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

Table 10

Regression results of model (3).

Name of variables	Growth period			Maturity period
	RDE	R&D	PAQ	RDE	R&D	PAQ
Sub	0.575 (0.000)	0.206 (0.008)	0.030 (0.205)	0.529 (0.000)	0.150 (0.062)	0.038 (0.033)
Equity	1.039 (0.005)	0.870 (0.003)	0.270 (0.002)	0.319 (0.346)	0.919 (0.004)	0.233 (0.001)
Size	−0.032 (0.925)	−1.341 (0.000)	0.257 (0.001)	0.523 (0.101)	−1.840 (0.000)	0.163 (0.014)
Age	−0.100 (0.077)	−0.123 (0.005)	−0.006 (0.648)	0.052 (0.246)	−0.004 (0.928)	0.019 (0.047)
Own	−1.849 (0.028)	−1.630 (0.013)	−0.253 (0.200)	−3.237 (0.000)	−0.716 (0.274)	−0.511 (0.000)
Year	Control	Control	Control	Control	Control	Control
Industry	Control	Control	Control	Control	Control	Control
Modified R^2	0.401 7	0.324 6	0.334 6	0.481 6	0.351 7	0.253 0

Note. (1) The symbols, , and indicate significance at the statistical level of 1%, 5%, and 10%, respectively. (2) The values in brackets are the test values of .