None *  0.996039  542.8032  197.3709  0.0001     
At most 1 *  0.988574  382.3975  159.5297  0.0000     
At most 2 *  0.957406  252.7138  125.6154  0.0000     
At most 3 *  0.884308  161.1889  95.75366  0.0000     
At most 4 *  0.685070  98.64101  69.81889  0.0001     
At most 5 *  0.621482  65.13424  47.85613  0.0006     
At most 6 *  0.490867  36.96095  29.79707  0.0063     
At most 7 *  0.449755  17.38464  15.49471  0.0257     
At most 8  0.002077  0.060299  3.841466  0.8060     
542>197,拒绝没有协整方程的原假设,认为至少存在一个协整方程;同理,17>15,拒绝至多7个协整方程的原假设,认为至少存在8个协整方程;0.06<3.84,接受至多有8个协整方程的原假设。最后选
8 Cointegrating Equation(s):   Log likelihood  1074.634      
         
Normalized cointegrating coefficients (standard error in parentheses)
前提是这八个变量一阶单整。