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

Table 9

Regression of debt financing and corporate investment.

Variables	(1)	(2)	(3)	(4)	(5)
	Whole sample	State-owned enterprise	Non-state-owned enterprise	Invet to the industry	Invet not to the industry
	Invest	Invest	Invest	Invest	Invest
Loan	0.146	0.234	0.068	0.124	0.023
	(17.54)	(11.36)	(14.17)	(16.54)	(8.64)
Adjusted R^2	0.314	0.185	0.264	0.288	0.184
Individual effect	Yes	Yes	Yes	No	Yes
The annual effect	Yes	No	Yes	No	Yes
Control variable	Yes	Yes	Yes	Yes	No
F	64.38	28.65	38.46	58.64	13.56