Research Article
[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 |
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Note: , , and are significant at the 1%, 5%, and 10% levels, respectively. |