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

Table 13

Partial effect of local government debt on the effect of monetary policy (underinvestment).

Variables	(1)	(2)	(3)	(4)	(5)
	Whole sample	Non-state-owned enterprise	State-owned enterprise	Invet not to the industry	Invet to the industry
	Under_INV	Under_INV	Under_INV	Under_INV	Under_INV
Debt	0.124	0.014	0.018	0.018	0.009
	(6.38)	(5.68)	(0.86)	(5.18)	(0.46)
MP	−0.024	−0.004	−0.034	−0.218	−0.128
	(−2.18)	(−1.58)	(−3.68)	(−1.58)	(−0.84)
MP × debt	−0.015	−0.008	−0.028	−0.009	−0.014
	(−1.46)	(−1.58)	(−0.26)	(−2.86)	(−0.18)
CF	−0.038	−0.142	−0.128	−0.114	−0.128
	(−5.65)	(−5.64)	(−4.86)	(−2.56)	(−2.68)
Lev	−0.108	−0.318	−0.026	−0.028	−0.084
	(−8.42)	(−7.52)	(−6.52)	(−7.85)	(−1.85)
Growth	0.014	0.018	−0.018	0.023	0.014
	(2.58)	(3.58)	(−0.15)	(1.84)	(1.08)
Cash	0.014	0.028	0.012	0.142	0.108
	(7.58)	(5.68)	(5.42)	(8.56)	(6.25)
Size	−0.024	−0.024	−0.018	−0.084	−0.065
	(−5.46)	(−6.58)	(−3.86)	(−6.58)	(−3.86)
OPR	0.028	0.008	0.005	0.018	0.264
	(38.18)	(0.14)	(53.46)	(0.68)	(34.58)
TobinQ	0.018	0.003	0.024	0.082	0.124
	(1.84)	(1.46)	(3.54)	(3.48)	(2.14)
GDPR	−0.014	−0.008	0.005	−0.007	0.468
	(−0.24)	(−0.38)	(0.24)	(−0.58)	(0.86)
Adjusted R-squared	0.034	0.018	0.104	0.034	0.028
Individual effect	Yes	Yes	NO	Yes	Yes
The annual effect	NO	NO	NO	Yes	NO
Control variable	Yes	Yes	Yes	Yes	Yes
F	181.54	17.64	482.28	18.46	332.46

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