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

Table 8

Indirect financing effects of borrowing debt.

	Domestic issuance of bonds				International bank borrowing
	All	Eastern	Central	Western	All	Eastern	Central	Western
Variable	−1.94	1.94	−2.36	−5.76	2.19	5.46	−1.072	−0.233
	[−3.24]	[1.842]	[−2.71]	[−4.57]	[4.10]	[6.36]	[−1.303]	[−0.195]
Cons	41.87	43.06	40.24	42.22	40.43	40.75	39.95	40.73
	[136.20]	[88.11]	[83.10]	[64.19]	[115.80]	[67.28]	[76.47]	[58.33]
Adj-R^2	0.08	0.01	0.09	0.16	0.09	0.21	0.00	0.01

Note. , indicate that the levels of 10% and 1% are significant, respectively, and the value of t is in square brackets.