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

Table 11

The intermediate effect of equity financing.

Name of variables	Growth period			Maturity period
	RDE	R&D	PAQ	RDE	R&D	PAQ
Total effect	0.633	0.206	0.045	0.543	0.192	0.048
Mediating effect	0.0561.039	0.0560.870	0.0560.270	Insignificant mediating effect	0.0460.919	0.0460.233
Ratio	9.19%	23.65%	Full mediating effect	—	22.01%	22.33%

Note. Equity is the mediating variable.