Government Subsidy, External Financing, and Capacity for Scientific and Technological Innovation of Culture Industry from the Life Cycle Perspective
Table 9
Regression results of models (1) and (2) in the maturity period.
Name of variables
RDE
R&D
PAQ
Bank
Equity
Sub
0.543 (0.000)
0.192 (0.016)
0.048 (0.006)
0.311 (0.008)
0.046 (0.000)
Size
0.671 (0.016)
−1.414 (0.016)
0.271 (0.000)
1.635 (0.000)
0.463 (0.000)
Age
0.063 (0.147)
0.027 (0.509)
0.026 (0.004)
0.334 (0.000)
0.034 (0.000)
Own
−3.227 (0.000)
−0.687 (0.297)
−0.504 (0.001)
−2.074 (0.032)
0.031 (0.722)
Year
Control
Control
Control
Control
Control
Industry
Control
Control
Control
Control
Control
Modified R2
0.481 7
0.343 1
0.239 2
0.282 3
0.652 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 .
