Relationship between administrative punishment and corporate debt financing

Haibo Jia and Jun Xue

Finance Research Letters, 2024, vol. 64, issue C

Abstract: 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.

Keywords: Administrative punishment; Debt financing; Nature of property rights; Degree of marketization (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:64:y:2024:i:c:s154461232400480x

DOI: 10.1016/j.frl.2024.105450

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