数据lnfz,lnk,lnl,lnfdi，已经通过单方根检验均为一阶单整。建立VAR（2），Johansen检验结果如下，求高手帮忙看下是否存在协整关系，有的话有几个协整方程？Date: 01/29/11   Time: 22:10     
Sample (adjusted): 1987 2009     
Included observations: 23 after adjustments     
Trend assumption: Linear deterministic trend (restricted)     
Series: LNFZ LNFDI LNK LNL      
Lags interval (in first differences): 1 to 1     
     
Unrestricted Cointegration Rank Test (Trace)     
     
Hypothesized  Trace 0.05  
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
     
None *  0.810131  89.59625  63.87610  0.0001
At most 1 *  0.777362  51.38359  42.91525  0.0058
At most 2  0.372604  16.83276  25.87211  0.4275
At most 3  0.233317  6.110681  12.51798  0.4464
     
Trace test indicates 2 cointegrating eqn(s) at the 0.05 level     
* denotes rejection of the hypothesis at the 0.05 level     
**MacKinnon-Haug-Michelis (1999) p-values     
     
Unrestricted Cointegration Rank Test (Maximum Eigenvalue)     
     
Hypothesized  Max-Eigen 0.05  
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
     
None *  0.810131  38.21266  32.11832  0.0079
At most 1 *  0.777362  34.55083  25.82321  0.0028
At most 2  0.372604  10.72207  19.38704  0.5422
At most 3  0.233317  6.110681  12.51798  0.4464
     
Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0.05 level     
* denotes rejection of the hypothesis at the 0.05 level     
**MacKinnon-Haug-Michelis (1999) p-values     
     
Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I):      
     
LNFZ LNFDI LNK LNL @TREND(86)
-1.948474 -1.312135  1.038656  7.215978  0.491512
-0.152842  1.031998  0.622349  10.80419 -0.194400
0.223422 -1.220374 -1.777828 -0.293779  0.663481
1.528268  0.152647  2.762036 -10.07860 -0.948725
     
     
Unrestricted Adjustment Coefficients (alpha):      
     
D(LNFZ)  0.322177 -0.112929 -0.016439 -0.069787
D(LNFDI)  0.064868 -0.241952  0.119040  0.087905
D(LNK) -0.027712  0.058449  0.078138 -0.061200
D(LNL)  0.056386  0.039848  0.031077  0.022050
     
     
1 Cointegrating Equation(s):   Log likelihood  23.36844  
     
Normalized cointegrating coefficients (standard error in parentheses)     
LNFZ LNFDI LNK LNL @TREND(86)
1.000000  0.673417 -0.533061 -3.703400 -0.252255
  (0.12843)  (0.25103)  (1.00428)  (0.06448)
     
Adjustment coefficients (standard error in parentheses)     
D(LNFZ) -0.627753   
  (0.11798)   
D(LNFDI) -0.126394   
  (0.18146)   
D(LNK)  0.053997   
  (0.09092)   
D(LNL) -0.109866   
  (0.04083)   
     
     
2 Cointegrating Equation(s):   Log likelihood  40.64385  
     
Normalized cointegrating coefficients (standard error in parentheses)     
LNFZ LNFDI LNK LNL @TREND(86)
1.000000  0.000000 -0.853994 -9.778296 -0.114029
   (0.35707)  (1.57415)  (0.07367)
0.000000  1.000000  0.476574  9.021001 -0.205261
   (0.43313)  (1.90947)  (0.08937)
     
Adjustment coefficients (standard error in parentheses)     
D(LNFZ) -0.610493 -0.539282   
  (0.10555)  (0.09015)   
D(LNFDI) -0.089413 -0.334810   
  (0.14134)  (0.12072)   
D(LNK)  0.045063  0.096681   
  (0.08689)  (0.07421)   
D(LNL) -0.115957 -0.032863   
  (0.03634)  (0.03104)   
     
     
3 Cointegrating Equation(s):   Log likelihood  46.00489  
     
Normalized cointegrating coefficients (standard error in parentheses)     
LNFZ LNFDI LNK LNL @TREND(86)
1.000000  0.000000  0.000000 -20.73525 -0.486451
    (4.85112)  (0.06443)
0.000000  1.000000  0.000000  15.13556  0.002570
    (3.38592)  (0.04497)
0.000000  0.000000  1.000000 -12.83025 -0.436095
    (4.92089)  (0.06536)
     
Adjustment coefficients (standard error in parentheses)     
D(LNFZ) -0.614165 -0.519221  0.293575  
  (0.10595)  (0.11137)  (0.11584)  
D(LNFDI) -0.062817 -0.480083 -0.294835  
  (0.13043)  (0.13710)  (0.14262)  
D(LNK)  0.062521  0.001324 -0.131323  
  (0.07911)  (0.08316)  (0.08650)  
D(LNL) -0.109013 -0.070789  0.028115  
  (0.03343)  (0.03514)  (0.03656)