For examining the effect of collective reputation on individual behavior, a quasi-natural experiment is provided by the listed companies controlled by colleges or universities, which are unique in China’s a-share market. From the perspective of debt financing scale and term structure, this paper studies the relationship between collective reputation, ownership and corporate external debt financing. The paper reveals that the individuals benefit from the group reputation on a whole but weakly when the individuals’ negative events can be well observed. By comparison, the university-controlled listed companies get more short-termed but less long-termed debt financing. Therefore, it is much important to give an insight into the impact of group reputation on the university-controlled listed companies, to improve the corporate governance structure of university-controlled listed companies, and to push forward the reform of financial and property right marketization.