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

Table 5

Estimation of loss of efficiency in the infrastructure investment.

Causes of efficiency loss	Mean (%)	Standard deviation (%)	p25 (%)	p50 (%)	p75 (%)
Agency costs	2.290	0.0600	2.240	2.280	2.320
Financing constraints	41.36	17.78	27.83	36.79	50.76