求大神帮忙看一下Johansen协整检验的结果，有几个协整关系和协整方程

Sakura1996

5047

收藏 2018-02-23

Sample (adjusted): 2003 2016
Included observations: 14 after adjustments
Trend assumption: Linear deterministic trend
Series: LNY LNRDK LNRDL
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 *    0.893124    41.47632    29.79707    0.0015
At most 1    0.342168    10.17116    15.49471    0.2678
At most 2 *    0.264869    4.307883    3.841466    0.0379

Trace 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 Cointegration Rank Test (Maximum Eigenvalue)

Hypothesized Max-Eigen 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**

None *    0.893124    31.30516    21.13162    0.0013
At most 1    0.342168    5.863278    14.26460    0.6308
At most 2 *    0.264869    4.307883    3.841466    0.0379

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):

LNY LNRDK LNRDL
1.070304    2.574846 -1.194225
7.809136 -22.92036    22.59184
1.377096 -16.06446    21.85364

Unrestricted Adjustment Coefficients (alpha):

D(LNY) -0.137377 -0.000947    0.030295
D(LNRDK) -0.019289    0.019582 -0.006668
D(LNRDL) -0.013856 -0.007786 -0.024484

1 Cointegrating Equation(s): Log likelihood    69.49459

Normalized cointegrating coefficients (standard error in parentheses)
LNY LNRDK LNRDL
1.000000    2.405715 -1.115781
   (1.42730)    (1.96148)

Adjustment coefficients (standard error in parentheses)
D(LNY) -0.147035
   (0.02700)
D(LNRDK) -0.020645
   (0.01303)
D(LNRDL) -0.014830
   (0.01771)

2 Cointegrating Equation(s): Log likelihood    72.42623

Normalized cointegrating coefficients (standard error in parentheses)
LNY LNRDK LNRDL
1.000000    0.000000    0.689943
   (0.24186)
0.000000    1.000000 -0.750598
   (0.08573)

Adjustment coefficients (standard error in parentheses)
D(LNY) -0.154427 -0.332027
   (0.19880)    (0.58173)
D(LNRDK)    0.132276 -0.498497
   (0.08096)    (0.23692)
D(LNRDL) -0.075635    0.142790
   (0.12879)    (0.37686)