Relationship between administrative punishment and corporate debt financing

This paper selects China's A-share listed companies as a sample from 2016-2022 and systematically explores the far-reaching impact of listed companies' administrative penalties on corporate debt financing. The results of the study show that administrative penalties have a significant negative impact on the scale of debt financing of enterprises in the following year, and this impact is relatively small in state-owned enterprises. In addition, the degree of market development of the region keeps shrinking the scale of corporate debt financing after administrative punishment.