Government Subsidy, External Financing, and Capacity for Scientific and Technological Innovation of Culture Industry from the Life Cycle Perspective

Table 1

Variable specification table.

Variable category	Variable code	Variable name	Variable definition
Explained variable	RDE	R&D expense	Natural logarithm of R&D expense
	R&D	R&D intensity	Proportion of R&D expense in operation revenue
	RDA	R&D ability	Proportion of postgraduates and doctors
	PAQ	Patent application quantity	Natural logarithm of patent application quantity of the company in the current year
Explanatory variable	Sub	Government subsidy	Natural logarithm of government subsidy
Mediating variable	Bank	Bank loans	Natural logarithm of the sum of short-term and long-term loans
	Equity	Equity financing	Natural logarithm of the sum of paid-in capital and capital reserve
Control variable	Size	Company size	Natural logarithm of operating revenue
	Age	Company age	(Year of sample data-year of establishment)+1
	Own	Nature of ownership	1 for state-owned enterprise, 0 for nonstate-owned enterprise
	year	Year	Year dummy variable
	Industry	Industry	Industry dummy variable