Government Subsidy, External Financing, and Capacity for Scientific and Technological Innovation of Culture Industry from the Life Cycle Perspective
Table 4
Regression results of full-sampled models (1) and (2).
Name of variables
RDE
R&D
RDA
PAQ
Bank
Equity
Sub
0.573 (0.000)
0.214 (0.000)
0.019 (0.680)
0.040 (0.000)
0.239 (0.008)
0.041 (0.000)
Size
0.565 (0.004)
−1.151 (0.000)
0.334 (0.027)
0.330 (0.000)
2.010 (0.000)
0.476 (0.000)
Age
0.012 (0.740)
−0.024 (0.450)
−0.036 (0.257)
0.014 (0.049)
0.325 (0.000)
0.029 (0.000)
Own
−2.326 (0.000)
−0.806 (0.065)
1.980 (0.000)
−0.415 (0.000)
−2.222 (0.001)
0.026 (0.688)
Year
Control
Control
Control
Control
Control
Control
Industry
Control
Control
Control
Control
Control
Control
Modified R2
0.456 3
0.360 7
0.252 1
0.295 1
0.303 2
0.631 7
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 .
