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

Table 8

Local government debt and the availability of corporate debt financing.

Variables	(1)	(2)	(3)	(4)	(5)
	Whole sample	State-owned enterprise	Non-state-owned enterprise	Invet to the industry	Invet not to the industry
	Loan	Loan	Loan	Loan	Loan
Debt	−0.038	−0.045	−0.107	−0.054	−0.113
	(−2.86)	(−0.68)	(−3.16)	(−0.39)	(−3.25)
Adjusted R^2	0.249	0.165	0.254	0.281	0.217
Individual effect	Yes	Yes	No	Yes	No
The annual effect	Yes	Yes	Yes	Yes	Yes
Control variable	Yes	Yes	Yes	No	Yes
F	59.65	33.24	24.25	25.64	30.13

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