Political Connections, Debt Restructuring, and Enterprise Investment: Evidence from China

Table 3

Descriptive statistics.

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