The study looked at how borrowing money (leverage) affected investments in Chinese companies from 1999 to 2009. They grouped the companies into government-owned and non-government-owned categories. The results showed that borrowing money had a negative impact on investments for all types of companies. In government-owned companies, the impact was not as strong as in non-government-owned companies. Additionally, in non-government-owned companies, the impact was stronger for companies with low growth. This means that borrowing money can affect how much a company invests, depending on who owns the company.