Research Article
Political Connections, Debt Restructuring, and Enterprise Investment: Evidence from China
Table 2
Balance hypothesis test in PSM.
| Variable | Matching | Mean difference test | Standard deviation test | T-test | value | Mean of treatment group | Mean of control group | SD | Reduction (%) |
| LEV | Pre | 0.724 | 0.469 | 109.200 | 98.500 | 18.180 | 0.0001 | Post | 0.724 | 0.720 | 1.700 | 0.180 | 0.859 |
| SIZE | Pre | 20.996 | 21.686 | −54.000 | 96.300 | −8.500 | 0.0001 | Post | 20.996 | 20.971 | 2.000 | 0.210 | 0.831 |
| AGE | Pre | 2.323 | 1.942 | 53.000 | 95.600 | 6.920 | 0.0001 | Post | 2.323 | 2.340 | −2.300 | −0.340 | 0.734 |
| CSTR | Pre | −5.086 | −5.169 | 4.500 | 87.600 | 0.670 | 0.503 | Post | −5.086 | −5.096 | 0.600 | 0.070 | 0.948 |
| ESH | Pre | 0.007 | 0.059 | −49.900 | 97.200 | −5.680 | 0.0001 | Post | 0.007 | 0.009 | −1.400 | −0.350 | 0.725 |
| ROA | Pre | −0.015 | 0.041 | −66.800 | 88.400 | −14.190 | 0.0001 | Post | −0.015 | −0.022 | 7.800 | 0.710 | 0.477 |
| Pseudo R2 | Pre | 0.164 | LR( value) | 417.750 (0.0001) | Post | 0.002 | 1.380 (0.967) |
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Note. The matching method used in Table 2 is the nearest neighbor matching method ( k = 10). |