What happens if companies self-finance their investments?

In the United States, the euro zone and Japan, companies are self-financing their investments (the self-financing, the ratio of cash flow to investment, is higher than 100 %), due to the increase in the share of profits in GDP. This normally means that companies do not need financing by banks and financial markets, in economies where the only economic agents that have a borrowing requirement are in reality governments (households are also deleverag ing ). What can we see? In the United States, companies are running up debt, however, but this is to finance their share buybacks; In the euro zone and Japan, corporate debt is increasing, and it is financ ing increased cash holdings and acquisitions.  There has been a diversion of corporate borrowing, which no longer finances investment, but share purchases or cash holdings .