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

Table 6

Direct financing effects of borrowing debt.

Domestic issuance of bonds

International bank borrowing

Domestic bank borrowing

All

Eastern

Central

Western

All

Eastern

Central

Western

All

Eastern

Central

Western

Variable

−6.42

−4.24

−4.59

−11.97

−7.51

−7.96

−8.00

−6.44

−15.91

−23.44

−12.58

−11.71

[−7.46]

[−2.87]

[−3.42]

[−7.25]

[−10.72]

[−7.23]

[−7.41]

[−3.98]

[−14.70]

[−13.37]

[−7.29]

[−5.27]

Cons

42.0

43.9

40.0

42.2

42.6

44.9

40.8

41.6

44.5

48.6

41.6

43.1

[151]

[97]

[94]

[71]

[149]

[95]

[94]

[69]

[133]

[86]

[85]

[59]

Adj-R^2

0.13

0.08

0.16

0.18

0.22

0.27

0.30

0.15

0.42

0.60

0.42

0.27

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