I have recently purchased Adobe Photoshop Lightroom 5 to allow tethered capture with my Nikon D5300 camera.
I have updated the version of Lightroom software so I am now running 5.7.1 64 bit for Windows 7. The minimum version compatible with the Nikon D5300 is 5.5.
When connecting my Nikon D5300 to my PC, it is recognised in Windows Explorer, however when I start tethered capture in Lightroom I receive the error message 'No Camera Detected'
I have tried with a Canon EOS 60D camera and am able to carry out tethered shooting.
I have followed all recommendations on the troubleshooting document provided by Adobe, apart from deleting preferences as there were none saved to the ProgramData files on my PC.
I have also downloaded a DNG Converted but this did not work.
Try to change the protocol (MTP/PTP) in the D5300 setup.
Edit: Sorry, just found that the later cameras don't have that option and are using MTP by default.
I'd try to backup and delete preferences file so LR will create a new one.