本篇論文使用2001年到2012年的美國公司作為研究樣本，探討借款公司在金融危機下的表現，是否與借款公司的融資方式有關。實證結果顯示在金融危機下確實僅能透過貸款融資的公司表現會較差，因為在金融危機時，會造成金融體系的信用緊縮，所以導致受金融危機影響的銀行會減少借出量並增加貸款利差。另外，融資彈性較佳的公司似乎表現沒有特別突出，可能隱含在金融危機時也無法在貸款市場上獲得一些好處。 / In this paper, we use U.S. company data from 2001 to 2012 as the research sample to examine the relationship between borrowers’ performance and borrowers’ financing methods in the financial crisis. Empirical results show that the performance of borrowers which can only use loan financing is the worst in the financial crisis. There is credit crunch in the financial system because of the financial crisis, and the banks which are affected by financial crisis will reduce the lending amount and increase loan spreads. In addition, the performance of borrowers with more financing methods did not seem particularly prominent, and we think it implies borrowers with more financing methods could not get benefits from the loan market in financial crisis.