各位大神帮我看看吧，有好多问题呢，这个结果表示有没有协整呢？如果想继续做怎么办？

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收藏 2016-05-16

Unrestricted Cointegration Rank Test (Trace)

Hypothesized             Trace       0.05
No. of CE(s)       Eigenvalue       Statistic       Critical Value       Prob.**

None *       0.972008       86.12572       47.85613       0.0000
At most 1 *       0.767661       36.06424       29.79707       0.0083
At most 2 *       0.663457       15.63045       15.49471       0.0477
At most 3       0.027059       0.384044       3.841466       0.5354

Trace test indicates 3 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 *       0.972008       50.06148       27.58434       0.0000
At most 1       0.767661       20.43379       21.13162       0.0624
At most 2 *       0.663457       15.24640       14.26460       0.0349
At most 3       0.027059       0.384044       3.841466       0.5354

Max-eigenvalue test indicates 1 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):

Y       BX       XD       ZQ
-58.40267       78.48296       1.004165       -69.20528
25.74740       33.17870       2.104134       234.9942
44.04397       7.444545       -0.430141       -36.40674
85.67183       -46.69785       0.331854       -73.23061


Unrestricted Adjustment Coefficients (alpha):

D(Y)       -0.004295       -0.002869       0.000319       0.000147
D(BX)       -0.002679       0.002656       -0.009865       -0.000608
D(XD)       -0.162625       0.043164       0.192250       -0.003783
D(ZQ)       0.004077       -0.006121       -0.000288       -0.000242


1 Cointegrating Equation(s):                Log likelihood       174.1489

Normalized cointegrating coefficients (standard error in parentheses)
Y       BX       XD       ZQ
1.000000       -1.343825       -0.017194       1.184968
      (0.07545)       (0.00246)       (0.26459)

Adjustment coefficients (standard error in parentheses)
D(Y)       0.250813
      (0.07213)
D(BX)       0.156484
      (0.26904)
D(XD)       9.497756
      (5.03358)
D(ZQ)       -0.238114
      (0.14829)


2 Cointegrating Equation(s):                Log likelihood       184.3658

Normalized cointegrating coefficients (standard error in parentheses)
Y       BX       XD       ZQ
1.000000       0.000000       0.033301       5.239208
               (0.00610)       (0.93584)
0.000000       1.000000       0.037576       3.016942
               (0.00455)       (0.69691)

Adjustment coefficients (standard error in parentheses)
D(Y)       0.176937       -0.432246
      (0.04497)       (0.06004)
D(BX)       0.224857       -0.122181
      (0.28785)       (0.38428)
D(XD)       10.60912       -11.33119
      (5.41411)       (7.22782)
D(ZQ)       -0.395720       0.116889
      (0.08476)       (0.11315)


3 Cointegrating Equation(s):                Log likelihood       191.9890

Normalized cointegrating coefficients (standard error in parentheses)
Y       BX       XD       ZQ
1.000000       0.000000       0.000000       0.808074
                     (0.71680)
0.000000       1.000000       0.000000       -1.982950
                     (0.79966)
0.000000       0.000000       1.000000       133.0619
                     (26.2835)

Adjustment coefficients (standard error in parentheses)
D(Y)       0.190984       -0.429872       -0.010487
      (0.05394)       (0.05949)       (0.00165)
D(BX)       -0.209649       -0.195623       0.007140
      (0.22171)       (0.24454)       (0.00678)
D(XD)       19.07659       -9.899971       -0.155174
      (3.93540)       (4.34061)       (0.12031)
D(ZQ)       -0.408417       0.114743       -0.008662
      (0.10267)       (0.11325)       (0.00314)