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

Table 9

Direct governance 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	0.019	0.005	0.016	0.044	0.021	0.021	0.023	0.019	0.047	0.071	0.030	0.042
	[6.80]	[1.08]	[3.27]	[7.80]	[8.80]	[6.64]	[5.52]	[3.42]	[12.96]	[14.37]	[4.63]	[5.47]
Cons	2.29	2.28	2.29	2.29	2.285	2.276	2.291	2.288	2.279	2.265	2.290	2.282
	[2484]	[1752]	[1442]	[1127]	[2401]	[1679]	[1399]	[1093]	[2049]	[1421]	[1238]	[910]
Adj-R^2	0.14	0.001	0.16	0.17	0.19	0.24	0.35	0.11	0.32	0.42	0.12	0.27

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