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

Table 5

Regression results of full-sampled model (3).

Name of variables	Bank as mediating variable			Equity as mediating variable
	RDE	R&D	PAQ	RDE	R&D	PAQ
Sub	0.571 (0.000)	0.231 (0.000)	0.040 (0.000)	0.545 (0.000)	0.181 (0.000)	0.028 (0.002)
Bank	0.007 (0.764)	−0.070 (0.124)	−0.003 (0.539)
Equity				0.684 (0.010)	0.795 (0.000)	0.279 (0.000)
Size	0.551 (0.006)	−1.011 (0.000)	0.337 (0.000)	0.240 (0.296)	−1.530 (0.000)	0.197 (0.000)
Age	0.009 (0.794)	−0.001 (0.969)	0.015 (0.046)	−0.009 (0.806)	−0.047 (0.122)	0.005 (0.445)
Own	−2.309 (0.000)	−0.961 (0.030)	−0.422 (0.000)	−2.343 (0.000)	−0.827 (0.056)	−0.422 (0.000)
Year	Control	Control	Control	Control	Control	Control
Industry	Control	Control	Control	Control	Control	Control
Modified R^2	0.456 3	0.368 4	0.295 4	0.460 3	0.369 8	0.313 2

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 .