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

Table 8

Regression results of models (1) and (2) in the growth period.

Name of variables	RDE	R&D	PAQ	Bank	Equity
Sub	0.633 (0.000)	0.255 (0.001)	0.045 (0.053)	0.304 (0.009)	0.056 (0.000)
Size	0.464 (0.115)	−0.926 (0.000)	0.386 (0.000)	1.857 (0.000)	0.478 (0.000)
Age	−0.080 (0.157)	−0.106 (0.017)	−0.001 (0.952)	0.338 (0.000)	0.020 (0.007)
Own	−1.704 (0.044)	−1.508 (0.022)	−0.215 (0.279)	−1.348 (0.178)	0.139 (0.199)
Year	Control	Control	Control	Control	Control
Industry	Control	Control	Control	Control	Control
Modified R^2	0.392 3	0.312 0	0.321 4	0.268 1	0.579 7

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