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

Table 5

The regression of local debt and enterprise investment under different financing constraints.

Variables	(1)	(2)	(3)
	Low financing constraints	High financing constraints
	Under_INV	Under_INV	Under_INV
Debt	0.017	0.012	0.019
	(0.46)	(3.14)	(0.46)
FC			−0.253
			(−1.89)
FC × Debt			0.038
			(1.85)
Adjusted R-squared	0.168	0.047	0.185
Individual effect	Yes	No	Yes
The annual effect	Yes	Yes	No
Control variable	No	Yes	Yes
F	286.4	11.37	314.5

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