协整检验结果如下,滞后项填的是1 7,因为之前检验出来最多星字符的是7阶,选的是第3项无趋势,求帮忙解释一下结果,这样的结果可以继续进行下去吗
Unrestricted Cointegration Rank Test (Trace)
Hypothesized Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.040241 55.76969 29.79707 0.0000
At most 1 0.009402 12.60181 15.49471 0.1303
At most 2 0.002541 2.673482 3.841466 0.1020
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 * 0.040241 43.16788 21.13162 0.0000
At most 1 0.009402 9.928330 14.26460 0.2167
At most 2 0.002541 2.673482 3.841466 0.1020
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):
IFR LPR SHIBOR
-0.997430 -0.365438 2.289556
-0.783769 0.065660 -0.788222
1.155658 -2.269081 -0.417146
Unrestricted Adjustment Coefficients (alpha):
D(IFR) 0.004275 0.001336 -3.67E-05
D(LPR) 0.001119 -0.000579 0.000790
D(SHIBOR) -0.007063 0.005477 0.001833
1 Cointegrating Equation(s): Log likelihood 6362.583
Normalized cointegrating coefficients (standard error in parentheses)
IFR LPR SHIBOR
1.000000 0.366380 -2.295455
(0.28470) (0.32289)
Adjustment coefficients (standard error in parentheses)
D(IFR) -0.004264
(0.00078)
D(LPR) -0.001116
(0.00055)
D(SHIBOR) 0.007044
(0.00235)
2 Cointegrating Equation(s): Log likelihood 6367.547
Normalized cointegrating coefficients (standard error in parentheses)
IFR LPR SHIBOR
1.000000 0.000000 0.391331
(0.64264)
0.000000 1.000000 -7.333341
(1.86579)
Adjustment coefficients (standard error in parentheses)
D(IFR) -0.005311 -0.001475
(0.00099) (0.00029)
D(LPR) -0.000661 -0.000447
(0.00070) (0.00020)
D(SHIBOR) 0.002752 0.002941
(0.00298) (0.00087)


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