Research Article

The Impact of Borrowing Debt on the Efficiency Loss of Municipal Infrastructure Investment and Construction

Table 11

Indirect governance effects of borrowing debt.

Domestic issuance of bondsInternational bank borrowing
AllEasternCentralWesternAllEasternCentralWestern

Variable0.008−0.0080.0120.020−0.004−0.0160.0080.003
[4.065][−4.573][3.698][4.608][−2.326][−6.331][2.702][0.733]
Cons2.2862.2822.2912.2862.2902.2882.2912.290
[2246][1636][1265][1009][1977][1321][1172][952]
Adj-R20.090.070.100.200.070.210.040.00

Note. , indicate that the levels of 5% and 1% are significant, respectively, and the value of t is in square brackets.