Research Article
Political Connections, Debt Restructuring, and Enterprise Investment: Evidence from China
| Variables | Nondebt restructuring enterprises | Debt restructuring enterprises | Min | Max | Mean | Median | Standard deviation | Min | Max | Mean | Median | Standard deviation |
| INV | −0.093 | 0.425 | 0.039 | 0.012 | 0.081 | −0.093 | 0.425 | 0.008 | −0.002 | 0.067 | ABSINV | 0.000 | 0.448 | 0.051 | 0.035 | 0.058 | 0.000 | 0.403 | 0.049 | 0.032 | 0.055 | EXINV | 0.000 | 0.448 | 0.068 | 0.036 | 0.084 | 0.000 | 0.403 | 0.058 | 0.021 | 0.085 | UNINV | 0.000 | 0.210 | 0.041 | 0.034 | 0.030 | 0.001 | 0.190 | 0.045 | 0.036 | 0.034 | LEV | 0.052 | 1.065 | 0.469 | 0.473 | 0.216 | 0.089 | 1.065 | 0.724 | 0.707 | 0.250 | CF | 0.000 | 0.607 | 0.139 | 0.099 | 0.130 | 0.000 | 0.607 | 0.062 | 0.026 | 0.091 | Q | 0.898 | 12.859 | 2.560 | 1.938 | 1.939 | 0.898 | 12.859 | 3.421 | 2.146 | 3.188 | AGE | 0.000 | 3.091 | 1.945 | 2.197 | 0.850 | 0.000 | 3.091 | 2.323 | 2.398 | 0.555 | SIZE | 19.016 | 25.596 | 21.683 | 21.535 | 1.248 | 19.016 | 25.029 | 20.996 | 20.995 | 1.303 | CSTR | −10.260 | −2.208 | −5.171 | −4.839 | 1.904 | −10.260 | −2.208 | −5.086 | −4.737 | 1.721 | ESH | 0.000 | 0.622 | 0.059 | 0.000 | 0.141 | 0.000 | 0.396 | 0.007 | 0.000 | 0.040 | RID | 0.286 | 0.571 | 0.367 | 0.333 | 0.051 | 0.286 | 0.571 | 0.366 | 0.333 | 0.049 | BOARD | 3.000 | 19.000 | 8.999 | 9.000 | 1.845 | 4.000 | 15.000 | 8.855 | 9.000 | 1.880 |
|
|