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

Table 4

The impact of financing constraints and agency costs on investment efficiency.

	Variable meaning	Symbol	Measurement
Causes of influence	Financing constraints		0.7063
	Agent cost		0.0234
	Random error effects		0.6811
Variance decomposition	The total variance of the random term		0.9634
	The proportion of financing constraints and agency costs		0.5184
	The proportion of financing constraints		0.9989
	The proportion of agency costs		0.0011