[Retracted] Exploring the Influence of Local Government Debt on Enterprise Investment through the Empirical Evidence at the Municipal Level

Table 12

Quasi-natural experiment and the economic consequence of regression based on the new budget law.

Variables	(1)	(2)	(3)
	Under_INV	Loan	TobinQ
Debt		−0.207	−0.214
		(−1.36)	(−1.86)
Law × NSOE	−0.128	0.148
	(−1.86)	(1.84)
NSOE × Debt		0.128
		(0.84)
Law × Debt		0.058
		(1.86)
Law × Debt × NSOE		−0.186
		(−2.64)
Under_INV			−5.546
			(−3.18)
Debt × Under_INV			2.126
			(7.58)
Adjusted R-squared	−0.426	−0.152	−0.138
Individual effect	Yes	Yes	Yes
The annual effect	Yes	No	Yes
Control variable	Yes	Yes	Yes
F	44.58	62.58	90.18

Note. , , and are significant at the 1%, 5%, and 10% levels, respectively.