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 bonds | International bank borrowing | All | Eastern | Central | Western | All | Eastern | Central | Western |
| Variable | 0.008 | −0.008 | 0.012 | 0.020 | −0.004 | −0.016 | 0.008 | 0.003 | [4.065] | [−4.573] | [3.698] | [4.608] | [−2.326] | [−6.331] | [2.702] | [0.733] | Cons | 2.286 | 2.282 | 2.291 | 2.286 | 2.290 | 2.288 | 2.291 | 2.290 | [2246] | [1636] | [1265] | [1009] | [1977] | [1321] | [1172] | [952] | Adj-R2 | 0.09 | 0.07 | 0.10 | 0.20 | 0.07 | 0.21 | 0.04 | 0.00 |
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Note. , indicate that the levels of 5% and 1% are significant, respectively, and the value of t is in square brackets. |