Correlated Random Effects - Hausman Test   
Pool: GUGAI   
Test cross-section random effects   
   
Test Summary  Chi-Sq. Statistic Chi-Sq. d.f. Prob.
   
Cross-section random  0.000000 14 1.0000
   
* Cross-section test variance is invalid. Hausman statistic set to zero.  这是什么意思，该选择什么模型？模型设定有问题否？

Cross-section random effects test comparisons:   
   
Variable Fixed   Random  Var(Diff.)  Prob.
   
LZ? -0.076480 -0.011881 0.002102 0.1589
GC? 0.440142 -0.018187 0.058517 0.0581
ESHI? 0.000538 0.001615 0.000000 0.0682
GH? 0.005980 0.015314 0.000010 0.0033
DH? 0.052448 0.045043 0.000060 0.3374
DG? 0.087091 0.123033 0.001092 0.2768
DB? 0.412778 0.391558 0.004271 0.7454
EZX? -0.001889 0.010417 0.000123 0.2675
YG? 0.023873 -0.012560 0.000293 0.0334
ROA? 0.006063 -0.000369 0.000005 0.0028
LEV? -0.032854 0.011155 0.000183 0.0011
ASSET? 0.187983 0.310492 0.000370 0.0000
ZZ? 0.004938 0.058793 0.000292 0.0016
AG? 0.031348 -0.005855 0.000047 0.0000
   
   
Cross-section random effects test equation:   
Dependent Variable: AUF?   
Method: Panel Least Squares   
Date: 09/07/09   Time: 23:03   
Sample: 2004 2007   
Included observations: 4   
Cross-sections included: 499   
Total pool (balanced) observations: 1996   
   
Variable Coefficient Std. Error t-Statistic Prob.  
   
C 8.682458 0.537135 16.16437 0.0000
LZ? -0.076480 0.089878 -0.850928 0.3949
GC? 0.440142 0.407652 1.079702 0.2805
ESHI? 0.000538 0.001049 0.512940 0.6081
GH? 0.005980 0.013758 0.434682 0.6639
DH? 0.052448 0.023293 2.251669 0.0245
DG? 0.087091 0.061729 1.410859 0.1585
DB? 0.412778 0.185135 2.229611 0.0259
EZX? -0.001889 0.028567 -0.066133 0.9473
YG? 0.023873 0.075386 0.316677 0.7515
ROA? 0.006063 0.004866 1.245884 0.2130
LEV? -0.032854 0.030864 -1.064462 0.2873
ASSET? 0.187983 0.024328 7.726941 0.0000
ZZ? 0.004938 0.025600 0.192897 0.8471
AG? 0.031348 0.016919 1.852775 0.0641
   
Effects Specification   
   
Cross-section fixed (dummy variables)   
   
R-squared 0.895005     Mean dependent var  13.12824
Adjusted R-squared 0.858756     S.D. dependent var  0.596761
S.E. of regression 0.224277     Akaike info criterion  0.065084
Sum squared resid 74.59543     Schwarz criterion  1.504080
Log likelihood 448.0463     Hannan-Quinn criter.  0.593507
F-statistic 24.69037     Durbin-Watson stat  1.969631
Prob(F-statistic) 0.000000