This paper empirically investigates the effects of two primary types of debt financing − bank credit and trade credit − on firm sales performance during the Global Financial Crisis using Korean firm-level data. I find that firms who relied more on bank credit tended to have slower sales growth, whereas those relied more on trade credit performed better during the crisis and afterwards. However, the mitigating effect of trade credit did not exist for exporters. Also, there was evidence of heterogeneous effect of trade credit among non-exporters, depending on firms' degree of financial access; the effect of trade credit during the crisis significantly diminished for firms with better financial access. The findings overall indicate that for domestic firms with limited financial access trade credit was a more stable type of financing than bank credit, limiting the deteriorating effect of financing on firm performance.

本文使用韩国企业层面的数据，实证研究了全球金融危机期间两种主要债务融资类型——银行信贷和贸易信贷——对企业销售业绩的影响。我发现，更依赖银行信贷的公司往往销售增长较慢，而更依赖贸易信贷的公司在危机期间和之后表现更好。然而，贸易信贷对出口商的缓解作用并不存在。此外，有证据表明，贸易信贷对非出口商的影响存在异质性，具体取决于企业的金融准入程度；对于财务状况较好的企业来说，危机期间贸易信贷的影响显着减弱。研究结果总体表明，对于融资渠道有限的国内企业来说，贸易信贷是一种比银行信贷更稳定的融资类型，限制了融资对企业绩效的恶化影响。