我做Johansen检验的结果如下。结果表明有两个协整向量，我听别人说只有第一个是有用的，即协整方程为：JYFY=  -0.237472JJZZ+0.364304 TZBQ+ecmt。不是说如果有多个协整向量的话要选特征根（Eigenvalue）大的吗？可我看不出哪个方程特征根大啊，是不是它给出的第一个方程就是对应的特征根大的那个？也就是说不用我们自己再去选了？
我得出的相应的VEC方程是：
D(JYFY) =
- 0.2078265828*( JYFY(-1) - 0.3021708658*TZBQ(-1) - 1.846086814 ) - 0.0456868819*( JJZZ(-1) - 0.2616427141*TZBQ(-1) - 4.51187409 ) - 0.6871807169*D(JYFY(-1)) - 0.7638142388*D(JYFY(-2)) + 0.1096216819*D(JJZZ(-1)) + 0.04558490841*D(JJZZ(-2)) - 0.1969643107*D(TZBQ(-1)) - 0.2268855513*D(TZBQ(-2)) + 0.08799946855
其中红色部分应该是协整方程的残差项，可以发现这两个协整方程的系数就是协整检验得到的第二个协整方程的系数（我也标成红色了）。可是应该是把第一个协整方程中的ecmt作为VEC中的误差修正项才对呀，我要怎么调整？调整系数要用哪个啊？ - 0.2078265828还是- 0.0456868819？请大家指点！！

Date: 11/13/09   Time: 15:40   
Sample (adjusted): 1994 2008   
Included observations: 15 after adjustments   
Trend assumption: Linear deterministic trend   
Series: JYFY JJZZ TZBQ     
Lags interval (in first differences): 1 to 2   
   
Unrestricted Cointegration Rank Test (Trace)   
   
Hypothesized  Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
   
None *  0.982440  82.21813  29.79707  0.0000
At most 1 *  0.716357  21.58605  15.49471  0.0053
At most 2  0.163919  2.685450  3.841466  0.1013
   
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 *  0.982440  60.63208  21.13162  0.0000
At most 1 *  0.716357  18.90060  14.26460  0.0086
At most 2  0.163919  2.685450  3.841466  0.1013
   
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):     
   
JYFY JJZZ TZBQ  
-20.12319 -4.778692  7.330951  
-176.5456  21.77613  47.64936  
-110.0542 -7.258913  55.33856  
   
   
Unrestricted Adjustment Coefficients (alpha):     
   
D(JYFY)  0.009823  5.76E-05  0.000870
D(JJZZ) -0.006977 -0.012525  0.009834
D(TZBQ)  0.008157 -0.011912 -0.002224
   
   
1 Cointegrating Equation(s):   Log likelihood  150.5504
   
Normalized cointegrating coefficients (standard error in parentheses)   
JYFY JJZZ TZBQ  
1.000000  0.237472 -0.364304  
  (0.05079)  (0.05903)  
   
Adjustment coefficients (standard error in parentheses)   
D(JYFY) -0.197666   
  (0.02070)   
D(JJZZ)  0.140396   
  (0.23379)   
D(TZBQ) -0.164152   
  (0.12444)   
   
   
2 Cointegrating Equation(s):   Log likelihood  160.0007
   
Normalized cointegrating coefficients (standard error in parentheses)   
JYFY JJZZ TZBQ  
1.000000  0.000000 -0.302171  
   (0.00881)  
0.000000  1.000000 -0.261643  
   (0.05640)  
   
Adjustment coefficients (standard error in parentheses)   
D(JYFY) -0.207827 -0.045687  
  (0.18269)  (0.02292)  
D(JJZZ)  2.351660 -0.239410  
  (1.85366)  (0.23257)  
D(TZBQ)  1.938801 -0.298372  
  (0.67876)  (0.08516)