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

Table 3

Parameter estimates of infrastructure investment and construction efficiency model.

Dependent variable (ln inv)	OLS	MLE	TSFA
lnFQ	0.968	0.996	0.982	0.991
	[93.680]	[86.529]	[105.266]	[101.784]
Cons	−1.983	−2.077	−1.380	−1.218
	[−29.444]	[−27.784]	[−6.591]	[−14.718]
Time-fixed effect	No control	No control	No control	Control
Adj-R^2	0.66
Log-likelihood	−6400	−6600	−6228	−6172
LR (chi^2)	—	—	728	839
value	—	—	0	0
N	4528	4528	4528	4528

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