Employing a dataset of 1,160 Indian firms, we study the impact of global financing conditions on firms’ borrowings abroad across different phases of global credit. While the abundant credit in the post global financial crisis period allowed firms to take advantage of relatively cheap financing abroad, we show that firms’ access to external finance has declined since 2013. We find that since 2013, lenders are differentiating across borrowers and it is specifically the less risky and more profitable firms that are increasing their foreign borrowings even at the times of higher global risk. We do not find evidence of regional and domestic credit offsetting this global effect. Furthermore, we find that the reduced access to external finance in the post-2013 period is associated with a decline in firms’ real investment activities, highlighting the real effects of global credit dynamics.

我们使用1,160家印度公司的数据集，研究了全球融资条件对全球信贷各个阶段中公司在国外借款的影响。尽管在全球金融危机后时期的大量信贷使企业能够利用相对便宜的国外融资，但我们表明，自2013年以来，企业获得外部融资的机会有所下降。我们发现，自2013年以来，贷方在借款人之间有所不同，特别是风险较低，利润更高的公司，即使在全球风险较高的时候，它们也增加了国外借款。我们没有发现区域和国内信贷抵消这种全球影响的证据。此外，我们发现，2013年后时期外部融资渠道的减少与企业实际投资活动的减少有关，