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

Table 3

Local government debt and insufficient enterprise investment.

Variables	(1)	(2)	(3)
	Under_INV	Under_INV	Under_INV
Debt	0.006	0.008	0.012
	(5.48)	(3.42)	(1.56)
CF	−0.018	−0.126	−0.026
	(−11.24)	(−4.07)	(−5.64)
Lev	−0.107	−0.042	−0.068
	(−18.65)	(−6.53)	(−5.14)
Growth	0.005	0.002	0.002
	(4.99)	(2.34)	(2.26)
Cash	0.018	0.124	0.026
	(12.15)	(4.25)	(6.12)
Size	−0.252	−0.012	−0.026
	(−28.26)	(−4.14)	(−6.85)
OPR	0.001	0.006	0.006
	(20.15)	(54.56)	(36.54)
TobinQ	0.008	0.026	0.011
	(2.24)	(4.46)	(2.56)
GDPR	−0.015	0.026	0.002
	(−1.26)	(2.25)	(1.96)
Observations	9542	9542	9542
Adjusted R-squared	0.245	0.054	0.056
Individual effect	Yes	No	Yes
The annual effect	No	Yes	No
Control variables	No	No	Yes
F	565.4	618.6	258.6

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