[Retracted] Exploring the Influence of Local Government Debt on Enterprise Investment through the Empirical Evidence at the Municipal Level
Table 1
Main variables and description.
Variable name
Variable symbol
Variable definition
Underinvestment of enterprises
UnderInv
The residual of the expected investment model is greater than zero, and the absolute value is taken
Availability of debt financing
Loan
(Total borrowings in the current period - total borrowings in the previous period)/total borrowings in the previous period
The scale of local government debt
Debt
The additional quota of urban investment bonds issued by various prefecture-level city financing platforms pluses 1; then, we take its log
Proportion of fixed assets
PPE
Net value of fixed assets/total assets
The growth of the enterprise
Growth
Growth in the main business
The size of a company
Size
ln(total assets)
Leverage ratio
Lev
Total liabilities/total assets
Cash holdings
Cash
(Monetary funds + net short-term investments)/total assets
Firm age
Age
ln༈Year established +1༉
Return on equity
R
Annual return on a single stock taking into account the reinvestment of cash dividends-a weighted average method of the combined annual market return and current market value taking into account the reinvestment of cash dividends
Operating margin
OPR
Net profit/operating income
Investment opportunity
Q
Market value of the company/(total assets at year-end-net intangible assets)
