| 变量 | 模型7 | 模型8 | 模型9 | 模型10 | 模型11 |
|---|---|---|---|---|---|
| C(2, 2, 1, 2) | CS(3, 3, 0, 3) | CY(3, 3, 3, 0) | C(3, 2, 2, 3) | CI(1, 2, 2, 1) | |
| 长期系数 | |||||
| TVI | -0.023* | -0.034*** | 0.013** | ||
| HI | -0.331 | 1.895*** | 2.652** | ||
| AI | 3.975 | 1.462 | -2.336** | ||
| TVE | -0.012** | -0.004** | |||
| HE | 5.495** | 3.615** | |||
| AE | 4.730** | 1.903** | |||
| 短期系数 | |||||
| ∆TVIt | 0.050*** | 0.006 | 0.034*** | ||
| ∆TVIt-1 | 0.031** | 0.019 | 0.003 | ||
| ∆TVIt-2 | 0.034* | 0.022* | |||
| ∆HIt | 1.263 | -2.490*** | |||
| ∆HIt-1 | -2.365*** | ||||
| ∆HIt-2 | -2.980*** | ||||
| ∆AIt | -5.240*** | -3.034** | |||
| ∆AIt-1 | -1.937 | -4.917** | |||
| ∆AIt-2 | -2.699* | ||||
| ∆TVEt | 0.032** | 0.004 | |||
| ∆TVEt-1 | 0.005 | 0.010*** | |||
| ∆HEt | -8.000* | 1.016 | |||
| ∆HEt-1 | 1.964 | -2.814* | |||
| ∆AEt | -9.567*** | -1.599** | |||
| ∆AEt-1 | -4.112** | ||||
| ∆AEt-2 | -2.346* | ||||
| ECMt-1 | -0.597** | -1.454*** | -1.519*** | -1.322*** | -1.216*** |
| Adj-R2 | 0.751 | 0.779 | 0.943 | 0.890 | 0.729 |