During the 2008–2010 global financial crisis, the Korean government allowed firms to revalue fixed assets to strengthen their balance sheets, helping distressed firms to obtain external financing. Using firms listed on the Korea Exchange from 2008 to 2010, this study finds that subsequent to fixed asset revaluation, firms in need of financing use long-term debt financing more than short-term debt and equity financing. The increased long-term debt financing is in the form of private debt rather than public debt. The increase in private long-term debt financing is driven by financially constrained firms rather than by financially healthy firms. Our findings imply that fixed asset revaluation was an effective policy tool in Korea for helping firms with financial constraints obtain long-term debt financing.

在2008年至2010年的全球金融危机期间，韩国政府允许企业对固定资产进行重估以增强资产负债表，帮助陷入困境的企业获得外部融资。使用2008年至2010年在韩国证券交易所上市的公司，该研究发现，在固定资产重估之后，需要融资的公司使用长期债务融资的方式要多于短期债务和股权融资。增加的长期债务融资是以私人债务而不是公共债务的形式。私人长期债务融资的增加是由财务拮据的公司而不是财务状况良好的公司驱动的。我们的发现表明，固定资产重估在韩国是一种有效的政策工具，可以帮助财务拮据的公司获得长期债务融资。