取得資金的能力就越高。例如在Lerner 2002年所作的研究顯示，當股市熱度低時，有技術卻缺乏資金的公司會尋求合資以取得資金；當股市熱度變高，此類技術公司將會與合資夥伴重新協商，並取回更高的股權以及控制權。雖然資金取得的容易程度對於公司的投資決策如此重要，在國際企業進入海外的研究中卻幾乎沒有提及此一議題。過去研究海外進入策略的文獻大多利用資源基礎說以及交易成本分析等觀點探討及研究，這些文獻也大多著重探討國家以及文化層面的因素。
在本研究中，我觀察1380個美國公司進入日本市場的事件，以分析資金取得容易程度與進入模式/持股比例的關係。在本研究中我檢視總體樣本以及不同的樣本組，包括大公司/小公司、有經驗/沒經驗等組合，我也特別檢視最近十年的樣本以及有資金投入之樣本，在這些分析中我所得的結果非常一致地顯示：當公司進入海外時，資金取得的容易程度越高，則所用之進入模式持股比例越低。
本研究為第一篇探討公司取得資金能力對海外進入模式之影響的文獻之一，同時本研究的發現也為未來更深入的研究提供方向與建議。

Equity availability has long been a significant issue when discussing firms’ investment decision and organization structure; during period of hot market and when firms have less information problems, it will be easier for firms to get external financing. Lerner’s study in 2002 indicates that firms who are lack of financing resources tend to seek for forming a joint venture with financing firms when the equity market is cold; when the market gets hotter, those firms will renegotiate with their partners and take back ownership form the partners. However, despite its significance, financing availability hasn’t been present in studies of MNE’s foreign market entry. Previous literatures about foreign market entry study the issue by RBV and TCA perspectives and usually focus on cultural and national factors.
In this study, I observe 1380 Japanese market entries of public US firms between 1990 and 2007, to examine the relationship between financing availability and entry mode as well as the ownership level. I test the entire sample and different sample sets such as large/ small firms as well as experienced/ inexperienced firms, I also re-examine sample periods of the latest 10 years and sample set of equity-based mode, the results are all consistent: financing availability is negative to entry mode as well as ownership level when firms are entering a foreign market.
This study is one of the first papers that study international market entry by taking financing perspectives into consideration, the findings also provide directions and suggestions for further future studies.

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