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

Table 7

Overall financing effects of borrowing debt.

	Domestic issuance of bonds				International bank borrowing
	All	Eastern	Central	Western	All	Eastern	Central	Western
Variable	−4.197	−0.169	−3.794	−10.323	−2.104	0.759	−5.456	−3.326
	[−7.699]	[−0.180]	[−4.464]	[−9.319]	[−3.913]	[0.815]	[−6.788]	[−2.944]
Cons	42.900	43.525	41.065	44.785	42.616	42.954	42.599	42.246
	[130.04]	[83.46]	[78.75]	[63.85]	[102.73]	[55.75]	[70.53]	[53.91]
Adj-R^2	0.12	0.01	0.12	0.42	0.08	0.01	0.15	0.12

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