Abstract: By taking A-share IPO Companies in Shanghai and Shenzhen Stock Exchanges as a sample from year 2010 to year 2014 in China, the paper examines the relationship among the nature of ownership,auditor reputation and debt financing ability, Research show that:the higher the proportion of state-owned holding company,the lower the selection probability of high auditor reputation;the same situation in other conditions,The auditor reputation and IPO companies significantly positively related to debt financing ability;further study found that auditor reputation associated with debt financing ability is weakened with increasing the proportion of state-owned holding.